February 28, 2015 7:58 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

General Manager of Operations
Total Annual Compensation: $270.9K
Compensation as of Fiscal Year 2013.

New Zealand Energy Corporation Key Developments

New Zealand Energy Corporation Announces Operational and Corporate Update

New Zealand Energy Corporation announced provided an update with respect to current operations and future corporate plans. Significant changes have been made at the NZ operations level to limit (where practicable) cash burn in this low oil price environment. After a review of the current production and oil price, the company has found it necessary to find further savings. Following a consultation process with staff, several positions have become either redundant or rationalised from the New Plymouth and Waihapa Production plant, and from March 2015 will achieve cost savings in the order of NZD 70,000 per month. In addition, NZEC is undertaking a comprehensive review of all its third party access contracts with the intent of ensuring full value is attained from its current asset base.

New Zealand Energy Corporation Announces Unaudited Consolidated Financial and Production Results for the Third Quarter and Nine Months Ended September 30, 2014

New Zealand Energy Corporation announced unaudited consolidated financial and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported oil production of 18,689 bbl against 11,958 bbl a year ago. For the nine months, the company reported oil production of 57,436 bbl against 60,694 bbl a year ago. For the quarter, the company reported revenue of $2,104,561 against $1,519,010 a year ago. Total comprehensive loss was $8,540,759 or $0.01 per basic and diluted per share against total comprehensive income of $1,347,788 or $0.02 per basic and diluted per share a year ago. For the nine months, the company reported revenue of $11,500,722 against $6,553,968 a year ago. Total comprehensive loss $13,704,362 or $0.08 per basic and diluted per share against $3,339,589 or $0.06 per basic and diluted per share a year ago.

New Zealand Energy Corporation Closes Vancouver Office; Announces Management Changes

New Zealand Energy Corporation (NZEC) announced the decision to close its Vancouver office while retaining its Canadian company registration and incorporation. The company also announced that David Robinson, CEO of the New Zealand Business, will step into the role of CEO of NZEC with immediate effect, assuming responsibility for corporate finance and investor relations activities. John Proust, the former CEO of NZEC, will continue as a nonexecutive director of the Company. The company's senior management team has also resigned as officers of the Company with immediate effect, but will continue to support the Company through to December 31, 2014. NZEC has accepted resignations from Gerrie van der Westhuizen as VP Finance, Rhylin Bailie as VP Corporate Communications and Investor Relations, and Eileen Au as Corporate Secretary.

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Date
Target
Private Placement
December 12, 2014
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