Austral Pacific 2007 Results Filed

Share Name	Share Symbol	Market	Type
Adeona Pharmaceuticals Common Stock	AMEX:AEN	AMEX	Ordinary Share

Adeona Pharmaceuticals Common Stock (AMEX:AEN)
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WELLINGTON, New Zealand, March 31 /PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; Amex: AEN) Austral Pacific Energy Ltd has filed its annual comparative audited financial statements for the fiscal year ended December 31, 2007. The financial statements and accompanying management's discussion and analysis, annual information form, reserves statement and report and independent evaluator's report on reserves, as required under National Instruments 51-101 and 51-102 (Canada), are now available for review on the Company's website and via the SEDAR (Canada) and EDGAR (US) securities disclosure filings sites, which can be accessed through http://www.austral-pacific.com/, http://www.sedar.com/ and http://www.sec.gov/edgar/searchedgar/webusers.htm respectively. Note: all amounts are expressed in US currency. The Company's operating and financial highlights for the year ended December 31, 2007 included: -- Completing and commissioning permanent production facilities for the Cheal field; -- Meeting its interim production goal of 700 barrels of oil per day by year-end; -- Initiating production testing at Cardiff; -- Placement of $15.5 million (in cash and assets) of preferred and common shares during the year. -- Subsequent to year end, the Company has also announced: -- The conditional sale of its PNG Stanley (PRL 4) and PRL 5 assets; -- A renegotiation and restructuring of the terms of its loan facility with Investec Bank (Australia) Limited, reducing the debt from $18.7 million to $11 million. In announcing the results, Austral CEO Thompson Jewell said, "Equally as important as the production at Cheal are the proven and probable oil reserves that have been confirmed as 2.020 mmboe net to the Company. The Independent Reserves Evaluator's report prepared by Sproule gave a before tax NPV10 value of $72.25 million for our 2P reserves; a significant increase on last year's report of $38.85 million, and testament to the value added to the company." Financial Results The net loss for the year was $22.0 million ($0.74 per common share) compared with the loss for 2006 of $13.4 million ($0.57 per common share). The major movement from the prior year reflects the commissioning of the Cheal facility and the costs associated with the loan facility. Net revenues of $5.9 million were offset by initial production costs ($3.0 million) and depletion ($4.4 million) based on full capital costs spread over proved developed reserves only. Financing costs ($4.1 million) associated with the Arrowhead acquisition in 2006 and Cheal project development, and unrealised "hedging" costs based on the current high oil price ($7.3 million), were significant expense items for the first time. Commenting on the financial position of the Company, Mr. Jewell stated, "There is no doubt that delays in commissioning the Cheal facilities adversely affected our financial performance in 2007 and give us some short term liquidity issues. Our bankers have been very supportive of the project and we are working closely with them. Our recent announcement showed we will reduce our debt to a more manageable $11 million and allow us to reinvest our current cash and future cash flows to grow production to up to 1,000 to 1,400 bopd, and test the significant potential upside we see in the Cheal area. A 2 to 3 well program is planned to start in Q2 2008. Jewell continued, "Our strategic intention remains clear and unchanged, and 2008 becomes a critical year to see real delivery of value from the investments made in 2006-07. I am excited by the 10 or so prospects that the Cheal/Cardiff Area 3D seismic survey has identified and matured, that we hope to drill in the next 18 months. This, together with growing Cheal production in Q2, drilling the Kahili development well later in the year, and further evaluation of the Cardiff Field, will add real value. PNG also has long term potential and we continue to pursue commercial development of the Douglas gas/condensate discovery." * BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Web site: http://www.austral-pacific.com/ Email: 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 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, +64 (4) 495 0880, or Brad Holmes, +1-713-304-6962, , both of Austral Pacific Energy Ltd Web site: http://www.austral-pacific.com/

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AEN Adeona Pharmaceuticals Common Stock