2009-08-19-2007-02-01

WI

Austral Pacific Energy Ltd., Wellington, New Zealand, (Amex: AEN; Toronto Venture: APX) plans to acquire privately held New Zealand-based Arrowhead Energy Ltd. for US$11 million. Arrowhead's principal assets are in New Zealand and include a 33% interest in the Cheal 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). Arrowhead is now a wholly owned subsidiary. Austral Pacific's share in the Cheal oil field development has risen from 36.5% to 69.5%; in the Kahili gas/condensate field, from 60% to 85%. McDouall Stuart Corporate Finance Ltd. was financial advisor to Austral Pacific. The company funded the deal with a US$23-million loan.