Centric Energy Corp V.CTE

Centric Shareholders Approve Acquisition

[Houndtrader]

Centric Shareholders Approve Acquisition by Africa Oil

VANCOUVER, BRITISH COLUMBIA, Feb 14, 2011 (MARKETWIRE via COMTEX News Network) --

AfricaOil Corp. ("Africa Oil" or "the Company") (TSX VENTURE: AOI)(OMX: AOI)is pleased to announce that the shareholders of Centric Energy Corp.(TSX VENTURE: CTE) have approved the acquisition of Centric by AfricaOil. At a special meeting of the Centric shareholders held February 11,98.7% of the votes cast were in favor of the acquisition. Details of theacquisition are contained in an Information Circular prepared byCentric, which is available on SEDAR under Centric's profile.

Closingof the acquisition remains subject to receipt of regulatory, court andother approvals and other customary conditions precedent and iscurrently scheduled for February 22nd, 2011. Letters of Transmittal willbe mailed to registered shareholders of Centric on or about that dateso that they can exchange their Centric shares for shares of Africa Oilon the terms described in the Centric Information Circular.

AfricaOil President and CEO Keith Hill commented, "We are very pleased withthe support shown by the Centric shareholders and look forward tocompleting the acquisition. Kenya Block 10BA gives Africa Oil exposureto the entire East Africa rift trend and the new play in Mali fits invery well with our African rift basin strategy. We also look forward toan aggressive evaluation and drilling campaign in the next 18 months."

AfricaOil Corp. is a Canadian oil and gas company with assets in Kenya,Ethiopia and Puntland (Somalia). Africa Oil's East African holdings arein what is considered a truly world-class exploration play fairway. TheCompany's total gross land package in this prolific region is greaterthan 350,000 square kilometers. The East African Rift Basin system isone of the last of the great rift basins to be explored. New discoverieshave been announced on all sides of Africa Oil's virtually unexploredland position including the major Tullow Albert Graben oil discovery inneighbouring Uganda. Similar to the Albert Graben play model, AfricaOil's concessions have older wells, a legacy database, and host numerousoil seeps indicating a proven petroleum system. Good quality existingseismic show robust leads and prospects throughout Africa Oil's projectareas. The Company is listed on the TSX Venture Exchange and on FirstNorth at NASDAQ OMX-Stockholm under the symbol "AOI".

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

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

Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

Contacts: Africa Oil Corp. Sophia Shane Corporate Development [phone] [phone] (FAX) [e-mail]

SOURCE: Africa Oil Corp.

mailto:[e-mail] https://www.africaoilcorp.com