Austral De-listing From AMEX

    WELLINGTON, New Zealand, June 5 /CNW/ -- Austral Pacific Energy Ltd.
(TSX-V: APX; NZSX: APX; Amex:   AEN)
    New Zealand-based exploration and production company, Austral Pacific
Energy Ltd. has begun the process to de-list from the American Stock Exchange
    Commenting on the decision, CEO Thompson Jewell stated, "We're listed on
exchanges in New Zealand, Canada and the U.S.  Maintaining three listings is a
very costly and resource-intensive business that puts strain on our management
and compliance load, without adding any tangible benefit to our shareholders
or corporate governance standards.
    "De-listing from the AMEX is a sensible and efficient option at this
time, as we seek to reduce costs and concentrate on increasing production and
cash flow from our operations."
    The shareholder base is international, with 34% of the company's
shareholder base in New Zealand and 46% in the United States and Canada. The
AMEX currently accounts for some 65% of the trading volume in Austral Pacific
shares. The Company's last trading day on the AMEX is expected to be June 27,
    Jewell confirmed that North American shareholders will continue to be
able to trade the company's stock on the TSX Venture Exchange (TSX-V) and the
New Zealand Stock Exchange (NZSX) and therefore the company does not intend to
arrange for trading of its common shares on any other national securities
exchange or quotation medium in the United States.  The company's trading
symbol on TSX-V and NZSX is APX.
    All public disclosure documents will continue to be filed with the
Securities and Exchange Commission, the Canadian Securities' Commissions, NZSX
and on the company's website -
    In other corporate news, and further to its news release of April 28,
2008, the Company now confirms that it has issued 1,056,338 shares to its loan
facility provider, Investec Bank (Australia) Limited, to total value of
US$750,000 (based on the market price at March 19, 2008), as a work fee for
the agreed restructuring of the company's loan facility.

     Web site:
     Phone:    Thom Jewell, CEO +64 (4) 495 0880
               or Brad Holmes: +1 (713) 304 6962
    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 and for further information.

For further information:

For further information: Thom Jewell, CEO, +64 (4) 495 0880, or Brad 
Holmes, +1-713-304-6962, both of Austral Pacific Energy, Web Site:

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