Austral Pacific to Raise up to US$7 Million

    WELLINGTON, New Zealand, June 19 /CNW/ -- Austral Pacific Energy Ltd.
(TSX-V: APX; NZSX: APX; Amex:   AEN)
    Austral Pacific Energy Ltd. announces that it has reached agreement with
a number of arms-length accredited investors to privately place up to 14
million equity units at US$0.50 each with each unit comprised of a common
share and a 15 month half-warrant, each full warrant being exercisable at
US$1.00 per common share. $5.61 million of these funds have been received to
date and the balance of the funds is expected to be in-hand before the
targeted closing date of June 23, 2008. The Company's agent McDouall Stuart
Securities of Wellington will receive a fee of 3% on the placement. The
funding is subject to TSX Venture exchange approval. No new insiders will be
created on account of the placement.
    The funds will be used to fund the Company's current and future drilling
programs and other working capital. Results from the Cheal A6 well are
expected in the next week to ten days.
    The shares and any shares issuable on exercise of the warrants will be
subject to a four month resale restricted period in Canada. These securities
are not being offered or sold in the United States and will not be registered
under the US Securities Act of 1933. They will not be eligible for resale
within the United States except in accordance with available exemptions from
registration under that Act.
    The Company has now issued the settlement shares to TAG Oil Ltd,
described in the news release of May 27, 2008.

    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 Ltd. Web Site:

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