AOI.v

$11 million loan paid off by institutional investors converted to shares at $2.10.
Africa Oil Corporate Update
VANCOUVER, BRITISH COLUMBIA, Apr 06, 2011 (MARKETWIRE via COMTEX News Network) --
AfricaOil Corp. ("Africa Oil" or "the Company") (TSX VENTURE: AOI)(OMX: AOI)is pleased to report that further to its news release dated March 4,2011, $11.0 million, representing the remaining portion of theconvertible loan, including accrued interest, with Lundin Services B.V.,a subsidiary of Lundin Petroleum AB, has been converted into 11.8million shares of Africa Oil. The Company has been advised that theseshares have been sold to certain institutional investors at a price of$Cdn 2.10 per share. The outstanding convertible loan has now beenrepaid in full.
Africa Oil Corp. is a Canadian oil and gascompany with assets in Kenya, Ethiopia and Puntland (Somalia). AfricaOil's East African holdings are in within a world-class exploration playfairway with a total gross land package in this prolific region inexcess of 350,000 square kilometers. The East African Rift Basin systemis one of the last of the great rift basins to be explored. Newdiscoveries have been announced on all sides of Africa Oil's virtuallyunexplored land position including the major Albert Graben oil discoveryin neighbouring Uganda. Similar to the Albert Graben play model, AfricaOil's concessions have older wells, a legacy database, and hostnumerous oil seeps indicating a proven petroleum system. Good qualityexisting seismic show robust leads and prospects throughout Africa Oil'sproject areas. The Company is listed on the TSX Venture Exchange and onFirst North at NASDAQ OMX-Stockholm under the symbol "AOI". |