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Additional info re: APIC transaction

JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 11/30/12 --



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

        JOINT PRESS RELEASE - FOR IMMEDIATE RELEASE

       ADDITIONAL INFORMATION ON ARRANGEMENT TRANSACTION
                 BETWEEN LONGREACH AND APIC


Toronto, Ontario and Jersey, Channel Islands - 30 November 2012 -
Longreach Oil & Gas Limited (TSXV: LOI) ("Longreach") and APIC
Petroleum Corporation (TSXV: API) ("APIC") wish to provide shareholders
with additional information respecting the proposed business
combination of APIC and Longreach.

In connection with the proposed scheme of arrangement between Longreach
and APIC (the "Arrangement"), as previously disclosed by press releases
on November 1 and November 8, 2012, APIC completed a non-brokered
offering ("Offering") of subscription receipts ("Subscription
Receipts"). An aggregate of 230,786,918 Subscription Receipts were
sold under the Offering at a price of C$0.13 per Subscription Receipt
for total gross proceeds of C$30,002,299.73.

On completion of the Arrangement, Longreach is expected to have three
shareholders holding more than 10% of Longreach's shares on a
non-diluted basis, being Dundee Corporation (15.21%), funds managed by
West Face Capital Inc. (10.60%) and funds managed by Blakeney LLP
(10.31%).

At the special meeting of APIC shareholders scheduled to be held on
December 4, 2012, APIC shareholders will be asked to ratify the
Offering and the participation of certain APIC insiders in the
Offering.

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 receipt of APIC shareholder
approval of the Offering. 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 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
                                    (416) 367-0150
+44 20 3137 7756                    (416) 367-0165 (FAX)


Pelham Bell Pottinger               or
Mark Antelme / Philip Dennis /
Rollo Crichton-Stuart               John Clark, Chief Financial Officer
                                    (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

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