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New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") is pleased to announce that NZEC and Te Runanga o Ngati Ruanui Trust ("TRoNRT") have entered into a Cooperation Agreement to establish a collaborative working relationship as NZEC advances its petroleum properties in New Zealand.
Ngati Ruanui is the iwi (tribe) located in South Taranaki on New Zealand's North Island, the location of NZEC's Alton and Eltham petroleum exploration permits. TroNRT is recognized as the representative body of 16 hapu (sub-tribes) who make up Ngati Ruanui, and has the responsibility of managing the interests of the Ngati Ruanui iwi for the benefits of its 8,500 uri (descendants).
The Cooperation Agreement was executed on February 22, 2012 at a hui (ceremony) at Stratford, New Zealand, and outlines the parties' desire to build a sustainable and enduring relationship that promotes the activities and prosperity of NZEC while developing a sustaining and prosperous environment for TRoNRT. The agreement supports TRoNRT's principles of environmental stewardship and economic sustainability and underscores NZEC's commitment to bringing long-term benefits to its community partners.
Under the terms of the agreement, TRoNRT will support NZEC's exploration, development and production activities within the Ngati Ruanui area and NZEC will contribute to positive cultural, economic and social outcomes for the development of Ngati Ruanui and its communities. NZEC and TRoNRT have agreed to establish clear process and communication protocols and to share relevant environmental and technical information. TRoNRT will provide relevant cultural advice and support as NZEC moves through the resource consent, permitting and development process. In addition, NZEC will provide a right of first opportunity to TRoNRT's members for business, employment, educational and training opportunities in South Taranaki.
"New Zealand Energy's commitment to open communication and mutually beneficial relationships forms the cornerstone of our strategy for successful resource development," said John Proust, Chief Executive Officer and Director of NZEC. "We are proud to be working with TRoNRT and look forward to building a collaborative relationship that brings long-term benefits to both NZEC shareholders and our community partners."
Te Runanga o Ngati Ruanui chair, Ngapari Nui, said: "The agreement with New Zealand Energy Corp. is hugely significant to the iwi. The relationship has developed at the highest level based on transparency of environmental practices and first principles. This agreement provides opportunities for our youth and is a good example of what can be achieved through direct engagement between iwi and oil companies."
David Binnie, General Manager New Zealand Petroleum & Minerals (the government agency that manages the New Zealand Government's oil, gas, mineral and coal resources) attended the hui and commented: "This agreement represents a big step forward for the development of oil and gas in Taranaki. I hope that other companies and iwi will see this as a blueprint for agreements elsewhere in New Zealand."
NZEC controls two permits covering 169,949 net acres in the Taranaki Basin. NZEC achieved production in December 2011 from Copper Moki-1, its first discovery well in the Taranaki Basin, and on February 21 announced the commencement of an extended production test from its Copper Moki-2 well and the start of drilling of Copper Moki-3 well.
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 "intention", "establish", "bring", "will", "expect" 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. 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.
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
New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") wishes to announce that based on its early operational success in the Taranaki basin, management has prepared a production forecast with exit rate guidance for 2012 of 3,000 barrels of oil equivalent ("boe") per day. The guidance was prepared based on the production results disclosed in the Company's February 21 news release, planned drilling of eight net additional wells in 2012, completion of a natural gas pipeline and continued performance in line with existing oil and natural gas production from Copper Moki-1 and Copper Moki-2.
NZEC has prepared an updated corporate presentation that will be available by February 23 on its website at www.newzealandenergy.com and include management's 2012 production exit rate guidance of 3,000 boe/d.
On behalf of the Board of Directors
Bruce McIntyre, President & 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 "forecast", "guidance", "planned", "continued" 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. 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.
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
New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") has initiated an extended production test of its Copper Moki-2 ("CM-2") well and commenced drilling Copper Moki-3 ("CM-3"), its third well in the Taranaki Basin of New Zealand's North Island. In addition, NZEC is pleased to announce that the Company has entered into a farm-in agreement with L&M Energy Limited pursuant to which the Company will earn an additional 15% in the Alton Permit, increasing NZEC's interest to 65%.
