JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 12/05/12 --

TSX-V: LOI

Not for distribution to United States wire services or dissemination in
the United States.

JOINT PRESS RELEASE - FOR IMMEDIATE RELEASE

LONGREACH AND APIC CONFIRM OUTCOME OF SPECIAL MEETING OF APIC
SHAREHOLDERS

Toronto, Ontario and Jersey, Channel Islands - 5 December 2012 -
Longreach Oil & Gas Limited (TSXV: LOI) ("Longreach") and APIC
Petroleum Corporation (TSXV: API) ("APIC") are pleased to announce that
at the special meeting of APIC shareholders held on December 4, 2012,
shareholders approved (i) APIC's $30,000,000 subscription receipt
financing; (ii) the continuance of APIC to Jersey, Channel Islands
(the"Continuance"); and (iii) the plan of arrangement (the "Arrangement")
with Longreach. Prior to receiving shareholder approval of the
Arrangement, APIC successfully effected the Continuance into Jersey,
Channel Islands. A hearing to seek a final order from the Royal Court
to formally sanction the Arrangement will be held on December 19, 2012
in Jersey. Assuming the final order is granted, APIC and Longreach
expect to complete the Arrangement on or about December 20, 2012.

CAUTIONARY STATEMENTS RE FORWARD LOOKING INFORMATION

Statements in this press release contain forward-looking information
within the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as"contemplates",
"intends", "plan", "expect", "project", "believe","anticipate", "estimate"
and other similar words, or statements that
certain events or conditions "may" or "will" occur. In particular,
forward-looking information in this press release includes, without
limitation, statements with respect to the court hearing and granting
of the court order and the expected closing date of the Arrangement.
Readers are cautioned that assumptions used in the preparation of
forward-looking information may prove to be incorrect. Although
Longreach and APIC each believes that the expectations reflected in the
forward-looking information is reasonable, there can be no assurance
that such expectations will prove to be correct. Neither Longreach nor
APIC can guarantee future results, level of activity, or performance of
achievements. Consequently, there is no representation that the actual
results achieved will be the same, in whole or in part, as those set
out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors (many of which are
beyond the control of Longreach and APIC) that could cause actual
events or results to differ materially from those anticipated in the
forward-looking information. Some of the risks and other factors could
cause results to differ materially from those expressed in the
forward-looking information include, but are not limited to, the risks
that the parties will not proceed with the Arrangement and associated
transactions, that the ultimate terms of the Arrangement and associated
transactions will differ from those that currently are contemplated,
and that the Arrangement and associated transactions will not be
successfully completed for any reason (including the failure to obtain
the required court approvals or clearances from regulatory
authorities). Industry related risks could include, but are not limited
to: operations with foreign entities; delays or changes in plans;
competition for, among other things, capital, acquisitions, skilled
personnel and supplies; governmental regulation of the oil and gas
industry; technical problems; the uncertainty of estimates and
projections of costs and expenses; unanticipated operating events or
performance which can reduce productivity; the need to obtain required
approvals from regulatory authorities; stock market volatility;
liabilities inherent in oil and gas operations; access to capital; and
other factors. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.

The statements in this news release are made as of the date of this
release. Neither Longreach nor APIC undertakes any obligation to
comment on analyses, expectations or statements made by third parties
in respect of either of them, or their respective financial or
operating results or (as applicable), their securities.

For additional information, please contact:

For Longreach Oil and Gas Limited   For APIC Petroleum Corporation

Bryan Benitz, Chairman & Chief      Dennis A. Sharp, Chairman and Chief
Executive Officer                   Executive Officer
+44 20 3137 7756                    (416) 367-0150
                                    (416) 367-0165 (FAX)

Pelham Bell Pottinger               or
Mark Antelme / Philip Dennis /      John Clark, Chief Financial Officer
Rollo Crichton-Stuart               (416) 367-0150
+44 207 861 3232                    (416) 367-0165 (FAX)

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

                    This information is provided by RNS
          The company news service from the London Stock Exchange

END