http://www.africaoilcorp.com/i/pdf/AOI_May_2012.pdf

Play Summary

Have assembled massive acreage position of 300,000 sq km (74 MM

acres) in 4 distinct rift related petroleum systems with billion barrel

potential

Completing seismic and FTG programs on all blocks in preparation for

aggressive drilling program

Currently have two rigs under contract and investigating bringing in two

additional rigs

First two wells in program have made two apparently significant oil

discoveries in Kenya and Somalia

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Strong balance sheet with $109 MM cash (Dec. 2011) that will fund

activities through 2012