Taranaki Basin Update
The CM-2 well commenced flowing on February 15, 2012. CM-2 is producing 42.0 degrees API oil and is currently flowing at a rate of 1,000 barrels of oil per day and 820 thousand cubic feet ("mcf") of natural gas per day through a 24/64th inch choke. In the last five days CM-2 has produced 5,318 barrels of oil and 4,158 mcf of natural gas. CM-2 is tied in to the Copper Moki-1 ("CM-1") production facilities. Produced oil is trucked to the Shell-operated Omata Tank Farm, approximately 45 km north of the Copper Moki site. The oil sells at a premium to Brent and earns a top-tier operating netback of approximately US$90 per barrel. NZEC calculates the netback as the oil sale price less fixed and variable operating costs and a 5% royalty. The Company has also advanced its plans to build a natural gas pipeline, upon completion of which NZEC expects to begin marketing its natural gas production.
NZEC has continued to flow CM-1 while drilling and completing CM-2. The CM-1 well was first tested in August 2011 and has been flowing from natural reservoir pressure since December 10, 2011, producing more than 44,000 barrels of oil since the August test. The well has flowed through a 20/64th inch choke until February 17, when the choke was increased to 24/64th inches. CM-1 production has averaged 500 barrels of 41.8 degrees API oil per day and 860 mcf of natural gas per day since December 10, 2011, and has produced an average of 434 barrels of oil per day and 1,045 mcf of natural gas per day over the last 30 days of production.
The CM-2 well was drilled to a total depth of 2,080 metres, encountering approximately 12 metres of net pay in the Mt. Messenger Formation, a thick sequence of turbidite sandstones in New Zealand's Taranaki Basin. NZEC also collected logs from the shallower Urenui Formation while drilling CM-2. The Company's analysis of the Urenui Formation is consistent with earlier tests demonstrating that the formation shows the potential for oil and gas production. NZEC is evaluating opportunities to drill a well later in 2012 that will target the Urenui Formation.
NZEC has commenced drilling CM-3, with the expectation of releasing well results by the end of March 2012. CM-3 will be NZEC's first well to target the deeper Moki formation, and the Company will collect information from both the Urenui and Mt. Messenger formations as CM-3 drilling proceeds. Immediately following the conclusion of CM-3 drilling, NZEC anticipates commencing drilling of the Copper-Moki-4 well from the same drilling pad.
Alton Permit Farm-In
The Alton Permit covers 119,200 acres in the Taranaki Basin of New Zealand's North Island, with an estimated resource base of 760 million barrels OOIP(1) and prospective recoverable resources of 69 million barrels of oil.(2,3) NZEC will earn the additional 15% by funding the collection and processing of 3D seismic data over approximately 50 km2 of the permit. NZEC is the operator of the Alton Permit.
Earning the additional 15% interest will increase NZEC's prospective recoverable resource base in the Taranaki Basin to 77 million barrels of oil(2,3) and increase NZEC's net Taranaki Basin acreage to 169,949 acres, a 16% and 12% increase, respectively.
Notes:
1. Net undiscovered petroleum initially in place.
2. Assuming a 9% recovery rate.
3. As estimated by AJM Petroleum Consultants, effective February 1, 2011. A
prospective resource is defined as those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective resources have both an associated chance of
discovery and a chance of development. Prospective resources are further
subdivided in accordance with the level of certainty associated with
recoverable estimates assuming their discovery and development and may
be sub-classified based on project maturity. There is no certainty that
any portion of the resources will be discovered. If discovered, there is
no certainty that it will be commercially viable to produce any portion
of the resources.
On behalf of the Board of Directors
Bruce McIntyre, President & 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", "advance", "expect", "begin", "evaluate", "anticipate", "commence" 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. 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
President & 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
info@newzealandenergy.com
www.newzealandenergy.com
NZERF/NZ.V... TARANAKI BASIN UPDATE
New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF) is pleased to provide an operational update on its production and exploration activities on New Zealand's North Island.
HIGHLIGHTS
Taranaki Basin
-- Copper Moki-1 ("CM-1") has produced an average of 550 barrels of oil per
day over the first 30 days of long-term production
-- CM-1 cumulative production of 29,000 barrels of oil to date with
operating netbacks of approx. US$90 per barrel
-- Commenced drilling of Copper Moki-2 ("CM-2"), targeting the Mt.
