Africa Energy Corp. (TSX VENTURE:AFE) ("Africa Energy" or the "Company") reports that, further to the private placement announced on March 11, 2015, the Company will sell on a non-brokered, private placement basis up to an aggregate of 38,462,000 million common shares at a price of $0.13 per share for gross proceeds of up to approximately US$4 million. A 5% finder's fee may be payable on all or part of the private placement.

The foregoing private placement is subject to all requisite regulatory approvals. Common shares issued pursuant to the private placement will be subject to a four month hold.

In view of the current market conditions and low oil price environment, the additional funding contemplated in the previous announcement will be considered at a later date.

About Africa Energy Corp.

Africa Energy Corp. is a Canadian oil and gas company which holds a 60% interest and operatorship in the Dharoor and Nugaal blocks in Puntland, Somalia. The Corporation's shares are listed on the TSX Venture Exchange under the symbol "AFE".