Austral Pacific Finalizes Deal to Increase Interest in Cardiff Gas Condensate Field



    WELLINGTON, New Zealand, Nov. 14 /CNW/ -- 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:    ir@austral-pacific.com
    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.




For further information:

For further information: 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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AUSTRAL PACIFIC ENERGY LTD.

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