VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2011) - Africa Oil Corp. (News - Market indicators)(OMX:AOI) ("Africa Oil", "AOC", or "the Company") is pleased to announce that an updated independent assessment of the Company's contingent and prospective resources has been completed by Gaffney, Cline & Associates. The independent assessment was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The effective date of the report is December 31, 2010.

Please note that the following estimates are based on working interests prior to the acquisition of Centric Energy Corp. and the proposed Lion Energy Corp. acquisition.

At the effective date of the resource estimate, AOC holdings include working interests in Operated and non-Operated Production Sharing Contracts (PSC's) in Kenya, Ethiopia and Puntland (Somalia) in East Africa. These Blocks contain under explored plays in basins that have proven and productive analogues, or where the petroleum system is calibrated by existing well and seismic data. The current seismic and well database as well as defining the discoveries in Kenya and Ethiopia, allows for the identification and mapping of several prospects, and a large number of leads. Some of these prospects and leads have the potential to target multiple stacked plays. Other leads will test only single plays, but with the potential to test stacked-pay.

Please see attached tables summarizing the contingent and prospective oil resources as contained in the Gaffney, Cline & Associates assessment.

Keith Hill, Africa Oil's President and Chief Executive Officer, commented: "Our blocks contain enormous resource potential. We are pleased to be in a very strong financial position as we continue our aggressive exploration program, with drilling expected to commence during the third quarter of this year."

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia). 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 350,000 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 Hill, President and CEO

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

INDEPENDENT ASSESSMENT OF THE CONTINGENT AND
 PROSPECTIVE RESOURCES OF AFRICA OIL CORPORATION'S
PROPERTIES IN EAST AFRICA
AS AT 31^st DECEMBER, 2010

Prepared by Gaffney, Cline & Associates

KENYA BLOCK 10A
SUMMARY OF OIL PROSPECTIVE RESOURCES

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.
3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.

KENYA BLOCK 10BB
SUMMARY OF GROSS OIL CONTINGENT RESOURCES

KENYA BLOCK 10BB
SUMMARY OF NET OIL CONTINGENT RESOURCES

Notes

1. Net Contingent Resources are stated herein in terms of AOC's net Working Interest (WI) in Block 10BB and, due to the very immature nature of these Contingent Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.

KENYA BLOCK 10BB
SUMMARY OF OIL PROSPECTIVE RESOURCES (PROSPECTS)

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.
3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.

KENYA BLOCK 10BB
SUMMARY OF OIL PROSPECTIVE RESOURCES (LEADS)

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.
3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.

KENYA BLOCK 9
SUMMARY OF GAS PROSPECTIVE RESOURCES

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.

3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.
4. P/L = Prospect or Lead.

KENYA BLOCKS 9, 10A, 10BB
SUMMARY OF OIL PROSPECTIVE RESOURCES

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.
3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.
4. P/L = Prospect or Lead.

ETHIOPIA BLOCK 8
 SUMMARY OF OIL PROSPECTIVE RESOURCES

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.
3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.

ETHIOPIA BLOCK 8
SUMMARY OF GAS PROSPECTIVE RESOURCES

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSC. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSC.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.
3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.
4. P/L = Prospect or Lead.

PUNTLAND NOGAL AND DARIN BLOCKS
SUMMARY OF OIL PROSPECTIVE RESOURCES

Notes:

1. Net Prospective Resources are stated herein in terms of AOC's net Working Interest (WI) in the properties and, due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSA. In this regard these volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSA.
2. It is inappropriate to report summed-up Prospective Resource volumes or to otherwise focus upon those of other than the 'Best Estimate'.
3. The Geologic Chance of Success (GCoS) reported here represents an indicative estimate of the probability that the drilling of this prospect would result in a discovery which would warrant the re-categorisation of that volume as a Contingent Resource. These GCoS percentage values have not been arithmetically applied within this assessment.
4. The Oil Prospective Resource volumes are for Oil or Gas, not Oil and Gas.

