Africa Oil Executes Rift Basin Area Production Sharing Agreement

Africa Oil Executes Rift Basin Area Production Sharing Agreement 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- Africa Oil
Corp.(TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or "the Company") is
pleased to announce the formal execution of a new Ethiopian
Production Sharing Agreement. The agreement covers the 42,519 square
kilometer "Rift Basin Area", previously held by the Company under a
Joint Study Agreement and referred to then as the "Rift Valley
Block". 
The Rift Basin Area is located north of the Company's South Omo Block
(please see attached map) and includes the extension of the
Tertiary-age East Africa Rift Trend in Ethiopia. The new license is
on trend with highly prospective blocks in the Tertiary rift valley
including the South Omo Block, and Kenyan Blocks 10BA, 10BB, 13T, and
12A. During the joint study period, the Company completed an airborne
high resolution gravity and magnetic survey over the block. In
addition, satellite-imaged natural oil slicks were ground truthed,
which indicate the presence of an active petroleum system in parts of
the block. The Company plans to complete a Full Tensor Gravity
Gradiometry survey and exhaustive environmental/social impact
assessment over the block during 2013.   
Africa Oil President and CEO, Keith Hill, stated, "We are extremely
pleased to add to our Ethiopian exploration acreage in the Tertiary
rift valley trend. With the work we have completed on the block
during the joint study period and the discoveries drilled on trend in
the Tertiary rift of Kenya, we believe we have significantly added to
our highly prospective exploration portfolio." 
About Africa Oil 
Africa Oil Corp. is a Canadian oil and gas company with assets in
Kenya and Ethiopia as well as Puntland (Somalia) through its
approximate 45% equity interest in Horn Petroleum Corporation. 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 250,000 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 neighboring Uganda. Africa Oil's recent Ngamia-1 and
Twiga South-1 discoveries extends the Albert Graben play into Kenya
where Africa Oil along with partner Tullow Oil plc hold a dominant
acreage position. Newly acquired seismic and gravity data 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 NASDAQ OMX First North is Pareto
Ohman AB. 
To view the map associated with this release, please visit the
following link: http://media3.marketwire.com/docs/AOI221i.pdf  
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
www.africaoilcorp.com
 
 
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