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Marketwired
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Africa Oil Q1 2011 Financial and Operating Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/26/11 -- Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three months ended March 31, 2011.

Highlights and accomplishments during the first quarter of 2011 included:

--  The Company completed the acquisition of Centric Energy Corp.
    ("Centric"), a publicly traded oil and gas company listed on the TSX
    Venture Exchange. Total consideration paid was valued at $60.2 million
    and included the issuance of 30,155,524 AOC common shares. Centric's
    primary asset is Block 10BA in Kenya which is strategically located
    within the highly prospective East African Tertiary Rift System between
    AOC's Block 10BB and its South Omo Block. Centric and Tullow Oil plc
    ("Tullow") are joint venture partners on the Block 10BA. In addition,
    Centric also has a carried 25% interest in Block 7 and Block 11, both
    located in the Republic of Mali and operated by Heritage Oil
    Corporation.

--  Africa Oil entered into amending agreements with the Government of
    Puntland in the quarter, represented by the Puntland Petroleum and
    Mineral Agency, in respect of the production sharing agreements ("PSAs")
    for the Dharoor Valley Exploration Area and the Nugaal Valley
    Exploration Area. Under the PSAs, as amended, the First Exploration
    Agreement has been extended for a further 12 months, from January 17,
    2011 to January 17, 2012. Under the amended PSAs, AOC is obligated to
    spud a minimum of one exploratory well in the Dharoor Valley Exploration
    Area by July 27, 2011. A second exploratory well is required to be
    spudded in the Nugaal Valley Exploration Area or, at the option of AOC,
    in the Dharoor Valley Exploration Area, by September 27, 2011. In
    conjunction with this amendment, the Company completed its farmout
    agreement with Red Emperor Resources NL ("Red Emperor"). Under the terms
    of the farmout agreement and an election made by Red Emperor to increase
    their interests, Red Emperor will earn a 20% interest in both the
    Dharoor and Nugaal Valley Blocks and is committed to paying a
    disproportionate share of costs related to the one well drilling
    commitment included in the first exploration period of both the Dharoor
    and Nugaal Valley Production Sharing Agreements.

--  The Company signed a definitive agreement with Lion Energy Corp.
    ("Lion"), a publicly traded oil and gas company listed on the TSX
    Venture Exchange, to acquire all of the issued and outstanding common
    shares of Lion. Pursuant to the agreement with Lion, AOC will acquire,
    by way of a plan of arrangement, all of the issued and outstanding
    shares of Lion in consideration for 0.20 common shares of AOC for each
    common share of Lion. It is anticipated that 17,233,636 AOC shares will
    be issued as consideration to acquire Lion. Lion is a joint venture
    partner of AOC in Kenya and Puntland (Somalia), and currently holds the
    following working interests; 33.3% in Block 9 (Kenya), 10% in Block 10BB
    (Kenya), and 15% in each of Dharoor Valley and Nugaal Valley (Puntland).
    In addition to the above properties, Lion estimated that it had cash,
    accounts receivable and investments in marketable securities with an
    approximate aggregate value of CAD$30 million at the date of signing the
    definitive agreement. A meeting of Lion shareholders, to approve the
    transaction, is scheduled to be held on June 8, 2011 and, assuming
    shareholder approval, the transaction is expected to close shortly
    thereafter.

--  Subsequent to the end of the first quarter, Africa Oil entered into a
    letter of intent for the creation of a new Puntland focused oil
    exploration company. The new company will be created as a result of the
    transfer of AOC's interest in its oil and gas properties in Puntland
    (Somalia) to Denovo Capital Corp. ("Denovo") (the "Transaction"). Denovo
    is a capital pool company and intends for the Transaction to constitute
    the "Qualifying Transaction" of Denovo, as that term is defined in the
    policies of the TSX Venture Exchange. Under the terms of the letter of
    intent:

    --  Africa Oil and Denovo will negotiate and enter into a definitive
        agreement pursuant to which Africa Oil will transfer to Denovo all
        of the issued and outstanding shares of its subsidiary holding
        companies (the "Puntland Subsidiaries") which hold participating
        interests in the Dharoor Valley and Nugaal Valley Production Sharing
        Agreements in Puntland (Somalia) (the "Puntland PSAs"). Africa Oil
        will receive, in consideration of the transfer, 27,777,778 common
        shares of Denovo. As a result of the Transaction, the Puntland
        Subsidiaries will become wholly owned subsidiaries of Denovo.

