Austral Pacific 2007 Results Filed

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[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, March 31 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN)\n\n\nAustral Pacific Energy Ltd has filed its annual comparative audited\nfinancial statements for the fiscal year ended December 31, 2007. The\nfinancial statements and accompanying management's discussion and analysis,\nannual information form, reserves statement and report and independent\nevaluator's report on reserves, as required under National Instruments 51-101\nand 51-102 (Canada), are now available for review on the Company's website and\nvia the SEDAR (Canada) and EDGAR (US) securities disclosure filings sites,\nwhich can be accessed through http://www.austral-pacific.com,\nhttp://www.sedar.com and http://www.sec.gov/edgar/searchedgar/webusers.htm\nrespectively.\n\n\nNote: all amounts are expressed in US currency. The Company's operating\nand financial highlights for the year ended December 31, 2007 included:\n\n\n-- Completing and commissioning permanent production facilities for the\n Cheal field;\n-- Meeting its interim production goal of 700 barrels of oil per day by\n year-end;\n-- Initiating production testing at Cardiff;\n-- Placement of $15.5 million (in cash and assets) of preferred and\n common shares during the year.\n-- Subsequent to year end, the Company has also announced:\n-- The conditional sale of its PNG Stanley (PRL 4) and PRL 5 assets;\n-- A renegotiation and restructuring of the terms of its loan facility\n with Investec Bank (Australia) Limited, reducing the debt from $18.7\n million to $11 million.\n\n\nIn announcing the results, Austral CEO Thompson Jewell said, "Equally as\nimportant as the production at Cheal are the proven and probable oil reserves\nthat have been confirmed as 2.020 mmboe net to the Company. The Independent\nReserves Evaluator's report prepared by Sproule gave a before tax NPV10 value\nof $72.25 million for our 2P reserves; a significant increase on last year's\nreport of $38.85 million, and testament to the value added to the company."\n\n\nFinancial Results\n\n\nThe net loss for the year was $22.0 million ($0.74 per common share)\ncompared with the loss for 2006 of $13.4 million ($0.57 per common share). The\nmajor movement from the prior year reflects the commissioning of the Cheal\nfacility and the costs associated with the loan facility. Net reven...

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