Showing posts with label Iraq. Show all posts
Showing posts with label Iraq. Show all posts
Monday, May 9, 2011
With An Important Chapter Closed, the Story Of 9/11 Is Not Over
Help Build The Flight 93 National Memorial Honoring The Heroes Of United Flight 93, Visit www.honorflight93.org Or Text “MEMORIAL” To 90999 And Donate $10 Today
Washington, D.C. (May 2, 2011) /PRNewswire/ — In the wake of world events, Neil Mulholland, President and CEO of the National Park Foundation, charitable partner of the Flight 93 National Memorial Campaign, issued the following statement:
“The death of Osama bin Laden marks an important moment in the history of 9/11, however the story is far from over and our work is not done. As people around the world reflect on recent events, and as the 10th anniversary of September 11th grows near, it is more important than ever that we remember that fateful day, pay homage to the ones we lost, and honor our heroes – including the 40 passengers and crew of United Flight 93, who sacrificed their own lives so others could live. May their courage, sacrifice and heroism never be forgotten.”
Ten years after the events of September 11th, memorials in New York and at the Pentagon are funded. However, the Flight 93 National Memorial in Shanksville, PA has yet to receive the funds necessary to be complete. An additional $15 million is needed to finish the project. To support the Flight 93 National Memorial, people are invited to visit www.honorflight93.org or text “MEMORIAL” to 90999 from their mobile device to donate $10 immediately.
The Flight 93 National Memorial will be the nation’s permanent memorial to the 40 passengers and crew of United Airlines Flight 93, and all of those lost on September 11, 2001. United Flight 93, originally destined for San Francisco, was hijacked by terrorists in the skies over Ohio. Once they received word of the attacks in New York and Washington, the passengers and crew took decisive action, choosing to fight their terrorist hijackers. Together they fought, and through their heroic actions, sacrificed their own lives, ultimately causing United Flight 93 to crash in a field outside of Shanksville, PA, where no individuals on the ground were harmed. The most popular conclusion, including that of the 9/11 Commission, is that Flight 93 was headed for the U.S. Capitol building in Washington, D.C. The actions of the 40 heroes on United Flight 93 saved countless lives and our nation’s capital.
The Flight 93 National Memorial Campaign is an ambitious $60 million initiative. To date, $45 million has been committed through public and private sources. The National Park Foundation continues to spearhead the campaign, working to raise the final $15 million to complete the Memorial. The memorial site is currently under construction with plans to dedicate the memorial on September 10, 2011. The Flight 93 National Memorial will be the only national memorial dedicated to the events of 9/11. To view the memorial site live, visit www.honorflight93.org/webcam.
About the Flight 93 National Memorial
On September 24, 2002, Congress passed the Flight 93 National Memorial Act. The Act created a new national park unit to commemorate the passengers and crew of Flight 93 who, on September 11, 2001, courageously gave their lives thereby thwarting a planned attack on our nation’s capital. The memorial is outside Shanksville, Pennsylvania, where Flight 93 crashed with the loss of its 40 passengers and crew. For more information about the Flight 93 National Memorial, please visit www.nps.gov/flni. For information on how to support the building of the memorial, go to www.honorflight93.org.
About the National Park Foundation
The National Park Foundation is the official charity of America’s national parks. Chartered by Congress, we work hand in hand with the National Park Service to strengthen and connect all Americans to our parks, so they are protected for present and future generations. It is a legacy that began more than a century ago, when private citizens took action to first establish, then protect and endow our national parks. Today, the National Park Foundation carries on that tradition as the only national charitable partner for America’s national parks. To learn more visit www.nationalparks.org.
# # #
Media Contact:
Victoria Tagliabue
202-354-6488
vtagliabue@nationalparks.org
Wednesday, August 18, 2010
President Barack Obama Speaks on Ending the War in Iraq
Good afternoon,
Shortly after taking office, I put forward a plan to end the war in Iraq responsibly. Today, I'm pleased to report that -- thanks to the extraordinary service of our troops and civilians in Iraq -- our combat mission will end this month, and we will complete a substantial drawdown of our troops.
Over the last 18 months, over 90,000 U.S. troops have left Iraq. By the end of this month, 50,000 troops will be serving in Iraq. As Iraqi Security Forces take responsibility for securing their country, our troops will move to an advise-and-assist role. And, consistent with our agreement with the Iraqi government, all of our troops will be out of Iraq by the end of next year. Meanwhile, we will continue to build a strong partnership with the Iraqi people with an increased civilian commitment and diplomatic effort.
A few weeks ago, men and women from one of the most deployed brigades in the U.S. Army, the 2nd Brigade Combat Team, 10th Mountain Division, returned home from Iraq. The Vice President and Dr. Jill Biden were at Fort Drum to welcome the veterans home and spoke about their personal experiences as a military family:
Our commitment to our troops doesn't end once they come home -- it's only the beginning. Part of ending a war responsibly is meeting our responsibility to the men and women who have fought it. Our troops and their families have made tremendous sacrifices to keep our nation safe and secure, and as a nation we have a moral obligation to serve our veterans as well as they have served us.
That's why we're building a 21st century Department of Veterans Affairs. We've made one of the largest percentage increase in the VA’s budget in 30 years, and we're dramatically increasing funding for veterans' health across the board. In particular, we're delivering unprecedented resources to treat signature wounds of today's wars—Traumatic Brain Injury and Post-Traumatic Stress Disorder.
Our sacred trust to take care of our veterans goes beyond simply healing the wounds incurred in battle. We must ensure that when our veterans leave the Armed Forces, they have the opportunities they need to further their education and support their families. Through the Post-9/11 GI Bill, some 300,000 veterans and families members have pursued a college degree. Others are taking advantage of job training and placement programs.