Definitions and Cautionary Statements

Significant Positive and Negative Factors Relevant to the Resources Estimates

This news release contains forward looking information including, but not limited to, estimated resources. The forward looking information is based on current expectations and is subject to a number of risks and uncertainties which could cause actual results to differ materially from those anticipated.

These risks include, but are not limited to the following:

Risks associated with ever making a discovery

The estimation of prospective resource volumes for high-risk and poorly calibrated basins can be subject to large variation from the introduction of new information. The estimates presented herein are based on all of the information available; however, new data or information is likely to have a material effect on the resource assessment values. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the discovery will be commercially viable to produce any portion of the resources. Given that most of the resources in the portfolio are in leads that require additional data to fully define their potential it is likely that significant changes to the resource estimates will occur with the incorporation of additional data and information.

Risk Associated with the Estimates

In the event of a discovery, basic reservoir parameters, such as porosity, net hydrocarbon pay thickness, fluid composition and water saturation, may vary from those assumed [by GCA], affecting the volume of hydrocarbon estimated to be present. Other factors such as the reservoir pressure, density and viscosity of the oil and solution gas/oil ratio will affect the volume of oil that can be recovered. Additional reservoir parameters such as permeability, the presence or absence of water drive and the specific mineralogy of the reservoir rock may affect the efficiency of the recovery process. Recovery of the resources may also be affected by well performance, reliability of production and process facilities, the availability and quality of source water for enhanced recovery processes and availability of fuel gas. There is no certainty that certain mineral interests are not affected by ownership considerations that have not yet come to light.

Risk Associated with the Classifications

Substantial Capital Requirements

Africa Oil expects to make substantial capital expenditures for exploration, development and production of oil and gas reserves in the future. The Company's ability to access the equity or debt markets in the future may be affected by any prolonged market instability. The inability to access the equity or debt markets for sufficient capital, at acceptable terms and within required time frames, could have a material adverse effect on the Company's financial condition, results of operations and prospects.

Ability to Execute Exploration and Development Program

It may not always be possible for Africa Oil to execute its exploration and development strategies in the manner in which the Company considers optimal. Execution of exploration and development strategies is dependent upon the political and security climate in the host countries where the Company operates. The Company's exploration and development programs in Puntland, Ethiopia and Kenya may involve the need to obtain approvals from relevant authorities who may require conditions to be satisfied or the exercise of discretion by the relevant authorities. It may not be possible for such conditions to be satisfied.

Absence of a Formal Development Plan including Required Funding

There is no certainty the Company will prepare and approve a development plan for any portion of the contingent resources or that the Company will be successful in funding any development should such a plan be prepared. General market conditions, the sufficiency of such a development plan and the outlook regarding oil and gas prices are some factors that will influence the availability of funding.

Access to Infrastructure

Africa Oil's ability to produce and market hydrocarbons from any potential discoveries will depend on its ability to access suitable infrastructure. The Company may also be affected by deliverability uncertainties related to the proximity of its potential production to pipelines and processing facilities and operational problems affecting such pipelines and facilities as well as potential government regulation relating to price and the export of oil and gas. Currently there is limited local infrastructure and markets for oil, natural gas and condensate and export infrastructure to enable other markets to be accessed has not yet been developed. Africa Oil will work with its partners and government authorities to evaluate the commercial potential and technical feasibility of any discovery made.

Additional Risks

Additional risks associated with the estimate of the prospective and contingent resources include risks associated with the oil and gas industry generally (i.e. financing; operational risks in exploration, development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections related to production; costs and expenses; health, safety, security and environmental risks; and the uncertainty of resource estimates), drilling equipment availability and efficiency, the ability to attract and retain key personnel, the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with dealing with governments and obtaining regulatory approvals, and the risk associated with international activity.

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent Resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status.

• Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

• Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

• High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

There are several contingencies that prevent the classification of the contingent resources as reserves. Africa Oil has no definitive plans to develop the oil resources in Block 10BB at this time and accordingly these are considered contingent resources. An evaluation has yet to be conducted in order to determine the economic viability of these contingent resources.

Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity.

Prospective resources are undiscovered resources that indicate development potential in the event the discovery is made and is commercial, and they should not be construed as reserves or contingent resources.