    --  Africa Oil currently holds a 45% participating interest in the
        Puntland PSAs. Upon completion of the transaction for the
        acquisition of Lion Energy Corp, AOC's participating interest in the
        Puntland PSAs will be increased, directly or indirectly, to 60%. It
        is anticipated that the entire 60% participating interest will be
        transferred to Denovo.

    --  The definitive agreement will provide for conditions precedent that
        are standard for a transaction of this nature, including receipt, by
        both AOC and Denovo, as required, of all regulatory, partner and
        third party approvals including TSX Venture Exchange approval.
        Denovo will also seek Denovo shareholder approval for a proposed
        0.65 (new) for 1.00 (old) consolidation of its common shares and a
        change of name of the company, both of which are conditions
        precedent to completion of the transaction. It will be a condition
        precedent of the transaction that Africa Oil will have completed its
        proposed acquisition of Lion Energy Corp. and that Denovo will have
        completed a private placement of CAD$35 million comprised of
        38,888,889 subscription receipts of Denovo sold at a post-
        consolidation price of CAD$0.90 per subscription receipt. Each
        subscription receipt will be exercised, upon completion of the
        transaction, into a unit of Denovo, comprised of one common share
        and one share purchase warrant (a "Denovo Warrant"). Each Denovo
        Warrant will entitle the holder to acquire an additional Denovo
        share for $1.50 for two years, subject to accelerated exercise
        provisions if the Denovo shares trade at greater than $2.00 for 10
        consecutive trading days. It is anticipated that the definitive
        agreement will be entered into during the second quarter of 2011.

    --  Africa Oil will acquire 11,111,111 subscription receipts in the
        private placement financing, for proceeds of CAD$10 million. At the
        conclusion of the Transaction and the private placement financing
        described above, AOC is anticipated hold approximately 55% (non-
        diluted) of the issued and outstanding common shares of Denovo. Upon
        completion of the Transaction it is expected that Denovo will meet
        the listing requirements of the Exchange for a Tier II Oil and Gas
        Issuer.

--  Africa Oil ended the quarter in a strong financial position with cash of
    $77.8 million and working capital of $57.2 million as compared to cash
    of $76.1 million and working capital of $70.6 million at December 31,
    2010. The Company's liquidity and capital resource position improved
    since year end primarily as the result of payments received upon the
    completion of farmout transactions. Working capital improved $24.4
    million subsequent to the end of the quarter as the current portion of
    the warrant and convertible debenture obligations were settled in
    shares.

--  Africa Oil currently has more than sufficient funds to meet its portion
    of the $163 million expenditure obligations ($43 million net) as per the
    active work programs approved by the Company's Board of Directors for
    2011. During the first quarter, the Company spent $5.0 million of the
    2011 Board of Directors approved $43 million in capital expenditures.

--  As of the end of the first quarter, the Company has completed all
    previously announced farmout transactions with Tullow. Tullow has
    acquired a 50% interest in, and operatorship of, five of AOC's east
    African exploration blocks, comprised of four exploration blocks in
    Kenya and one exploration block in Ethiopia.

--  The Company completed the amendment to their farmout agreement with
    Lion. The amendment reduced Lion's interest in Block 10BB to 10%
    (originally 20%) and eliminated its interest in Block 10A (originally
    25%).

--  The Company, together with its joint venture partner Lion, entered into
    the First Additional Exploration Phase under the Block 9 PSC in Kenya.
    As a result of the withdrawal of its two other joint venture partners,
    AOC will now hold a 66.7% working interest in the PSC and has been
    approved by the government as Operator of Block 9. Lion will hold the
    remaining 33.3%. The First Additional Exploration Phase commenced on
    December 31, 2010 and will expire on December 31, 2013 with a one well
    work commitment (minimum depth 1,500 meters).

--  The Company continued to actively explore in East Africa:

    --  In Block 10BB, the Company, together with its partners, is currently
        in the process of undertaking Full Tensor Gravity ("FTG") surveys
        and finalizing the prospect and lead inventory on Block 10BB.
        Drilling is scheduled to commence in the third quarter of 2011.