My Administration will continue to do our part to support the brave men and women in uniform that have sacrificed so much. But supporting our troops and their families is not just the job of the Federal Government; it's the responsibility of all Americans.
As we mark this milestone in the Iraq war and our troops continue to move out of Iraq, I hope you'll join me in thanking them, and all of our troops and military families, for their service.
Sincerely,
President Barack Obama
Shortly after taking office, I put forward a plan to end the war in Iraq responsibly. Today, I'm pleased to report that -- thanks to the extraordinary service of our troops and civilians in Iraq -- our combat mission will end this month, and we will complete a substantial drawdown of our troops.
Over the last 18 months, over 90,000 U.S. troops have left Iraq. By the end of this month, 50,000 troops will be serving in Iraq. As Iraqi Security Forces take responsibility for securing their country, our troops will move to an advise-and-assist role. And, consistent with our agreement with the Iraqi government, all of our troops will be out of Iraq by the end of next year. Meanwhile, we will continue to build a strong partnership with the Iraqi people with an increased civilian commitment and diplomatic effort.
A few weeks ago, men and women from one of the most deployed brigades in the U.S. Army, the 2nd Brigade Combat Team, 10th Mountain Division, returned home from Iraq. The Vice President and Dr. Jill Biden were at Fort Drum to welcome the veterans home and spoke about their personal experiences as a military family:
Our commitment to our troops doesn't end once they come home -- it's only the beginning. Part of ending a war responsibly is meeting our responsibility to the men and women who have fought it. Our troops and their families have made tremendous sacrifices to keep our nation safe and secure, and as a nation we have a moral obligation to serve our veterans as well as they have served us.
That's why we're building a 21st century Department of Veterans Affairs. We've made one of the largest percentage increase in the VA’s budget in 30 years, and we're dramatically increasing funding for veterans' health across the board. In particular, we're delivering unprecedented resources to treat signature wounds of today's wars—Traumatic Brain Injury and Post-Traumatic Stress Disorder.
Our sacred trust to take care of our veterans goes beyond simply healing the wounds incurred in battle. We must ensure that when our veterans leave the Armed Forces, they have the opportunities they need to further their education and support their families. Through the Post-9/11 GI Bill, some 300,000 veterans and families members have pursued a college degree. Others are taking advantage of job training and placement programs.
My Administration will continue to do our part to support the brave men and women in uniform that have sacrificed so much. But supporting our troops and their families is not just the job of the Federal Government; it's the responsibility of all Americans.
As we mark this milestone in the Iraq war and our troops continue to move out of Iraq, I hope you'll join me in thanking them, and all of our troops and military families, for their service.
Sincerely,
President Barack Obama
Releases displayed in Africa/Lagos time 18 Aug 2010 13:25 Additional Assistance to Peacekeeping Training Centers in Africa
Wednesday, June 2, 2010
Study Shows 1 in 5 U.S. Veterans of Iraq, Afghanistan has PTSD
U.S. Marine in the Middle East
2 Jun 2010 15:06 Africa/Lagos
Study Shows 1 in 5 U.S. Veterans of Iraq, Afghanistan has PTSD (Post-Traumatic Stress Disorder), Depression
Author Paul Huljich-the Bipolar man who cured himself-speaks out
NEW YORK, June 2 /PRNewswire/ -- This past Memorial Day honored those Americans who have died in military service including over 4,000 in Iraq and 1,000 fallen soldiers in Afghanistan. According to the latest Pentagon study, released in April this year, nearly 20 percent--or one in five returning war veterans--reported symptoms of post-traumatic stress disorder (PTSD) or major depression. The study also reports that approximately half of them sought treatment.
Memorial Day this year not only paid tribute to Americans who have died in military service but also marked final day of Mental Health Month. Paul Huljich chose that same month to share his own story of struggling with mental illness in order to help others like him. In Betrayal of Love and Freedom (www.betrayalofloveandfreedom.com), Paul Huljich shows that contracting mental illness conditions such as PTSD do not have to incapacitate you for life. He believes that--through awareness and 30 day regiment of diet, exercise, sleep and stress reduction techniques--anyone can free themselves from the chains of mental illness. And moreover rediscover their purpose in life outside of a chemical strait jacket and other consequences that befall the victims of mental illness.
Post-traumatic stress disorder (PTSD) can develop after a terrifying or life-threatening event, or a series of events causing extreme levels of stress. PTSD is a complex anxiety disorder that displays myriad symptoms of depression, aggression and emotional detachment. Often doctors choose to prescribe a number of given antidepressant drugs to victims of PTSD, including Paxil, Seroquel and Klonopin. According to Paul Huljich, "[the] taking of these drugs without exploring other healthier, more holistic alternatives is extremely dangerous in the long term. These drugs only offer a band aid to the time bomb waiting to go off at any second."
The New England Journal of Medicine in 2009 reported on a series of cases involving veterans who died in their sleep after taking a cocktail of various prescribed medications. Its study noted that antipsychotic drugs doubled the risk of sudden cardiac death, a fact that adds to the growing concern about existing speculations on serious adverse effects of psychiatric medications commonly prescribed to emotionally disturbed or traumatized soldiers.
Paul Huljich overcame his mental illness without the use of any medication. Through a basic 30 day regiment based on diet, exercise, sleep and stress reduction techniques, he beat the odds and won. For the past decade he has been symptom-free of the debilitating disorder. He has done what so many of the experts have said couldn't be done, finding a natural, drug-free way to overcome Bipolar disorder and avoid the pain suffered daily by millions.
Now he wants to share his story to help inspire others to fight back! As featured in CNN, New York Times Book Review, Psychology Today, Harper's, Forbes.com, Organic Food News Today, and interviews in over 30 radio shows across the country, Paul Huljich's message is beginning to change the way in which we regard mental illness and its stigmas. In publishing Betrayal of Love and Freedom (www.betrayalofloveandfreedom.com), Paul states "I hope that people will pause for a moment and reflect on where they are in their lives - and where they are headed. But most of all, I wish for my story to give them hope."