Messenger and Urenui formations
-- Will commence drilling of Copper Moki-3 ("CM-3") in Q1-2012
-- Services and consents in place for a total of four wells from the Copper
Moki pad
East Coast Basin
-- Commenced drilling of Ranui-2 core well targeting the Whangai Shale
-- Completed the coring of two holes testing the Waipawa and Whangai Shales
TARANAKI BASIN UPDATE
The CM-1 well has been flowing from natural reservoir pressure since December 10, 2011 at an average rate of 550 barrels of 41.8 API oil per day and 685 thousand cubic feet of natural gas per day through a 20/64th inch choke. CM-1 has produced over 29,000 barrels of oil since it was first tested in August 2011 with operating netbacks of approximately US$90 per barrel. NZEC calculates the netback as the oil sale price less fixed and variable operating costs and a 5% royalty.
NZEC has commenced drilling of CM-2, its second exploration well in New Zealand's Taranaki Basin. The Company expects to finish drilling the CM-2 well by the end of January, targeting the Mt. Messenger and Urenui formations. NZEC will continue to produce CM-1 as CM-2 is drilled and will bring CM-2 on-stream using existing production facilities if the well is successful.
NZEC plans to drill CM-3 upon completion of CM-2, targeting the Mt. Messenger, Urenui and deeper Moki formations. While the Company had originally planned to drill CM-3 from a separate pad south of CM-1, the decision to drill from the CM-1 pad will allow NZEC to bring CM-3 on-stream using existing production facilities and eliminates the infrastructure costs associated with a separate pad.
NZEC's rig contract includes the option to drill a fourth well from the CM-1 pad. NZEC's consents for the CM-1 pad allow for multiple wells and construction of permanent surface facilities. The Company has installed surface facilities to accommodate production of up to 1,000 barrels of oil per day, and can expand the facilities to handle production from additional wells. NZEC anticipates establishing permanent facilities by mid-2012 that will accommodate production from an estimated four wells. The permanent facilities will include a gas pipeline to allow the Company to market its natural gas production.
The Taranaki Basin is situated on the west coast of the North Island and is currently New Zealand's only oil and gas producing basin, producing approx. 130,000 boe/day from 18 fields. Within the Taranaki Basin, NZEC holds and is the operator of two permits covering 152,066 net acres. The Taranaki Basin offers multi-zone potential, and NZEC's exploration strategy is to prioritize wells identified on 3D seismic that have a well-defined, lower-risk Mt. Messenger target coupled with deeper exploration targets such as the Moki and Kapuni formations.
EAST COAST BASIN UPDATE
The East Coast Basin of New Zealand's North Island hosts two prospective shale formations, the Waipawa and Whangai, which are the source of more than 300 oil and gas seeps. NZEC has two granted permits and one pending permit in the East Coast Basin, collectively covering more than 1.8 million acres. NZEC's Ranui permit acquisition included the Ranui-1 well, drilled by the previous permit holder in 2008. The Ranui-1 well encountered 224 metres of prospective Whangai Shale but did not penetrate the base of the shale before reaching total depth of 1,134 metres.
The Ranui-2 well on NZEC's 100% working interest Ranui Permit will core the Whangai Shale across several intervals and will drill through the base of the Whangai Shale and into the underlying conventional reservoir sands, with a planned depth of approximately 1,500 metres. Ranui-2 drilling commenced on January 14, with drilling and coring expected to take approximately three weeks. NZEC is planning to cut up to four cores in the Whangai Formation and will run a full suite of open hole logs to assist in determining the reservoir characteristics of the shale.
In Q4-2011, NZEC completed the coring of two test holes on its 100% working interest Castlepoint Permit. The Orui (125 metres total depth) and Te Mai (195 metres total depth) test holes cored and tested the Waipawa and Whangai shales. Analysis of the core is ongoing.
These three stratigraphic test wells will advance NZEC's understanding of the Waipawa and Whangai formations. A review of the geochemical and physical properties of the two shale packages will help focus NZEC's exploration strategy for the East Coast shales. In addition, NZEC's technical team will reprocess existing East Coast Basin seismic data and plans to shoot approximately 50 kilometres of 2D seismic in 2012 and complete additional technical studies to advance the properties.
EXPANDED MANAGEMENT TEAM
NZEC has expanded its in-country management team to support the Company's exploration, development and production efforts, with the appointments of a Manager Exploration, Manager Land and Group Financial Controller. NZEC has granted 523,000 options to officers and employees with a five-year term and an exercise price of $1.30, with 25% vesting six months after the option grant date and 25% vesting every six months thereafter.
