Austral Pacific to Complete US$6.5 Million Financing

Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; Amex: AEN) has executed agreements to privately place approximately 5.0 million common (ordinary) shares at a price of US$1.30 each to accredited investors in New Zealand and North America. Substantially all of the shares were subscribed for by existing principal shareholders of the Company including Wellington-based Infratil Limited and Vancouver-based Trans-Orient Petroleum Ltd. The proceeds will be used in connection with completion of the acquisition of Arrowhead Energy Limited announced on October 11, 2006. The Company is currently assessing debt and other financing options in respect to the balance of the purchase price.
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