Proceeds from the sale of Betrayal of Love & Freedom will be donated to his newly founded non-profit organization, The MWellA foundation (www.mwella.com), which focuses on promoting a healthy lifestyle of mind, body, and spirit.
Source: MWellA
CONTACT: Bruce Mason, +1-917-541-9014, bruce.a.mason@gmail.com
Web Site: http://www.betrayalofloveandfreedom.com/
http://www.mwella.com/
Saturday, May 1, 2010
The Americanization of British Politics
30 Apr 2010 19:43 Africa/Lagos
The Americanization of British Politics
WINSTON-SALEM, N.C., April 30 /PRNewswire-USNewswire/ -- With the British election less than a week away, Americans may not have to wait until November to see which direction the political tide is moving in the United States. Voting results overseas may portend results here later, says David Coates, author of the new book Answering Back: Liberal Responses to Conservative Arguments, and a political science professor at Wake Forest University.
Coates, a former Brit, says the parallels between the U.S. and British elections are striking. "A moderately progressive Obama-like government is facing off against a party of compassionate Conservatives and a third party parading its concerns for individual liberty," Coates says. "Like voters in the United States next November, UK voters will be choosing between 'Big Government' and 'Big Society.'"
Britain also is contending with many of the same issues that are facing this country - from the economic slowdown and unemployment to immigration and crime. "Will the Labour Government survive?" Coates adds. "It is the question of the hour, certainly for the Brits, and possibly even for us."
Coates says there are a number of other reasons why the UK election is important for the United States. For starters, Britain is a major NATO ally, with troops in Afghanistan. In addition, the UK is Europe's leading financial center, strongly linked to Wall Street.
"The links between our political parties and theirs are close and ongoing. Where the UK moves today, we might move tomorrow," Coates says.
Currently, the opinion polls are giving the Conservative opposition a single figure lead, but no matter who ultimately wins, the closeness of the election is indicative of the deep unpopularity of the Labour Party under Gordon Brown, Coates says.
"That unpopularity is partly a product of Brown's own poor performance as prime minister. But it also represents another chapter in a growing alienation with Labour that began with Tony Blair's decision to invade Iraq," Coates says. "It also tells us how deep the recession has been in the UK since the financial crisis struck in September 2008. British electorates traditionally reward governments for good times and punish them for bad. Times in the UK right now are very bad indeed. "
Since the last election in 2005, incomes are down, job insecurity is up, and debt and foreclosures have increased. Says Coates: "All New Labour's considerable achievements on the economic and social front - unbroken economic growth, reduced unemployment, less child poverty, bigger spending on health and education - have been swept away in 18 traumatic months."
This news release was issued on behalf of Newswise(TM). For more information, visit http://www.newswise.com/.
Source: Wake Forest University
CONTACT: Carol Cirulli Lanham, +1-336-758-5237, carol@sternersedeno.com,
for Wake Forest University
Web Site: http://www.wfu.edu/
Monday, November 9, 2009
The Fort Hood Tragedy
6 Nov 2009 21:12 Africa/Lagos
Secondary PTSD a Possible Factor for Fort Hood Shooter
LOS ANGELES, Nov. 6 /PRNewswire/ -- "Our hearts go out to the families of the soldiers and civilians who were killed or wounded by the senseless violence that took place at Fort Hood today," said National Veterans Foundation President and Founder Shad Meshad.
Shad Meshad has 38 years of experience treating sufferers of PTSD. In his practice, he has seen counselors who treat people with traumatic stress develop Compassion Fatigue, or Secondary Post-Traumatic Stress Disorder, and with it the psychological symptoms of someone who has been through combat.
Said Meshad, "We do not have all the information on Nidal Malik Hasan and his motives. But if he was treating soldiers with post-traumatic stress who were returning from combat in Iraq, and then faced deployment to the very place all this trauma was being experienced by his patients, it might have been enough, combined with other stressors, to cause the kind of psychotic break that could explain such horrific violence."
Meshad is one of the nation's leading experts on PTSD and Compassion Fatigue. He provides training to DOD and VA staff, on caring for their counselors who develop secondary traumatic stress.
"Being around someone with PTSD is like being around second-hand smoke," Meshad said. "It adversely affects your health. We have to be concerned about caregivers for soldiers returning from combat, and their families. I have been talking about a potential backlash of violence for years. You cannot expect to send our soldiers into extended, multiple combat deployments, and that not affect them or the people they are connected to, back at home. All signs indicate that the incidence of violent crimes, suicide, domestic violence and drug and alcohol abuse by Veterans from the current wars are on the rise."
See http://www.nvf.org/blog/item/50 for the story a recent, groundbreaking court decision for Veterans with PTSD, in which Meshad was involved as a defense consultant.
Shad Meshad has been working with Veterans since 1971. He was a Medical Service Officer during the Vietnam War, where he counseled soldiers who suffered from psychological and emotional problems resulting from their experiences in combat, including what would later become known as PTSD. The NVF is a national nonprofit organization dedicated to bettering the lives of veterans and their families.