    --  In Block 10A, the Company, together with its partners, has completed
        recording approximately 800km (gross) of 2D seismic. Seismic data


        acquired is currently being processed. The Company expects to drill
        a well on this block in the fourth quarter of 2011.

    --  In Puntland, the Company has recently signed a letter of intent with
        a drilling contractor and plans to spud the first well in the
        Dharoor Block during the third quarter of 2011. A second well in the
        Dharoor Block is planned to commence following completion of the
        first exploration well.

    --  In Block 9, the Company, together with its partners, has recently
        commenced 750km (gross) 2D seismic survey focused on the oil prone
        Kaisut sub-basin. The seismic crew has recently commenced recording
        and is anticipated to be completed during the third quarter of 2011.

    --  The Company completed its seismic acquisition program in the
        Company's Ogaden area of Ethiopia, acquiring 500 km 2D seismic. The
        new data has been integrated with existing seismic to generate a
        series of new prospect maps. The Company continues to focus efforts
        on the large El Kuran prospect.

Keith Hill, President and CEO, commented, "Africa Oil continued to add highly prospective exploration acreage to its portfolio during the first quarter of 2011. Exploration activities continued throughout the quarter with FTG, 2D seismic and drilling preparations continuing on multiple blocks. The Company is very well financed, has a well diversified exploration portfolio and reputable joint venture partners. We are looking forward to the commencement of continuous drilling in 2011."

First Quarter 2011 Financial and Operating Highlights

Consolidated Statement of Net Income and Comprehensive Income
(Unaudited; United States Dollars)
---------------------------------------------------------------------------
                                                    March 31,      March 31,
For the three months ended,                             2011           2010
---------------------------------------------------------------------------

Operating expenses
  Salaries and benefits                            $ 436,617      $ 235,755
  Stock-based compensation                         1,456,226        167,356
  Bank charges                                        99,388         10,312
  Travel                                             136,652        168,292
  Management fees                                     64,122         56,924
  Office and general                                 413,059        236,083
  Depreciation                                        14,119         24,780
  Professional fees                                  217,715        133,273
  Stock exchange and filing fees                     151,444         39,490
---------------------------------------------------------------------------
                                                   2,989,342      1,072,265

Finance income                                    (4,327,574)   (11,592,774)
---------------------------------------------------------------------------

Net income and comprehensive income
 attributable to common shareholders               1,338,232     10,520,509
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net income (loss) per share
  Basic                                               $ 0.01         $ 0.15
  Diluted                                            $ (0.01)        $ 0.08
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted average number of shares outstanding
  Basic                                          154,450,530     70,205,496
  Diluted                                        162,549,283     74,274,808
---------------------------------------------------------------------------
---------------------------------------------------------------------------

As the Company is in the exploration stage, no oil and gas revenue has been generated to date. Accordingly, income reported primarily relates to interest income on its cash deposits, potential foreign exchange gains mainly the result of holding Canadian dollar deposits, and fair market value adjustments on warrants and convertible debentures

Operating expenses increased to $3.0 million in the first quarter of 2011 from $1.1 million in the first quarter of 2010 due a $1.3 million increase in stock-based compensation related to options granted in the first quarter of 2011. The remainder of the increase can be attributed to increased salary and benefit costs, increased costs associated with our listing on the NASDAQ OMX, and an increase in general office costs and professional fees associated with increased operational expansion.

Finance income for the three months ended March 31, 2011 and 2010 is made up of the following items:

---------------------------------------------------------------------------
                                                    March 31,      March 31,
                                                        2011           2010
---------------------------------------------------------------------------
Fair market value adjustment - warrants              779,181      6,881,571
Fair market value adjustment - convertible
 debt                                              1,722,256      4,641,657
Interest and other income                            243,686          5,316
Foreign exchange gain                              1,582,451         64,230
---------------------------------------------------------------------------
                                                   4,327,574     11,592,774
---------------------------------------------------------------------------

The fair market value gain on warrants and convertible debt was significantly larger in the first quarter of 2010 due to a larger reduction in AOC's share price from the end of the previous quarter. Interest income was higher in the first quarter of 2011 due to a significant increase in the average cash balance versus the first quarter of 2010. The $1.6 million foreign exchange gain in the first quarter of 2011 is the result of an increase in the value of the Canadian dollar at a time when AOC was holding a significant amount of Canadian dollars raised through the non-brokered private placement (CAD $25 million gross proceeds) which closed during July 2010 and the warrant exercises in the fourth quarter of 2010 (CAD $55.8 million gross proceeds).

