Africa Oil Corp. Provides Update On Proposed Transfer Of Puntland Subsidiaries To Denovo Capital Corp.

Africa Oil Corp. announced that the proposed transaction with Denovo Capital Corp., whereby Denovo will acquire all the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd. (Canmex), Africa Oil's wholly-owned subsidiary. The TSX Venture Exchange approved the filing of Denovo's filing statement dated August 29, 2011 relating to the Transaction and the Filing Statement was filed on SEDAR on September 1, 2011. Denovo has made its initial submission to the Exchange but has not received conditional approval of the Transaction. Africa Oil and Denovo expect to be in a position to close the Transaction in the next few weeks.