NZEC currently employs, directly and indirectly, approximately 60 people from local communities to support production and exploration activities in the Copper Moki area, with an additional 10 employees and consultants in its Wellington corporate office. NZEC currently employs, directly and indirectly, eight people from local communities to support exploration activities in the East Coast Basin.
June Cahill is a geologist with 32 years of experience working in applied earth science, and previously held the position of senior geologist with NZEC. As Manager Exploration, Ms. Cahill will manage the Wellington based team of geologists and geophysicists. Ms. Cahill has extensive knowledge and experience with New Zealand sedimentary basin geology and the management of geological and geophysical databases. Her early professional experience was with the New Zealand Geological Survey division of the Department of Scientific and Industrial Research. From 1993 through to joining NZEC, she was a senior geologist with the consulting company Ian R Brown Associates Ltd. Ms. Cahill has a Bachelor of Science in geology from Victoria University of Wellington, and a Bachelor of Applied Economics from Massey University.
Tokatumoana (Toka) Walden has joined NZEC as Manager Land, responsible for the Company's land access activities including negotiating access provisions and managing the resource consent application process. Mr. Walden will also have an important role as the Company continues to build a strong relationship with iwi groups across all operational areas. Mr. Walden started his career as a teacher; before joining NZEC he was a senior manager with New Zealand's Department of Conservation. Mr. Walden is also a director of Parininihi Ki Waitotara Inc., Taranaki's largest corporate dairy farmer.
John Hudson has been working with NZEC as a consultant since October 2011 and has joined the Company full time as Group Financial Controller. Mr. Hudson has a Bachelor of Business Studies in accounting from Massey University and is a Chartered Accountant with more than 15 years of experience covering a range of accounting responsibilities. Mr. Hudson joined NZEC after nearly four years as the Financial Controller of Weatherford New Zealand Ltd., an international company providing well construction and intervention services to the oil and gas industry. Prior to that Mr. Hudson held a number of positions including Finance Manager with Parker Drilling and Chartered Accountant with Ernst & Young. As Group Controller, Mr. Hudson will be responsible for all New Zealand accounting and financial reporting.
On behalf of the Board of Directors
Bruce McIntyre, President & 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", "expects", "expected", "plans", "planning", "allow", "advance" 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. 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
President & 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
info@newzealandenergy.com
www.newzealandenergy.com
New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company") is pleased to announce that its common shares will commence trading on the OTCQX International marketplace on December 20, 2011 under the symbol "NZERF". NZEC's common shares will continue to trade on the TSX Venture Exchange under the symbol "NZ".
"Trading on the OTCQX broadens our exposure in the United States and provides improved liquidity and transparency for New Zealand Energy's shareholders," said John Proust, Chief Executive Officer and Director of NZEC. "The OTCQX provides an efficient trading platform for U.S. investors and increased visibility for New Zealand Energy Corp. through the Standard & Poor's Market Access Program."
Dorsey & Whitney LLP will serve as NZEC's Principal American Liaison ("PAL") on OTCQX, providing guidance on OTCQX regulatory requirements.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX:OTCM) operates the world's largest electronic marketplace for broker-dealers to trade securities not listed on a U.S. stock exchange. OTC Markets Group's OTC Link platform is fully electronic, giving investors access to trade through all major online and full-service brokerage firms in the United States. More than 10,000 securities trade on the OTC platform with more than US$200 billion in annual trading volume and an aggregate market cap exceeding US$12 trillion. OTCQX is the premier tier of the OTC market, exclusively for companies that meet the highest financial standards and undergo a qualitative review. More information is available at www.otcmarkets.com.
About Standard & Poor's Market Access Program
NZEC's corporate information is available via Standard & Poor's Market Access Program, an information distribution service that enables subscribing publicly traded companies to have their company information disseminated to users of Standard & Poor's Advisor Insight. Standard & Poor's Advisor Insight is an internet-based research engine used by more than 80,000 investment advisors. A public version of the site is available at www.advisorinsight.com. Information about companies in Standard & Poor's Market Access Program is also available through S&P's Stock Guide database, which is distributed electronically to virtually all major quote vendors.
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 exploration, development and production 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.
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.
Rhylin Bailie
Vice President, Communications & Investor Relations
604-601-2010 or Toll Free: 1-855-601-2010
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