private placement

http://www.cdnx.com//data/lcdb/DOCP/AUG2008/192GB01%21.DOC

Source MARKET NEWS
Date 08/06/2008
Time 11:06:14 AM

Company Africa Oil Corp.
Title $12
Million Private Placement

CDNX Symbol: AOI

Press Release

AFRICA OIL CORP ("AOI-V")
- $12 Million Private Placement
Arica Oil Corp. ("Africa Oil" or "the Company") reports that it has
agreed to sell on a non-brokered, private placement basis, an aggregate of
up to 2.4 million common shares of the Company at a price of Cdn $5 per
share for gross proceeds of up to Cdn $12 million. A 5% finder's fee may be
payable on a portion of the private placement. Net proceeds of the private
placement will be used towards ongoing work at the Company's Nogal and
Dharoor oil and gas concessions in Puntland, Somalia as well as for general
working capital purposes. Shares issued pursuant to the private placement
will be subject to a four month hold period.

The private placement is subject to regulatory approval.

ON BEHALF OF THE BOARD
Rick Schmitt, President and CEO

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

Capitalization Report for Africa Oil Corp
Shares Issued: 17604912
Shares Escrow: 0

TSX Venture closing price for Africa Oil Corp
Date: 2008/08/05
Closing Price: 5.250

TEL: (604) 689-7842 Sophia Shane, Corporate Development
FAX: (604) 689-4250
EMAIL: [email protected]
INTERNET: www.africaoilcorp.com
____________________________________________________________
(c)2008 Market News Publishing Inc. All rights reserved.
Toronto:(416)366-8881 Vancouver:(604)689-1101 Fax:(604)689-1106

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