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New Zealand Energy Commences Completion of Fifth Well in


New Zealand Energy Commences Completion of Fifth Well in Taranaki Basin

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/27/12 -- New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") today announced that the Company has achieved target depth in its Waitapu-1 well, evaluated open hole logs and commenced casing the well, with completion to follow. Waitapu-1 was drilled through the Urenui formation into the Mt. Messenger formation with a measured depth of 2,213 metres and true vertical depth of 1,925 metres. The Company plans to perforate and test the Mt. Messenger formation.

Following perforation of Waitapu-1 the rig will be repositioned on the same drill pad to finish drilling Waitapu-2, which has been drilled and cased to 300 metres using a smaller rig.

On behalf of the Board of Directors

Bruce McIntyre, Executive 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 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 the words "will", "plan" and similar statements are intended to identify forward-looking statements. Forward-looking 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; the ability to achieve commercial production from oil and natural gas prospects; 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. 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.

Contacts: New Zealand Energy Corp. Bruce McIntyre Executive Director North American toll-free: 1-855-601-2010

New Zealand Energy Corp. John Proust Chief Executive Officer & Director North American toll-free: 1-855-601-2010

New Zealand Energy Corp. Rhylin Bailie Vice President Communications & Investor Relations North American toll-free: 1-855-601-2010 info@newzealandenergy.com www.newzealandenergy.com

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