Consolidated Balance Sheets
(Unaudited; United States Dollars)
---------------------------------------------------------------------------
                                     March 31,   December 31,     January 1,
                                         2011           2010           2010
---------------------------------------------------------------------------

ASSETS

Current assets
  Cash and cash equivalents      $ 77,811,360   $ 76,125,834   $ 11,145,486
  Accounts receivable               8,767,575      2,323,208      5,396,253
  Prepaid expenses                    289,840        595,729        508,344
---------------------------------------------------------------------------
                                   86,868,775     79,044,771     17,050,083
Long-term assets
  Restricted cash                   5,082,750      3,181,500      1,800,000
  Property and equipment               35,809         39,621        107,549
  Intangible exploration
   assets                         150,648,738     96,468,816     76,138,940
---------------------------------------------------------------------------
                                  155,767,297     99,689,937     78,046,489

Total assets                    $ 242,636,072  $ 178,734,708   $ 95,096,572
---------------------------------------------------------------------------

LIABILITIES AND EQUITY
 ATTRIBUTABLE TO COMMON
 SHAREHOLDERS

Current liabilities
  Accounts payable and accrued
   liabilities                    $ 5,275,375    $ 7,122,007    $ 3,244,871
  Current portion of warrants         701,704        874,949              -
  Current portion of
   convertible debenture           23,729,065        411,220        407,950
---------------------------------------------------------------------------
                                   29,706,144      8,408,176      3,652,821
---------------------------------------------------------------------------

Long-term liabilities
  Warrants                          4,570,913      5,195,914     21,673,039
  Convertible debenture                     -     54,077,952     40,820,217
---------------------------------------------------------------------------
                                    4,570,913     59,273,866     62,493,256

Total liabilities                  34,277,057     67,682,042     66,146,077
---------------------------------------------------------------------------

Equity attributable to common
 shareholders
  Share capital                   257,929,756    163,231,076     62,712,759
  Contributed surplus               5,661,377      4,391,940      3,313,753
  Deficit                         (55,232,118)   (56,570,350)   (37,076,017)
---------------------------------------------------------------------------
Total equity attributable to
 common shareholders              208,359,015    111,052,666     28,950,495
---------------------------------------------------------------------------

Total liabilities and equity
 attributable to common
 shareholders                   $ 242,636,072  $ 178,734,708   $ 95,096,572
---------------------------------------------------------------------------

The increase in total assets from January 1, 2010 to December 31, 2010 is attributable to the equity financings, expansion of acreage in East Africa (Blocks 12A and 13T (Kenya) and South Omo (Ethiopia)), drilling of Bogal-1 in Block 9, and the seismic acquisition programs on Block 10BB in Kenya and the Ogaden blocks in Ethiopia. The increase in total assets from December 31, 2010 to March 31 2011 is primarily attributable to closing of the acquisition of Centric which was funded by the issuance of shares and a nominal cash value.

Consolidated Statement of Cash Flows
(Unaudited; United States Dollars)
---------------------------------------------------------------------------
                                                    March 31,      March 31,
Three months ended,                                     2011           2010
---------------------------------------------------------------------------
Cash flows provided by (used in):

Operations:

  Net income for the period                      $ 1,338,232   $ 10,520,509

  Item not affecting cash:
    Stock-based compensation                       1,456,226        167,356
    Depreciation                                      14,119         24,780
    Fair market value adjustment - warrants         (779,181)    (6,881,571)
    Fair market value adjustment -
     convertible debt                             (1,722,256)    (4,641,657)
    Unrealized foreign exchange gain              (1,594,595)      (174,853)
  Changes in non-cash operating working
   capital:
    Accounts receivable and prepaid expenses          26,196        (88,563)
    Accounts payable and accrued liabilities          21,574         37,509
---------------------------------------------------------------------------
                                                  (1,239,686)    (1,036,490)
Investing:
    Property and equipment expenditures               (1,484)        (3,799)
    Intangible exploration expenditures           (4,973,882)    (2,902,406)
    Farmout proceeds, net                         14,900,160              -
    Cash received on business acquisition,
     net of cash issued                              738,960              -
    Repayment of liability portion of
     convertible debt                               (411,220)      (407,949)
  Changes in non-cash investing working
   capital:
    Accounts receivable and prepaid expenses      (6,013,668)     2,427,287
    Accounts payable and accrued liabilities      (1,868,206)    (1,027,160)
---------------------------------------------------------------------------
                                                   2,370,660     (1,914,027)
Financing:
    Common shares issued, net of issuance
     costs                                           257,758              -
    Issuance of cash for bank guarantee           (1,451,250)             -
  Changes in non-cash financing working
   capital:
    Accounts payable and accrued liabilities         168,569              -
---------------------------------------------------------------------------
                                                  (1,024,923)             -

