WELLINGTON, New Zealand, Nov. 14 /PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; Amex: AEN) Austral Pacific is pleased to announce that it has completed the purchase of all the shares of International Resource Management Corporation Limited. This strategic acquisition increases Austral Pacific's interest in the Cardiff gas condensate field (PMP 38156) to 44.9%. The transaction closed by the issuance of 1,851,855 shares of Austral-Pacific stock at a deemed price of US $1.21 on November 12, 2007. An additional cash component is due for payment by January 25, 2008. Operations Update A workover rig is currently being mobilized to the Cardiff wellsite and is scheduled to begin workover operations in the week beginning 19 November. The workover of the Cardiff-2A well is designed to isolate the McKee and K1A sandstone intervals in preparation for production testing of the K3E zone. On completion of the workover, the rig will be released and the site prepared for the testing programme. Testing of the K3E interval is expected to commence in January. Updating the Company's release of November 2, 2007, the Cheal A3X well is back in production as scheduled, following a successful interim fix of the pressure issues previously encountered. Interim Financials Filed The Company has filed its interim unaudited quarterly financial statements and accompanying Management Discussion & Analysis for the nine months ended September 30, 2007. The full filings are available on the Austral Pacific Energy Ltd. website (http://www.austral-pacific.com/) or on SEDAR, the Canadian securities commissions' filing system (http://www.sedar.com/). Web site: http://www.austral-pacific.com/ Email: Phone: Thom Jewell, CEO +64 (4) 495 0880 Or Brad Holmes, North American Investor Relations +1 (713) 654-4009 None of the Exchanges upon which Austral Pacific's securities trade have approved or disapproved the contents hereof. This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable legislation. Other than statements of historical fact, all statements in this release addressing future production, reserve potential, exploration and development activities and other contingencies are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements, due to factors such as market prices, exploration and development successes, continued availability of capital and financing, and general economic, market, political or business conditions. See our public filings at http://www.sedar.com/ and http://www.sec.gov/edgar/searchedgar/webusers.htm for further information. DATASOURCE: Austral Pacific Energy Ltd. CONTACT: Thom Jewell, CEO, +64 (4) 495 0880, or Brad Holmes, North American Investor Relations +1-713-654-4009, both of Austral Pacific Energy Ltd. Web site: http://www.austral-pacific.com/

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