Austral De-listing From AMEX

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[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, June 5 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN)\n\n\nNew Zealand-based exploration and production company, Austral Pacific\nEnergy Ltd. has begun the process to de-list from the American Stock Exchange\n(AMEX).\n\n\nCommenting on the decision, CEO Thompson Jewell stated, "We're listed on\nexchanges in New Zealand, Canada and the U.S. Maintaining three listings is a\nvery costly and resource-intensive business that puts strain on our management\nand compliance load, without adding any tangible benefit to our shareholders\nor corporate governance standards.\n\n\n"De-listing from the AMEX is a sensible and efficient option at this\ntime, as we seek to reduce costs and concentrate on increasing production and\ncash flow from our operations."\n\n\nThe shareholder base is international, with 34% of the company's\nshareholder base in New Zealand and 46% in the United States and Canada. The\nAMEX currently accounts for some 65% of the trading volume in Austral Pacific\nshares. The Company's last trading day on the AMEX is expected to be June 27,\n2008.\n\n\nJewell confirmed that North American shareholders will continue to be\nable to trade the company's stock on the TSX Venture Exchange (TSX-V) and the\nNew Zealand Stock Exchange (NZSX) and therefore the company does not intend to\narrange for trading of its common shares on any other national securities\nexchange or quotation medium in the United States. The company's trading\nsymbol on TSX-V and NZSX is APX.\n\n\nAll public disclosure documents will continue to be filed with the\nSecurities and Exchange Commission, the Canadian Securities' Commissions, NZSX\nand on the company's website - http://www.austral-pacific.com\n\n\nIn other corporate news, and further to its news release of April 28,\n2008, the Company now confirms that it has issued 1,056,338 shares to its loan\nfacility provider, Investec Bank (Australia) Limited, to total value of\nUS$750,000 (based on the market price at March 19, 2008), as a work fee for\nthe agreed restructuring of the company's loan facility.\n\n\n Web site: http://www.austral-pacific.com\n Email: [email protected]\n Phone: Thom Jewell, CEO +64 (4) 495 0880\n or Brad Holmes: +1 (713) 304 6962\n\n\nNone of the Exchanges upon which Austral Pacific's securities trade hav...

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