Austral Pacific Completes Financing

About this update from Apex Resources Inc.

[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, March 2 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN)\n\n\nFurther to Austral Pacific Energy Ltd.'s news releases of December 19,\n2007 and February 11, 2008 announcing a US$15million placement, the Company\nnow confirms that it has received the final tranche of $3.9 million and\ncompleted the placement. The financing involves the sale of 12,500,000 common\n(ordinary) shares with attached warrants, sold as units at $1.20 per unit.\nEach unit consists of one common share and one share purchase warrant. The\nwarrants are exercisable one-for-one into the Company's common shares for 12\nmonths after closing at an exercise price of $2.25.\n\n\nA portion of the securities were placed in the United States to\naccredited investors in reliance on Rule 506 and are subject to resale\nrestrictions in the United States under Rule 144 for a one year period but can\nbe traded under Rule 904 through the TSX Venture Exchange after 4 months which\nis the basic hold period applicable to all the securities.\n\n\nThe majority of the proceeds from the private placement are being used to\naccelerate the Cheal field development with a goal of increasing the field\nreserve base and increasing production through the newly commissioned Cheal\nProduction Station. The proceeds will also fund other appraisal and\ndevelopment projects in Taranaki, New Zealand, and will be used to progress\nthe Cardiff field appraisal.\n\n\nThe Company used part of the proceeds to pay the additional cash\ncomponent of the previously announced purchase of a further interest in its\nCardiff permit, by the purchase of all the shares of International Resource\nManagement Corporation Limited, whose principal asset is a 19.8% interest in\nthe Cardiff gas project (PMP 38156).\n\n\nCardiff Testing\n\n\nCommencement of testing operations on the Cardiff 2A ST-1 well was\nslightly delayed, but all equipment has now been mobilized to site and flow\ntesting of the prospective K3E formation commenced on February 25. This test\nis an important component of the ongoing field appraisal and development\nactivities.\n\n\nAnnual General Meeting Scheduled\n\n\nMore details on these projects and the Company's strategies for growth\nwill be discussed at the Company's annual general and special meeting of\nshareholders on May 22, 2008 at noo...

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