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August 28, 2015 11:11 AM ET

Oil, Gas and Consumable Fuels

Company Overview of New Zealand Energy Corporation

Company Overview

New Zealand Energy Corp., through its subsidiaries, is engaged in the exploration, development, and production of conventional and unconventional oil and natural gas resources in New Zealand. The company also operates midstream assets. Its property portfolio consists of approximately 1.15 million net acres in the Taranaki Basin and East Coast Basin of North Island. As of December 31, 2013, the company’s proved and probable reserves consist of 1.6 million barrels of oil equivalent. New Zealand Energy Corp. was founded in 2010 and is headquartered in Vancouver, Canada.

200 Burrard Street

Suite 1680

Vancouver, BC V6C 3L6

Canada

Founded in 2010

Phone:

604-630-8997

Fax:

604-488-0319

Key Executives for New Zealand Energy Corporation

Chief Financial Officer
Age: 55
Total Annual Compensation: $272.1K
General Manager of Operations
Total Annual Compensation: $323.7K
Compensation as of Fiscal Year 2014.

New Zealand Energy Corporation Key Developments

New Zealand Energy Corporation Reports Earnings Results for the Second Quarter Ended June 30, 2015; Reports Impairment for the Second Quarter Ended June 30, 2015

New Zealand Energy Corporation reported earnings results for the second quarter ended June 30, 2015. For the quarter, the net loss was $1,222,855 including non-cash charges of $376,590 for depreciation and $508,235 for impairment compared with $10,164,654 which included non-cash charges of $867,327 for depreciation and $9,331,014 for impairment a year ago. The company realized a loss per share of $0.01 compared to $0.06 a year ago. For the second quarter ended June 30, 2015, the company reported impairment of $508,235 compared to $9,331,014 a year ago.

New Zealand Energy Corp. Announces Management Changes

New Zealand Energy Corp. announced it has appointed Mike Adams as Chief Executive Officer to replace current CEO, David Robinson. Mr. Adams has commenced with the company on July 6, 2015. There will be a period of handover from Mr. Robinson with Mr. Adams formally assuming the CEO role on July 17, 2015. Mr. Adams has 30 years of operational and reservoir engineering experience foremost in New Zealand, but also in Australia, the Middle East and the North Sea. During the initial stages of Mr. Adams' career he worked for the New Zealand national oil company, Petrocorp, where he was involved in initial appraisal and development of the Waihapa field, development of the McKee field and discovery of the Mt Messenger accumulations at Kaimiro. He next worked overseas including engagements with BHP Petroleum and QGPC (Qatar) before returning to New Zealand in 1996 to work for Fletcher Challenge Energy focused in particular on enhanced recovery projects in various Taranaki fields.

New Zealand Energy Corporation Announces Board Changes

New Zealand Energy Corporation announced that the former Chairman, Mr. John Greig retired as a director at the annual general meeting held on June 16, 2015. The annual general meeting also saw the retirement of Mr. John Proust as a director. A further outcome of the annual general meeting is the appointment of Dr. David Llewellyn to the board. Dr. Llewellyn has enjoyed a distinguished career as a senior executive with a major company in the international oil and gas business spanning more than 35 years. He brings to the board significant depth and breadth of practical expertise in technical and business/commercial disciplines along with a proven track record of effective leadership, governance, and global business delivery.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
March 3, 2015
--
Private Placement
December 12, 2014
--
 

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