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Longreach Oil & Gas Limited announces Q3 Results

JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 11/29/12 --





TSX-V: LOI
29 November 2012



                   LONGREACH OIL AND GAS LIMITED

                             Q3 Results

LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an oil & gas company
focused on Morocco ("Longreach" or the "Company"), is pleased to
announce its results for the three month period ended September 30,
2012.

Highlights

Financial:

* Cash position as at September 30, 2012 of CND$6.2m (CND$10.5m as
  at December 31, 2011)

* Working capital as at September 30, 2012 of CND$5.0m (CND$7.4m as
  at December 31, 2011)

* Announced business combination between Longreach and APIC
  Petroleum Corporation, together with a subscription receipt
  financing raising CND$30m

Operational:

* Sidi Moktar:

       o 500 km 2D seismic programme started, ahead of plans to
         drill its first well of a two well programme on the
         Sidi Moktar permit in H1 next year

* Foum Draa / Sidi Moussa:

       o Back to back farm out deals announced, with Cairn Energy
         to operate Foum Draa and carry costs of an exploration well
         up to $60m and Genel Energy to operate Sidi Moussa and
         carry costs of an exploration well up to $50m

* Tarfaya licence:

       o Processing and interpretation of seismic now complete.
         15 prospects and leads have been mapped. Joint venture
         partners have elected to enter the First Extension period,
         which includes a commitment to drill an exploration well

* Zag Basin Onshore:

       o Seismic processing is complete and interpretation is
         ongoing. Joint venture partners have elected to enter
         the First Extension period, which includes a commitment
         to drill an exploration well


Commenting, Bryan Benitz, Chairman and CEO of Longreach, said:"We are
delighted with progress made to date as the Company enters an
exciting high impact multi well programme. The business combination
with APIC will leave us well-funded to complete our drilling plans on
Sidi Moktar. Both well planning together with a rig tender is now
underway.  Following the farm-downs on the off-shore blocks Foum
Draa and Sidi Moussa to Cairn and Genel respectively, we have added
a further string to our bow with 4 high impact exploration wells
being drilled next year.

The Company offers investors high impact exploration in what is one of
the most interesting regions for oil & gas prospects in the world."


                                  -ENDS-

For Further Information:

Longreach

Bryan Benitz            Chairman & CEO               +44 20 3137 7756


Pelham Bell Pottinger

Mark Antelme / Philip Dennis / Rollo Crichton-Stuart +44 207 861 3232



Additional information on Longreach Oil and Gas Limited can be found at
www.longreachoilandgas.com or through Longreach's investor relations
agent.

Additional information on Longreach Oil and Gas Limited can also be
found at www.sedar.com



Special Note Regarding Forwarding Looking Statements:

This press release contains forward-looking statements. These
statements relate to future events or the Company's future performance.
All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "may", "will",
"should", "expect", "plan", "anticipate", "believe", "estimate","predict",
"project", "potential", "targeting", "intend", "could","might", "continue"
or the negative of these terms or other similar terms. Forward-looking
statements in this press release include, but are not limited to the
completion of evaluations and processing and interpretation of data,
the performance characteristics of the Company's oil and gas properties,
capital expenditure programs, supply and demand for oil, gas and
commodities, prices for oil and gas,drilling plans, and realization of the
anticipated benefits of acquisitions.

Forward-looking statements are only predictions. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. Some of the
risks and other factors which could cause results to differ materially
from those expressed in the forward-looking statements contained in
this press release include, but are not limited to: general economic
conditions in Canada, the Kingdom of Morocco and globally; industry
conditions, including fluctuations in the price of oil and gas,
governmental regulation of the oil and gas industry, including
environmental regulation; fluctuation in foreign exchange or interest
rates; risks inherent in oil and gas operations; political risk,
including political risk; geological, technical, drilling and
processing problems; unanticipated operating events which could cause
commencement of drilling and production to be delayed; the need to
obtain consents and approvals from industry partners, regulatory
authorities and other third-parties; stock market volatility and market
valuations; competition for, among other things, capital, acquisitions
of reserves, undeveloped land and skilled personnel; incorrect
assessments of the value of acquisitions or resource estimates; any
future inability to obtain additional funding, when required, on
acceptable terms or at all; credit risk; changes in legislation; any
unanticipated disputes or deficiencies related to title matters;
dependence on management and key personnel; and risks associated with
operating in and being part of a joint venture.

Although the forward-looking statements contained in this press release
are based upon assumptions which management of the Company believes to
be reasonable, the Company cannot assure that actual results will be
consistent with its expectations and assumptions. Undue reliance
should not be placed on the forward-looking statements contained in
this news release as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. These
statements speak only as of the date of this press release, and the
Company does not undertake any obligation to publicly update or revise
any forward-looking statements except as expressly required by
applicable securities laws.



Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in 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

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