New Zealand Energy Announces Third Quarter Results and Operational Update

November 27, 2013

New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) (“NZEC” or the “Company”) has released the results of its third quarter endedSeptember 30, 2013. Details of the Company’s financial results are described in the Unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis which, together with further details on each of the Company’s projects, will be available on the Company’s website at and on SEDAR at All amounts are in Canadian dollars unless otherwise stated.



  • Closed oversubscribed private placement for gross proceeds of $16.1 million

Property Portfolio

  • Completed acquisition of strategic upstream and midstream assets in Taranaki Basin
    • Acquired 50% interest in three petroleum mining licenses (totalling 23,049 acres) in main production fairway
    • Acquired 50% interest in full-cycle high-capacity production facility and associated gathering and sales infrastructure
    • Entered into joint arrangement with L&M Energy to explore, develop and operate the new petroleum mining licenses, production facility and associated assets
    • Booked additional 1,072,350 boe (86% oil) of Proved + Probable reserves with estimated before tax net present value (10% discount rate) of $31.4 million1
  • Extended Alton Permit to September 2018
  • Received approval to defer commitments wells on Alton and Castlepoint permits to 2014
  • Applied to extend Eltham Permit to September 2018 and convert a portion of the property to a petroleum mining permit with an initial duration of 15 years

Production and Development

  • Field netback of $58.90/barrel of oil (“bbl”) for Q3-2013
  • 60,694 bbl produced and 63,852 bbl sold during nine-month period, generating pre-tax oil sales of $6.6 million
  • Announced 2013/2014 work program for Taranaki Basin, estimating 2,300 boe/d (82% oil) of production by year-end 2014 (net to NZEC) based on successful completion of the planned work program
  • Commenced reactivation of oil production from six wells on TWN Licenses. Production results will be announced once all six wells are in production, which is anticipated to occur by the end of November 2013

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