JERSEY, CHANNEL ISLANDS--(Marketwire - Dec 19, 2012) - Longreach Oil & Gas Limited (TSX VENTURE: LOI)

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

              JOINT PRESS RELEASE - FOR IMMEDIATE RELEASE



APIC RECEIVES FINAL ORDER FOR SCHEME OF ARRANGEMENT AND HALTS TRADING
                           OF APIC SHARES



Toronto, Canada and Jersey, Channel Islands - 19 December 2012 -
Longreach Oil & Gas Limited (TSX VENTURE: LOI) ("Longreach") and APIC
Petroleum Corporation (TSX VENTURE: API) ("APIC") are pleased to announce
that on December 19, 2012, APIC obtained a final court order from the Royal
Court of Jersey, Channel Islands, Samedi Division (the "Royal Court")
with respect to a proposed scheme of arrangement (the "Arrangement")
between APIC and Longreach.

Trading in shares of APIC ("APIC Shares") have been halted pending
closing of the Arrangement which is expected to occur on December 20,
2012. Upon closing of the Arrangement the whole of the undertaking,
property and liabilities of APIC will be transferred to Longreach, with
Longreach being the surviving legal entity and APIC dissolving and
de-listing from the TSXV.

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 closing 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 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
                                   (416) 367-0165 (FAX)

+44 207 861 3232




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