Source: National Veterans Foundation
CONTACT: Shad Meshad, President and Founder of National Veterans
Foundation, 1-888-777-4443, shad@nvf.org
Web Site: http://www.nvf.org/
Releases displayed in Africa/Lagos time
9 Nov 2009
15:00
Give an Hour(TM) Partners with American Red Cross and Calls All Mental Health Professionals in Texas to Volunteer Their Services
6 Nov 2009
21:50
Governor Rendell Orders Flags to Fly at Half-Staff in Tribute to Soldiers Killed in Fort Hood Shooting
21:12
Secondary PTSD a Possible Factor for Fort Hood Shooter
20:28
Fort Hood Mass Shooting, Leaving 13 Dead and 28 Injured, Latest Example of Price Paid for Deadly Firepower Available to Americans
20:26
Pelosi Floor Speech on Resolution on Tragic Shooting at Fort Hood
17:43
American Islamic Congress Director - Who Trained Troops at Fort Hood - Condemns Attack and Offers Condolences to Families
16:34
Mental Health America Grieves Over Loss of Life at Fort Hood
03:14
U.S. Muslim Group Urges Calm, Unity After Fort Hood Shootings
01:28
Pelosi Statement on Fort Hood Shooting
01:04
DC: Muslim Group to Hold News Conference in Reaction to Fort Hood Shootings
00:57
American Legion Commander Expresses Condolences and Offer of Help in Wake of Ft. Hood Shootings
00:24
Workplace Threat Assessment Expert Available to Comment on the Shootings at Fort Hood
00:22
U.S. Muslims Condemn Attack at Fort Hood
5 Nov 2009
23:15
National Commander Expresses Condolences Over Ft. Hood Shootings
RECOMMENDED:
Tour of 'Yinka Shonibare
Secondary PTSD a Possible Factor for Fort Hood Shooter
LOS ANGELES, Nov. 6 /PRNewswire/ -- "Our hearts go out to the families of the soldiers and civilians who were killed or wounded by the senseless violence that took place at Fort Hood today," said National Veterans Foundation President and Founder Shad Meshad.
Shad Meshad has 38 years of experience treating sufferers of PTSD. In his practice, he has seen counselors who treat people with traumatic stress develop Compassion Fatigue, or Secondary Post-Traumatic Stress Disorder, and with it the psychological symptoms of someone who has been through combat.
Said Meshad, "We do not have all the information on Nidal Malik Hasan and his motives. But if he was treating soldiers with post-traumatic stress who were returning from combat in Iraq, and then faced deployment to the very place all this trauma was being experienced by his patients, it might have been enough, combined with other stressors, to cause the kind of psychotic break that could explain such horrific violence."
Meshad is one of the nation's leading experts on PTSD and Compassion Fatigue. He provides training to DOD and VA staff, on caring for their counselors who develop secondary traumatic stress.
"Being around someone with PTSD is like being around second-hand smoke," Meshad said. "It adversely affects your health. We have to be concerned about caregivers for soldiers returning from combat, and their families. I have been talking about a potential backlash of violence for years. You cannot expect to send our soldiers into extended, multiple combat deployments, and that not affect them or the people they are connected to, back at home. All signs indicate that the incidence of violent crimes, suicide, domestic violence and drug and alcohol abuse by Veterans from the current wars are on the rise."
See http://www.nvf.org/blog/item/50 for the story a recent, groundbreaking court decision for Veterans with PTSD, in which Meshad was involved as a defense consultant.
Shad Meshad has been working with Veterans since 1971. He was a Medical Service Officer during the Vietnam War, where he counseled soldiers who suffered from psychological and emotional problems resulting from their experiences in combat, including what would later become known as PTSD. The NVF is a national nonprofit organization dedicated to bettering the lives of veterans and their families.
Source: National Veterans Foundation
CONTACT: Shad Meshad, President and Founder of National Veterans
Foundation, 1-888-777-4443, shad@nvf.org
Web Site: http://www.nvf.org/
Releases displayed in Africa/Lagos time
9 Nov 2009
15:00
Give an Hour(TM) Partners with American Red Cross and Calls All Mental Health Professionals in Texas to Volunteer Their Services
6 Nov 2009
21:50
Governor Rendell Orders Flags to Fly at Half-Staff in Tribute to Soldiers Killed in Fort Hood Shooting
21:12
Secondary PTSD a Possible Factor for Fort Hood Shooter
20:28
Fort Hood Mass Shooting, Leaving 13 Dead and 28 Injured, Latest Example of Price Paid for Deadly Firepower Available to Americans
20:26
Pelosi Floor Speech on Resolution on Tragic Shooting at Fort Hood
17:43
American Islamic Congress Director - Who Trained Troops at Fort Hood - Condemns Attack and Offers Condolences to Families
16:34
Mental Health America Grieves Over Loss of Life at Fort Hood
03:14
U.S. Muslim Group Urges Calm, Unity After Fort Hood Shootings
01:28
Pelosi Statement on Fort Hood Shooting
01:04
DC: Muslim Group to Hold News Conference in Reaction to Fort Hood Shootings
00:57
American Legion Commander Expresses Condolences and Offer of Help in Wake of Ft. Hood Shootings
00:24
Workplace Threat Assessment Expert Available to Comment on the Shootings at Fort Hood
00:22
U.S. Muslims Condemn Attack at Fort Hood
5 Nov 2009
23:15
National Commander Expresses Condolences Over Ft. Hood Shootings
RECOMMENDED:
Tour of 'Yinka Shonibare
Wednesday, March 4, 2009
Addax Petroleum Announces Record Results for 2008
4 Mar 2009 16:08 Africa/Lagos
Addax Petroleum Announces Record Results for 2008
CALGARY, Canada, March 4/PRNewswire-FirstCall/ --
- 41 per cent increase in Funds Flow From Operations to US$1,850 million
- 63 per cent increase in Net Income to US$784 million
- 8 per cent increase in Production to 136.5 Mbbl/d
- 20 per cent increase in Proved plus Probable Reserves to 536.7 MMbbl
Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the year ended December 31, 2008. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
A conference call will be held for analysts and investors today Wednesday, March 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. Time. Full details can be found at the end of this announcement.
