Austral Pacific Energy Reports 2003 Results

Austral Pacific Energy released its financial results (in US dollars) for fiscal year ending December 31, 2003. Net petroleum income was $52,110, down from $782,422 in 2002, in consequence of the Goldie-1 well being shut-in due to litigation. This was settled during the year, along with the sale of that property, resulting in an overall net income for the year of $47,616. General administration expenses were $656,216 (2002: $634,353). December 31, 2003 working capital of $1.77 million was unchanged from 2002.

The Company received $5.2 million proceeds from its public share float in New Zealand immediately after year-end.

CEO Dave Bennett commented "2003 was a year of transition as the Company settled its litigation challenges, recapitalized and positioned itself for an exciting 2004 drilling program".