September 26, 2016 2:08 AM ET

Oil, Gas and Consumable Fuels

Company Overview of New Zealand Energy Corporation

Company Overview

New Zealand Energy Corp., through its subsidiaries, acquires, explores for, develops, and produces oil and natural gas properties primarily in New Zealand. The Company has interests in various assets covering an area of 395 square kilometers located on the North Island in the Taranaki Basin. It also operates midstream assets. As of December 31, 2015, the company had proved and probable reserves comprising 979,000 barrels of oil. New Zealand Energy Corp. was founded in 2010 and is based in Wellington, New Zealand.

L2, 86-96 Victoria Street

PO Box 24 147

Wellington,  

New Zealand

Founded in 2010

Phone:

64 6 757 4470

Key Executives for New Zealand Energy Corporation

Chief Executive Officer
Total Annual Compensation: C$217.6K
Chief Financial Officer
Age: 56
Total Annual Compensation: C$268.5K
General Manager of Operations
Total Annual Compensation: C$306.0K
Legal Counsel and Corporate Secretary
Total Annual Compensation: C$254.5K
Compensation as of Fiscal Year 2015.

New Zealand Energy Corporation Key Developments

New Zealand Energy Corporation Announces Consolidated Earnings Results for the Second Quarter Ended June 30, 2016 and Reports Production Results for the Six Months Ended June 30, 2016

New Zealand Energy Corporation announced consolidated earnings results for the second quarter ended June 30, 2016. For the quarter, the company's net loss was $801,177 compared with a loss for the second quarter of 2015 of $1,222,855. Cash provided by operating activities was $5,563 compared to loss of $464,003 a year ago. The company achieved average net daily production of 271 boe/d (74% oil) through the six-month period ended June 30, 2016 compared to 152 boe/d, 82% oil a year ago.

New Zealand Energy Corporation Announces Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2016

New Zealand Energy Corporation announced consolidated earnings and production results for the first quarter ended March 31, 2016. For the period, the company's net loss was $959,085 compared with a loss for the first quarter of 2015 of $1,179,930. The more significant non-cash items contributing to the net loss during the Three Month Period included $823,478 in depreciation and accretion (2015: $550,499). Cash used in operating activities for the quarter was $53,188 compared with $660,364 in the first quarter of 2015. The company achieved average net daily production of 326 BOE/D (74% oil) through the first quarter of 2016. Production of oil and gas from the Copper-Moki fields accounted for 280 BOE/d (i.e. 71%) of this production rate.

New Zealand Energy Corp. Reports Production and Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Production Results for the First Quarter Ended March 31, 2016; Reports Impairment Charges for Fourth Quarter of 2015

New Zealand Energy Corp. reported audited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the year, the company’s revenues were CAD 4,937,518 against CAD 14,125,396 a year ago. Net loss was CAD 10,058,739 (including non-cash charges of CAD 8,221,825) compared with a loss for the 2014 year of CAD 84,107,442 (which included non-cash charges of CAD 82,358,978). The Company realized a basic and diluted loss per share for the year of CAD 0.05 against CAD 0.49 for the year 2014. Cash used in operating activities was CAD 1,602,145 against CAD 1,996,722 a year ago. Purchase of property and equipment was CAD 399,273 against CAD 3,782,012 a year ago. Capital expenditure was CAD 328,407 against CAD 3,362,081. For the quarter, the company’s revenue was CAD 1,218,832 against CAD 2,608,747 a year ago. Diluted loss per share was CAD 0.03 against CAD 0.41 a year ago. Capital expenditure was CAD 165,178 against CAD 272,082. Production for the fourth quarter was 10,787 boe (80% oil) (with an average 116 boe per day). Production for the year was 52,141 boe (80% oil) (with an average 143 boe per day) for the full year. The increased production has continued through the first quarter of 2016 at an average of 332 BOE/d (75% oil) from 1 January to 31 March 2016. For the quarter, the company’s impairment on Property, Plant and Equipment and exploration and evaluation was CAD 1,674,100 and CAD 3,697,052 respectively.

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