API Apic Petroleum Corporation

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE
SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE
SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO
U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.


APIC Petroleum Corporation (TSX VENTURE:API) ("APIC") wishes to provide an
update to the proposed business combination (the "Proposed Transaction") with
Longreach Oil and Gas Limited ("Longreach") previously announced by press
release dated October 2, 2012. APIC expects to close a non-brokered private
placement of subscription receipts (the "APIC Private Placement") of a minimum
of $30,000,000 and a maximum of $50,000,000 on or about October 26, 2012. The
completion of the APIC Private Placement is a key condition to the Proposed
Transaction. 


The parties' obligations to complete the Proposed Transaction are subject to the
satisfaction of a number of conditions, including but not limited to, (i) TSX
Venture Exchange approval; (ii) approval of shareholders of APIC and Longreach,
if required, and (iii) completion of the APIC Private Placement.


Completion of the Proposed Transaction is subject to a number of conditions
including but not limited to, Exchange acceptance and if required, disinterested
shareholder approval. Where applicable, the Proposed Transaction cannot close
until the required shareholder approval is obtained. There can be no assurance
that the Proposed Transaction will be completed as proposed or at all. Investors
are cautioned that, except as disclosed in the management information circular
of APIC to be prepared in connection with the Proposed Transaction, any
information released or received with respect to the Proposed Transaction may
not be accurate or complete and should not be relied upon. Trading in the
securities of APIC and Longreach should be considered highly speculative. The
Exchange has in no way passed upon the merits of the Proposed Transaction and
has neither approved nor disapproved the contents of this press release.


About APIC

APIC Petroleum Corporation, a company incorporated under the laws of Canada, is
an oil and gas exploration and development company seeking to acquire oil and
gas properties in Europe and elsewhere. 


Additional information on APIC Petroleum Corporation can be found at
www.apiccorp.com, and at www.sedar.com. 


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: completion of the Proposed Transaction;
completion of the APIC Private Placement; receipt of all necessary shareholder,
regulatory and third party approvals. Readers are cautioned that assumptions
used in the preparation of forward-looking information may prove to be
incorrect. Although APIC 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. APIC cannot 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 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 Proposed Transaction and associated
transactions, that the ultimate terms of the Proposed Transaction and associated
transactions will differ from those that currently are contemplated, and that
the Proposed Transaction 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.
APIC does not undertake any obligation to comment on analyses, expectations or
statements made by third parties in respect of it, or its financial or operating
results or (as applicable), its securities. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
APIC Petroleum Corporation
Dennis A. Sharp
Chairman and Chief Executive Officer
(416) 367-0150
(416) 367-0165 (FAX)


APIC Petroleum Corporation
John Clark
Chief Financial Officer
(416) 367-0150
(416) 367-0165 (FAX)
www.apiccorp.com

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