CEO's Comment
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I take great pleasure to report that Addax Petroleum's 2008 performance has resulted in another year of record operational performance, robust reserves growth and a significant increase in our prospective oil resources. Despite a challenging environment in the fourth quarter of 2008, Addax Petroleum achieved record production of 142.5 Mbbl/d in the quarter and ended the year with a significant discovery at the Njaba prospect. We advanced our early entrant position in the rapidly developing Kurdistan Region of Iraq through the completion of a 30 Mbbl/d facility which is expected to translate into first commercial oil production later this year. In recognition of the current challenging environment, we have undertaken an aggressive cost control program and are prudently managing our business to protect our balance sheet and maintain ongoing liquidity. Addax Petroleum has operated successfully in previous low oil price environments similar to the one we are currently experiencing today and is positioning itself to do so again. I would like to thank our employees, management, board of directors, business partners and shareholders for their support and contribution to Addax Petroleum's outstanding performance in 2008."
- Petroleum sales before royalties in 2008 amounted to US$4,607 million,an increase of 35 per cent over petroleum sales before royalties of US$3,412 million in 2007.
The increase in petroleum sales before royalties was primarily driven by a 29 per cent increase in average crude oil sales price in 2008 to US$94.38 per barrel (/bbl)as compared to US$72.94/bbl realized in 2007 and an increase of 8 per cent in the
average gross working interest oil production. The Corporation experienced a build up of crude oil inventory in the fourth quarter of approximately 540 Mbbl (equivalent to approximately 5.9 Mbbl/d) as production volumes exceeded sales volumes. This crude oil inventory is expected to decline in the first half of 2009.
- Funds Flow From Operations for the fourth quarter of 2008 decreased 26 per cent to US$318 million (US$2.03 per basic share) compared to US$428 million (US$2.75 per basic share) in the fourth quarter of 2007.
On an annual basis, Funds Flow From Operations for 2008 increased 41 per cent to US$1,850 million (US$11.86 per basic share) compared to US$1,313 million (US$8.45 per basic share) in 2007.
- Net Income for the fourth quarter of 2008 decreased 98 per cent to US$3 million (US$0.02 per basic share) compared to US$180 million (US$1.16 per basic share) in the fourth quarter of 2007. On an annual basis, Net Income for 2008 increased 63 per cent to US$784 million (US$5.03 per basic share) compared to US$482 million (US$3.10 per basic share) in 2007.
- Capital expenditures, excluding corporate and acquisition costs, totaled US$521 million in the fourth quarter of 2008 and were comprised of US$406 million for development and US$115 million for exploration and appraisal activities. Capital expenditures, excluding corporate and acquisition costs, increased by 56 per cent to US$1,694 million in 2008 from US$1,088 million in 2007. Development capital expenditures totaled US$1,376 million in 2008, an increase of 67 per cent over development capital expenditure of US$822 million in 2007. Exploration and appraisal capital expenditures totaled US$318 million in 2008, a 20 per cent increase over exploration and appraisal capital expenditures of US$266 million in 2007.
- Corporate and acquisition costs associated with new business activities were US$82 million in 2008 as compared to US$84 million in 2007. New business activities included the acquisition of four new exploration license areas for the Corporation's property portfolio, the increase of the Corporation's working interest in one exploration license area and the commencement of an integrated gas utilization project in Nigeria.
- Bank debt increased in 2008 by US$250 million to US$1,200 million and is currently drawn under two facilities that consist of a US$1.6 billion senior secured reducing revolving borrowing base facility (of which US$1.3 billion can be drawn as debt) and a US$500 million senior unsecured revolving facility that was entered into during the year.
- Average gross working interest oil production in 2008 was 136,450 bbl/d, an increase of approximately 8 per cent over the 2007 average production of 125,940bbl/d. Average oil production for 2008 included 107,980 bbl/d from Nigeria and 28,470 bbl/d from Gabon.
- Total gross working interest proved plus probable reserves, as evaluated in accordance with National Instrument 51-101 by Netherland, Sewell & Associates("NSAI") as at December 31, 2008, increased by approximately 20 per cent to 536.7 MMbbl from 446.7 MMbbl as at December 31, 2007. The Corporation did not make reserves acquisitions or disposals during the year and the 2008 reserve additions arose primarily from the Corporation's operational activity, including extensions and discoveries. Proved reserves decreased by 8 per cent in the same period as NSAI has not assigned proved reserves to wells without production test results. Addax Management elected not to test the Kita Marine appraisal wells in 2008, where 34.0 MMbbl of proved plus probable (2P) reserves were added during the year, given Addax Petroleum had previously tested the initial discovery in 2007 and has adequate data to submit a Field Development Plan to the Government. Similarly, 42.0 MMbbl of 2P
reserves were added from the Njaba well but there were no proved (1P) reserves booked due to the fact that the well was drilled late in the year and had not been production tested within the year. Management expects a portion of these reserves to be reclassified as 1P reserves through additional drilling in 2009.
- The Corporation's overall 2008 reserves replacement ratio was 281 per cent. The reserves replacement ratio is calculated by dividing the gross working interest 2P reserve additions of 140.0 MMbbl (before deduction of 2008 production of 49.9 MMbbl) by the 2008 production.
- Development project highlights in 2008 include:
Nigeria
- drilled 12 successful new development wells offshore, 10 in OML123 and two in OML126, all of which were placed on production during the year;
- drilled two successful new development wells onshore in OML124, all of which were placed on production during the year;
- initial production from the Inagha field in OML123; and,
- ongoing full field development at the Adanga North Horst field in OML123 and at the Okwori field in OML126.
Dividends
The Corporation declared and paid aggregate dividends in 2008 of CDN$0 .40 per share. A dividend of CDN$0.10 per share was declared on March 3, 2009, payable on April 2, 2009 to shareholders of record on March 19, 2009. In accordance with Canada Revenue Agency Guidelines, dividends paid by the Corporation during the period are eligible dividends.
