Paul Hastings Advises Addax Petroleum Corporation on $1.6 Billion Term Loan Facility

January 24, 2007

Paul Hastings Advises Addax Petroleum Corporation on $1.6 Billion Term Loan Facility

Transaction Is One of The Largest "Borrowing Base" Facilities Completed in Oil and Gas Market

London (January 24, 2007) -- Paul Hastings Janofsky & Walker LLP, a leading international law firm, announced today that it has advised Addax Petroleum Corporation ("Addax") in connection with the $1.6 billion re-financing of its banking facilities.

Addax is an independent, international oil and gas exploration and production company and this medium term refinancing of its external debt will allow it to develop further its West African oil fields and may assist with possible future acquisitions. This transaction is one of the largest "borrowing base" facilities completed in the oil and gas market. The lending syndicate was led by BNP Paribas S.A., Natixis SA and Standard Chartered Bank.

The transaction was led out of the firm's London office by partner Keith Wilson, who was assisted by Will McCallum and Jiten Tank.

The firm recently represented Addax in connection with the financing aspects of its acquisition in September 2006 of the Pan-Ocean group of companies.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,100 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.