placement

November 17, 2005

SUCCESSFUL PLACEMENT OF NEW SHARES

Carpenter Pacific Resources Limited (ASX:CPC, CPCO) ("Company" or
"Carpenter") is pleased to announce the successful placement of 16 million new
fully paid ordinary shares at $0.32 each, pursuant to s708 of the Corporations Act
- on the same terms as the existing shares in the Company ­ principally to
Institutional Investors through Tricom Equities Limited ("Placement"). The
Placement is currently being documented and the new shares will rank equally
with the existing fully paid ordinary shares.

The Placement will raise $5.12 million before brokerage and other costs.
Shareholder approval is not required for the Placement which is within the 15%
limit available to the Company under Listing Rule 7.1.

Commenting on the placement, Jeffrey Clarke, Carpenter Chief Executive Officer
said: "the new capital and increased operating cash flow from East Texas wells
will enable the Company to expand and accelerate its development drilling and
workover program in East Texas and Utah, following a series of positive results
over the last two to three months. In our opinion, these results are an initial
confirmation of potentially significant oil and gas reserves in place - particularly in
our Clear Creek project in central Utah ­ which we are planning to prove up
through a three year development drilling and workover program. As a result of
the expanded and accelerated program, operating cash flow should increase
significantly in 2006."

Carpenter Pacific Resources is aggressively pursuing a low risk strategy to increase reserves and
production of non-conventional natural gas in the onshore USA. The company plans to develop
low cost reserves by exploiting mature reserves and finding new reserves in existing producing
areas. Favorable industry fundamentals, including record high natural gas prices, advances in
drilling, completion and fracture stimulation techniques, coupled with ready access to
infrastructure have allowed the company to pursue several attractive investment opportunities.
The company currently has in its portfolio an inventory of two to three years of drilling
opportunities, which if successful could create a substantial reserve base.
For further information contact: Mr Jeff Clarke tor & CEO rgy.com Australian Contact: r Peter Collery r and Company Secretary orth American Contact: N
Managing DirecPh: +0011 214 244 7690
Email: jclarke@marionene

MExecutive DirectoPh: 03 8862 6466 cific.com.au Email: peter@carpenterpa