Recent Developments
In January 2009, the Corporation announced a significant discovery from the Njaba 2 well in the eastern part of the OML124 license area in Nigeria. The discovery resulted in Addax Petroleum booking 42.0 MMbbl of probable reserves from this well as at December 31, 2008.
In January 2009, the Corporation commenced production from the Ebouri field in the Etame Marin license area, offshore Gabon.
In February 2009, the operator completed drilling the North Etame exploration well in the Corporation's Etame Marin license area offshore Gabon. The well encountered lower than anticipated hydrocarbons, was water bearing and is expected to be plugged and abandoned.
2009 Outlook & Capital Budget
For 2009, Addax Petroleum has budgeted total capital expenditures of approximately US$1.6 billion (excluding acquisitions), which are expected to result in total production averaging between 140 Mbbl/d to 145 Mbbl/d from its Nigeria and Gabon operations. This budget is consistent with the Corporation's philosophy of funding capital expenditures from internally generated cash flow and has been determined using the average Brent Crude price of US$60/bbl. Should the prevailing Brent Crude price continue to be below US$60/bbl for the balance of 2009, Addax Petroleum intends, and has the flexibility, to reduce its capital expenditures such that total capital expenditures continue to be funded by internally generated cash flow. An average Brent Crude price of US$40/bbl would result in a reduction of capital expenditures to approximately US$1 billion and the associated reduced drilling and facilities expenditures would result in Addax Petroleum's total production for 2009 averaging between 132 Mbbl/d and 137 Mbbl/d.
Regulatory Filings
This announcement coincides with the filing with the Canadian and U.K. securities regulatory authorities of Addax Petroleum's Audited Consolidated Financial Statements for the year ended December 31, 2008 and related Management's Discussion and Analysis, as well as Addax Petroleum's Annual Information Form including the Corporation's Statement of Reserves Data and Other Information, Report of the Independent Qualified Reserves Evaluator and Report of Management and Directors. Copies of these documents may be obtained via http://www.sedar.com, http://www.londonstockexchange.com and the Corporation's website, http://www.addaxpetroleum.com.
Analyst Conference Call
Financial analysts are invited to participate in a conference call today Wednesday, March, 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and shareholders may participate on a listen only basis. To participate in the conference call, please dial one of the following:
Toronto: 416-644-3420
Toll-free (Canada and the US): 1-800-731-5319
Toll-free (UK): 00-800-2288-3501
Toll-free (Switzerland): 00-800-2288-3501
A replay of the call will be available at +1-(416)-640-1917 or +1-(877)-289-8525, passcode 21296229 followed by the number sign until Wednesday, March 18, 2009.
Capital Markets Day
Addax Petroleum will host a Capital Markets Day presentation to financial analysts and investors on Monday, March 23, 2009 in London, UK and Tuesday, March 24, 2008 in Toronto, Canada. The Corporation's senior management team will discuss the Corporation's most recent operating results and expectations regarding future operations. A live webcast of the presentations will be made available and the Capital Markets Day presentation materials will be available on the Corporation's website at http://www.addaxpetroleum.com prior to the event. Interested attendees are encouraged to contact any of the individuals listed at the end of this announcement in order to register in advance.
Reader Advisory Regarding Forward-Looking Information
Certain statements contained in this news release, including statements related to future capital expenditures, business strategy and goals, future commodity prices, reserves and resources estimates, drilling plans, development plans and schedules, future seismic activity, production levels and sources of growth thereof, results of exploration activities and dates that areas may come on-stream, royalties payable, contingent liabilities and statements that contain words such as "may", "will", "would ", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "propose", "project", and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation.
Forward-looking information is subject to known and unknown risks and uncertainties attendant with oil and gas operations, and other factors, which include, but are not limited to: imprecision of reserves and resources estimates; ultimate recovery of reserves; commodity prices; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil and natural gas to markets; weather and climate conditions; results of exploration and development drilling and other related activities; fluctuation in interest rates and foreign currency exchange rates; ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; international political events; and expected rates of return. More specifically, production may be affected by exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability and seismic costs.
The Corporation's actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes. Risk factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward- looking statements are made as at the date they are given and, except as required by applicable law, Addax Petroleum does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this new release are expressly qualified by this advisory.
Non-GAAP Measures
Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from operating activities before changes in non-cash working capital. Management believes that in addition to net income, FFFO is a useful measure as it demonstrates Addax Petroleum's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Addax Petroleum also assesses its performance utilizing Operating Netbacks which it defines as the per barrel pre-tax profit margin associated with the production and sale of crude oil and is calculated as the average realized sales price less royalties and operating expenses, on a per barrel basis. FFFO and Operating Netback are not recognized measures under Canadian GAAP. Readers are cautioned that these measures should not be construed as an alternative to net income or cash flow from operating activities determined in accordance with Canadian GAAP or as an indication of Addax Petroleum's performance. Addax Petroleum's method of calculating these measures may differ from other companies and accordingly, it may not be comparable to measures used by other companies.
For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com
Source: Addax Petroleum Corporation
For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com
N.B:
PLEASE, CLICK ON THE NEWS RELEASE FROM ADDAX PETROLEUM CORPORATION BELOW FOR THE FULL DETAILS OF THIS REPORT.
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4 Mar 2009
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Addax Petroleum Announces Record Results for 2008
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Addax Petroleum announces record results for 2008
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Addax Petroleum Announces Record Results for 2008
CALGARY, Canada, March 4/PRNewswire-FirstCall/ --
- 41 per cent increase in Funds Flow From Operations to US$1,850 million
- 63 per cent increase in Net Income to US$784 million
- 8 per cent increase in Production to 136.5 Mbbl/d
- 20 per cent increase in Proved plus Probable Reserves to 536.7 MMbbl
Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the year ended December 31, 2008. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
A conference call will be held for analysts and investors today Wednesday, March 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. Time. Full details can be found at the end of this announcement.
