Austral Pacific Completes Finance Deal for Arrowhead Acquisition

Austral Pacific Energy Ltd.
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Further to Austral Pacific Energy Ltd.'s news release of October 17, 2006, the company confirms that it has now received all necessary regulatory approvals for the placement of 5 million common shares at $1.30 each and that it has now completed the placement. All these shares have a restricted period in Canada until March 18, 2007. Proceeds will be used to fund the acquisition of Arrowhead Energy Limited and for general corporate purposes.
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