Austral Pacific in Receivership

    WELLINGTON, New Zealand, April 30 /CNW/ -- Austral Pacific Energy Ltd.

    Austral Pacific Energy Ltd. agreed today with the group's senior secured
creditor, Investec Bank (Australia) Limited, to the appointment of a receiver
to Austral Pacific Energy Ltd., the publicly traded Canadian corporation, and
two of its New Zealand subsidiaries, Austral Pacific Energy (NZ) Limited and
Totara Energy Limited. Investec is owed approximately US$16.8 million, which
amount is now due for payment due to the expiry of the previously announced
standstill arrangements.  The two New Zealand subsidiaries in receivership
encompass substantially all the group's consolidated oil and gas assets and
operations. The directors of Austral Pacific Energy Ltd. will be co-operating
with receivers, Michael Ryan and Ian Francis of Taylor Woodings of Perth and
Paul Sargison of Gerry Rea Partners of Auckland.


    Phone:       Thom Jewell, CEO +644 495 0880

    Neither TSX-V nor NZSX has 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 of Austral Pacific Energy
Ltd., +644 495 0880, Web Site:

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