CEO's Comment
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I take great pleasure to report that Addax Petroleum's 2008 performance has resulted in another year of record operational performance, robust reserves growth and a significant increase in our prospective oil resources. Despite a challenging environment in the fourth quarter of 2008, Addax Petroleum achieved record production of 142.5 Mbbl/d in the quarter and ended the year with a significant discovery at the Njaba prospect. We advanced our early entrant position in the rapidly developing Kurdistan Region of Iraq through the completion of a 30 Mbbl/d facility which is expected to translate into first commercial oil production later this year. In recognition of the current challenging environment, we have undertaken an aggressive cost control program and are prudently managing our business to protect our balance sheet and maintain ongoing liquidity. Addax Petroleum has operated successfully in previous low oil price environments similar to the one we are currently experiencing today and is positioning itself to do so again. I would like to thank our employees, management, board of directors, business partners and shareholders for their support and contribution to Addax Petroleum's outstanding performance in 2008."
- Petroleum sales before royalties in 2008 amounted to US$4,607 million,an increase of 35 per cent over petroleum sales before royalties of US$3,412 million in 2007.
The increase in petroleum sales before royalties was primarily driven by a 29 per cent increase in average crude oil sales price in 2008 to US$94.38 per barrel (/bbl)as compared to US$72.94/bbl realized in 2007 and an increase of 8 per cent in the
average gross working interest oil production. The Corporation experienced a build up of crude oil inventory in the fourth quarter of approximately 540 Mbbl (equivalent to approximately 5.9 Mbbl/d) as production volumes exceeded sales volumes. This crude oil inventory is expected to decline in the first half of 2009.
- Funds Flow From Operations for the fourth quarter of 2008 decreased 26 per cent to US$318 million (US$2.03 per basic share) compared to US$428 million (US$2.75 per basic share) in the fourth quarter of 2007.
On an annual basis, Funds Flow From Operations for 2008 increased 41 per cent to US$1,850 million (US$11.86 per basic share) compared to US$1,313 million (US$8.45 per basic share) in 2007.
- Net Income for the fourth quarter of 2008 decreased 98 per cent to US$3 million (US$0.02 per basic share) compared to US$180 million (US$1.16 per basic share) in the fourth quarter of 2007. On an annual basis, Net Income for 2008 increased 63 per cent to US$784 million (US$5.03 per basic share) compared to US$482 million (US$3.10 per basic share) in 2007.
- Capital expenditures, excluding corporate and acquisition costs, totaled US$521 million in the fourth quarter of 2008 and were comprised of US$406 million for development and US$115 million for exploration and appraisal activities. Capital expenditures, excluding corporate and acquisition costs, increased by 56 per cent to US$1,694 million in 2008 from US$1,088 million in 2007. Development capital expenditures totaled US$1,376 million in 2008, an increase of 67 per cent over development capital expenditure of US$822 million in 2007. Exploration and appraisal capital expenditures totaled US$318 million in 2008, a 20 per cent increase over exploration and appraisal capital expenditures of US$266 million in 2007.
- Corporate and acquisition costs associated with new business activities were US$82 million in 2008 as compared to US$84 million in 2007. New business activities included the acquisition of four new exploration license areas for the Corporation's property portfolio, the increase of the Corporation's working interest in one exploration license area and the commencement of an integrated gas utilization project in Nigeria.
- Bank debt increased in 2008 by US$250 million to US$1,200 million and is currently drawn under two facilities that consist of a US$1.6 billion senior secured reducing revolving borrowing base facility (of which US$1.3 billion can be drawn as debt) and a US$500 million senior unsecured revolving facility that was entered into during the year.
- Average gross working interest oil production in 2008 was 136,450 bbl/d, an increase of approximately 8 per cent over the 2007 average production of 125,940bbl/d. Average oil production for 2008 included 107,980 bbl/d from Nigeria and 28,470 bbl/d from Gabon.
- Total gross working interest proved plus probable reserves, as evaluated in accordance with National Instrument 51-101 by Netherland, Sewell & Associates("NSAI") as at December 31, 2008, increased by approximately 20 per cent to 536.7 MMbbl from 446.7 MMbbl as at December 31, 2007. The Corporation did not make reserves acquisitions or disposals during the year and the 2008 reserve additions arose primarily from the Corporation's operational activity, including extensions and discoveries. Proved reserves decreased by 8 per cent in the same period as NSAI has not assigned proved reserves to wells without production test results. Addax Management elected not to test the Kita Marine appraisal wells in 2008, where 34.0 MMbbl of proved plus probable (2P) reserves were added during the year, given Addax Petroleum had previously tested the initial discovery in 2007 and has adequate data to submit a Field Development Plan to the Government. Similarly, 42.0 MMbbl of 2P
reserves were added from the Njaba well but there were no proved (1P) reserves booked due to the fact that the well was drilled late in the year and had not been production tested within the year. Management expects a portion of these reserves to be reclassified as 1P reserves through additional drilling in 2009.
- The Corporation's overall 2008 reserves replacement ratio was 281 per cent. The reserves replacement ratio is calculated by dividing the gross working interest 2P reserve additions of 140.0 MMbbl (before deduction of 2008 production of 49.9 MMbbl) by the 2008 production.
- Development project highlights in 2008 include:
Nigeria
- drilled 12 successful new development wells offshore, 10 in OML123 and two in OML126, all of which were placed on production during the year;
- drilled two successful new development wells onshore in OML124, all of which were placed on production during the year;
- initial production from the Inagha field in OML123; and,
- ongoing full field development at the Adanga North Horst field in OML123 and at the Okwori field in OML126.
