Austral Pacific Announces Intended Acquisition
October 11 2006 - 4:39PM
PR Newswire (US)
WELLINGTON, New Zealand, Oct. 11 /PRNewswire-FirstCall/ -- Austral
Pacific Energy Ltd. (AMEX: AEN; TSX-V: APX; NZSX: APX) ("Austral
Pacific") announced today that it has signed a heads of agreement
to acquire all the shares of Arrowhead Energy Limited
("Arrowhead"), a small, privately held, New Zealand oil and gas
exploration and production company, for net NZ$17 million (US$11.0
million). Arrowhead's principal assets include a 33% interest in
the Cheal oil field (PMP 38156), a 33% interest in the surrounding
exploration permit (PEP 38738-01) and a 25% interest in the Kahili
mining permit (PMP 38153). The agreement is subject to financing
arrangements, due diligence and a definitive agreement. Ends Web
site: http://www.austral-pacific.com/ Email: Contact: Rick Webber,
CEO, +64 (4) 495-0888 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: Rick
Webber, CEO, Austral Pacific Energy Ltd., +64-4-495-0888, or Web
site: http://www.austral-pacific.com/
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