Austral Pacific Increases Interest in Cardiff Gas Field



    WELLINGTON, New Zealand, Aug. 7 /CNW/ - Austral Pacific Energy Ltd.
(TSX-V: APX; NZSX: APX; Amex:   AEN)

    Austral Pacific Energy Increase Interest in Cardiff Gas Field

    In keeping with its strategies for growth, Austral Pacific Energy Ltd. is
pleased to announce that it has signed an agreement to acquire all the shares
of International Resource Management Corporation Limited ("IRM") (subject to
financing arrangements and finalization of due diligence). IRM is a small,
privately held, New Zealand oil and gas exploration and production company
whose principal asset is a 19.8% interest in the Cardiff gas field (PMP
38156).
    Commenting on this strategic acquisition President and CEO Thom Jewell
said, "This transaction will effectively increase the Austral Pacific interest
in the Cardiff asset to 44.9%. The Cardiff testing is proceeding and we expect
to be in position to make a more detailed announcement regarding progress
within the week."
    The consideration for IRM's interest will be paid partly in cash, and
partly by the issue of shares in the Company, subject to regulatory approvals.
The shares are to be issued at a price based on average market price as at the
date the agreement becomes unconditional.

    Interim Financials Filed

    Austral Pacific Energy Ltd. has filed its interim unaudited quarterly
financial statements and accompanying Management Discussion & Analysis for the
three months ended 30 June 2007.
    The full filings are also 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).
    Austral Pacific Energy is a Canadian registered company with head office
in Wellington and listed on the NZSX, the TSX-V and the AMEX.

    
    Web site:    http://www.austral-pacific.com
    Email:       ir@austral-pacific.com
    Phone:       Thom Jewell, CEO +64 (4) 495 0880
    

    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 of Austral Pacific Energy
Ltd., +64 (4) 495 0880, Web Site: http://www.austral-pacific.com

Organization Profile

AUSTRAL PACIFIC ENERGY LTD.

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