Dividends
The Corporation declared and paid aggregate dividends in 2008 of CDN$0 .40 per share. A dividend of CDN$0.10 per share was declared on March 3, 2009, payable on April 2, 2009 to shareholders of record on March 19, 2009. In accordance with Canada Revenue Agency Guidelines, dividends paid by the Corporation during the period are eligible dividends.
Recent Developments
In January 2009, the Corporation announced a significant discovery from the Njaba 2 well in the eastern part of the OML124 license area in Nigeria. The discovery resulted in Addax Petroleum booking 42.0 MMbbl of probable reserves from this well as at December 31, 2008.
In January 2009, the Corporation commenced production from the Ebouri field in the Etame Marin license area, offshore Gabon.
In February 2009, the operator completed drilling the North Etame exploration well in the Corporation's Etame Marin license area offshore Gabon. The well encountered lower than anticipated hydrocarbons, was water bearing and is expected to be plugged and abandoned.
2009 Outlook & Capital Budget
For 2009, Addax Petroleum has budgeted total capital expenditures of approximately US$1.6 billion (excluding acquisitions), which are expected to result in total production averaging between 140 Mbbl/d to 145 Mbbl/d from its Nigeria and Gabon operations. This budget is consistent with the Corporation's philosophy of funding capital expenditures from internally generated cash flow and has been determined using the average Brent Crude price of US$60/bbl. Should the prevailing Brent Crude price continue to be below US$60/bbl for the balance of 2009, Addax Petroleum intends, and has the flexibility, to reduce its capital expenditures such that total capital expenditures continue to be funded by internally generated cash flow. An average Brent Crude price of US$40/bbl would result in a reduction of capital expenditures to approximately US$1 billion and the associated reduced drilling and facilities expenditures would result in Addax Petroleum's total production for 2009 averaging between 132 Mbbl/d and 137 Mbbl/d.
Regulatory Filings
This announcement coincides with the filing with the Canadian and U.K. securities regulatory authorities of Addax Petroleum's Audited Consolidated Financial Statements for the year ended December 31, 2008 and related Management's Discussion and Analysis, as well as Addax Petroleum's Annual Information Form including the Corporation's Statement of Reserves Data and Other Information, Report of the Independent Qualified Reserves Evaluator and Report of Management and Directors. Copies of these documents may be obtained via http://www.sedar.com, http://www.londonstockexchange.com and the Corporation's website, http://www.addaxpetroleum.com.
Analyst Conference Call
Financial analysts are invited to participate in a conference call today Wednesday, March, 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and shareholders may participate on a listen only basis. To participate in the conference call, please dial one of the following:
Toronto: 416-644-3420
Toll-free (Canada and the US): 1-800-731-5319
Toll-free (UK): 00-800-2288-3501
Toll-free (Switzerland): 00-800-2288-3501
A replay of the call will be available at +1-(416)-640-1917 or +1-(877)-289-8525, passcode 21296229 followed by the number sign until Wednesday, March 18, 2009.
Capital Markets Day
Addax Petroleum will host a Capital Markets Day presentation to financial analysts and investors on Monday, March 23, 2009 in London, UK and Tuesday, March 24, 2008 in Toronto, Canada. The Corporation's senior management team will discuss the Corporation's most recent operating results and expectations regarding future operations. A live webcast of the presentations will be made available and the Capital Markets Day presentation materials will be available on the Corporation's website at http://www.addaxpetroleum.com prior to the event. Interested attendees are encouraged to contact any of the individuals listed at the end of this announcement in order to register in advance.
Reader Advisory Regarding Forward-Looking Information
Certain statements contained in this news release, including statements related to future capital expenditures, business strategy and goals, future commodity prices, reserves and resources estimates, drilling plans, development plans and schedules, future seismic activity, production levels and sources of growth thereof, results of exploration activities and dates that areas may come on-stream, royalties payable, contingent liabilities and statements that contain words such as "may", "will", "would ", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "propose", "project", and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation.
Forward-looking information is subject to known and unknown risks and uncertainties attendant with oil and gas operations, and other factors, which include, but are not limited to: imprecision of reserves and resources estimates; ultimate recovery of reserves; commodity prices; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil and natural gas to markets; weather and climate conditions; results of exploration and development drilling and other related activities; fluctuation in interest rates and foreign currency exchange rates; ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; international political events; and expected rates of return. More specifically, production may be affected by exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability and seismic costs.
The Corporation's actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes. Risk factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward- looking statements are made as at the date they are given and, except as required by applicable law, Addax Petroleum does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this new release are expressly qualified by this advisory.
Non-GAAP Measures
Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from operating activities before changes in non-cash working capital. Management believes that in addition to net income, FFFO is a useful measure as it demonstrates Addax Petroleum's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Addax Petroleum also assesses its performance utilizing Operating Netbacks which it defines as the per barrel pre-tax profit margin associated with the production and sale of crude oil and is calculated as the average realized sales price less royalties and operating expenses, on a per barrel basis. FFFO and Operating Netback are not recognized measures under Canadian GAAP. Readers are cautioned that these measures should not be construed as an alternative to net income or cash flow from operating activities determined in accordance with Canadian GAAP or as an indication of Addax Petroleum's performance. Addax Petroleum's method of calculating these measures may differ from other companies and accordingly, it may not be comparable to measures used by other companies.
For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com
Source: Addax Petroleum Corporation
For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com
N.B:
PLEASE, CLICK ON THE NEWS RELEASE FROM ADDAX PETROLEUM CORPORATION BELOW FOR THE FULL DETAILS OF THIS REPORT.
Releases displayed in Africa/Lagos time
4 Mar 2009
16:08
Addax Petroleum Announces Record Results for 2008
13:32
Addax Petroleum announces record results for 2008
02:54
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2 Mar 2009
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