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VANCOUVER, BRITISH COLUMBIA–(Marketwire – May 8, 2012) – New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) (“NZEC” or the “Company”) has been granted an extension of land to its Eltham Permit (PEP 51150) in the Taranaki Basin of New Zealand’s North Island.
New Zealand Petroleum and Minerals has granted NZEC an additional 700 acres (2.83 km2) in the northwest corner of the Eltham Permit. The land extension gives NZEC control over two prospects that were overlapping the Eltham Permit boundary, and will allow NZEC to drill the prospects from the optimal location. NZEC will proceed to obtain land access agreements and resource consents and expects to drill the prospects as part of the Company’s previously announced eight well exploration program in the second half of 2012.
NZEC has two wells in production on its Eltham Permit, Copper Moki-1 and Copper Moki-2, and is currently testing Copper Moki-3 and Copper Moki-4. NZEC has identified six prospects on 3D seismic with the expectation of establishing one pad per prospect. Subject to success, two to four wells could be drilled per pad. NZEC has also identified leads on 2D seismic that will be further defined with the 100 km2 3D seismic survey that is currently being acquired. NZEC has entered into a rig contract to drill up to eight wells in the second half of 2012, focusing on the Mt. Messenger, Urenui and Moki formations. With a fully-funded treasury, the Company is evaluating opportunities to accelerate its exploration program, including drilling additional wells that may target the deeper Tikorangi and Kapuni formations.
On behalf of the Board of Directors
John Proust, Chief Executive Officer & Director
About New Zealand Energy Corp.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC’s property portfolio collectively covers nearly two million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand’s North Island. The Company’s management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
Forward-looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “will be”, “evaluating”, “expects” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including without limitation, the speculative nature of exploration, appraisal and development of oil and natural gas properties; uncertainties associated with estimating oil and natural gas resources; uncertainties in both daily and long-term production rates and resulting cash flow; volatility in market prices for oil and natural gas; changes in the cost of operations, including costs of extracting and delivering oil and natural gas to market, that affect potential profitability of oil and natural gas exploration; the need to obtain various approvals before exploring and producing oil and natural gas resources; uncertainty in the timing of receipt of permits and the Company’s ability to extend the permits if required; exploration hazards and risks inherent in oil and natural gas exploration; operating hazards and risks inherent in oil and natural gas operations; market conditions that prevent the Company from raising the funds necessary for exploration and development on acceptable terms or at all; global financial market events that cause significant volatility in commodity prices; unexpected costs or liabilities for environmental matters; competition for, among other things, capital, acquisitions of resources, skilled personnel, and access to equipment and services required for exploration, development and production; changes in exchange rates, laws of New Zealand or laws of Canada affecting foreign trade, taxation and investment; failure to realize the anticipated benefits of acquisitions; and other factors as disclosed in documents released by NZEC as part of its continuous disclosure obligations. Information concerning reserves may also be deemed to be forward looking as estimates imply that the reserves described can be profitably produced in the future. NZEC believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release and NZEC does not undertake to update any forward-looking statements that are contained in this news release, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
New Zealand Energy Corp.
John Proust
Chief Executive Officer & Director
North American toll-free: 1-855-601-2010
New Zealand Energy Corp.
Bruce McIntyre
President & Director
North American toll-free: 1-855-601-2010
info@newzealandenergy.com
www.newzealandenergy.com
Source: New Zealand Energy Corp.