  Effect of exchange rate changes on cash and
   cash equivalents denominated in foreign
   currency                                        1,579,475        161,219
---------------------------------------------------------------------------
Increase (decrease) in cash and cash
 equivalents                                       1,685,526     (2,789,298)

Cash and cash equivalents, beginning of
 period                                         $ 76,125,834   $ 11,145,486
---------------------------------------------------------------------------

Cash and cash equivalents, end of period        $ 77,811,360    $ 8,356,188
---------------------------------------------------------------------------
  Supplementary information:
    Interest paid                                    411,220        407,949
    Taxes paid                                           Nil            Nil
---------------------------------------------------------------------------

The increase in cash in 2010 is indicative of the significant amount of equity financing obtained by the company via the July 2010 non-brokered private placement raising CAD$25 million (gross) and the exercise of warrants which raised CAD$55.8 million (gross). The increase in cash in 2011 is a result of proceeds received on close of farmouts offset partially by intangible exploration expenditures, operating expenses and issuance of cash on bank guarantees.

Consolidated Statement of Equity Attributable to Commonshareholders
(Unaudited; United States Dollars)
---------------------------------------------------------------------------
                                                    March 31,      March 31,
                                                        2011           2010
---------------------------------------------------------------------------
Share capital:
  Balance, beginning of period                 $ 163,231,076   $ 62,712,759
  Acquisition of Centric Energy                   60,165,193              -
  Issued on conversion of convertible
   debenture                                      28,795,200              -
  Amended Farmout Agreement with Lion Energy       5,274,675              -
  Exercise of warrants                                61,631              -
  Farmout ageement finder's fees                      94,960              -
  Exercise of options                                307,021              -
  -------------------------------------------------------------------------
  Balance, end of period                         257,929,756     62,712,759
  -------------------------------------------------------------------------

Contributed surplus:
  Balance, beginning of period                   $ 4,391,940    $ 3,313,753
  Expiration of warrants                               3,676              -
  Stock based compensation                         1,456,226        167,356
  Issuance of shares in lieu of finder's fee         (94,960)             -
  Exercise of options                                (95,505)             -
  -------------------------------------------------------------------------
  Balance, end of period                           5,661,377      3,481,109
  -------------------------------------------------------------------------

Deficit:
  Balance, beginning of period                 $ (56,570,350) $ (37,076,017)
  Net income (loss) for the period                 1,338,232     10,520,509
  -------------------------------------------------------------------------
  Balance, end of period                         (55,232,118)   (26,555,508)
  -------------------------------------------------------------------------

  Equity Attributable to Common Shareholders   $ 208,359,015   $ 39,638,360
---------------------------------------------------------------------------
---------------------------------------------------------------------------

The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis and Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com). The Annual Information Form includes the Company's reserves and resource data for the period ended December 31, 2010 and other oil and natural gas information prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Outlook

AOC and its partners have an aggressive exploration program planned for the next two years, which is anticipated to include seismic and drilling across all play types and geographic areas of operation. The Company enters the second quarter of 2011 in an extremely strong financial position with working capital in excess of $57 million. Additional financing is not required at this time to meet current operational plans.

New discoveries have been announced on all sides of the Company's virtually unexplored land position including the major Tullow Albert Graben oil discovery in neighboring Uganda. Similar to the Albert Graben play model, the Company's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout the AOC's project areas.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia, Puntland (Somalia) and Mali. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 300,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward- looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

Africa Oil's Certified Advisor on First North is E. Ohman J:or Fondkommission AB.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com

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