Austral Amends Loan Facility

WELLINGTON, New Zealand, Nov. 30  /PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX)

Austral Pacific Energy Ltd. announces that it has agreed with its loan facility provider, Investec Bank (Australia) Ltd, to further restructure the facility.

Under the agreement with Investec, the maturity date for the current facility has now been pushed back to the end of January, and the Bank has proposed to work with Austral through this period to restructure the facility.

Austral will immediately pay part of the loan down, by payments of cash on hand and from closing out the oil puts taken out in May 2008.

   Web site:    http://www.austral-pacific.com/
   Email:       
   Phone:       Thom Jewell, CEO [phone]
                or Brad Holmes: [phone]




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. 

DATASOURCE: Austral Pacific Energy Ltd.



CONTACT:  Thom Jewell, CEO, [phone], or Brad Holmes,

[phone], both of Austral Pacific Energy Ltd., 



Web site:  http://www.austral-pacific.com/

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