October 22, 2014 4:10 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


Founded in 2010





Key Executives for New Zealand Energy Corporation

Chief Executive Officer
Age: 54
Total Annual Compensation: $360.0K
General Manager of Operations
Total Annual Compensation: $270.9K
Vice President of Finance
Total Annual Compensation: $16.7K
Compensation as of Fiscal Year 2013.

New Zealand Energy Corporation Key Developments

New Zealand Energy Announces Production Results for the Month Ended September 2014; Announces Operational Update

New Zealand Energy announced production results for the month ended September 2014. Total corporate production during September 2014 averaged 205 barrels of oil per day net unchanged from the August average of 205 bbl/d and in line with the average of 214 bbl/d for the first six months of 2014. In addition to oil production, during September the company sold eight terrajoules of Copper Moki natural gas production. The company announced that the TWN Joint Arrangement (the 50/50 NZEC/L&M Energy partnership that owns the TWN Licenses) continues to review opportunities to enhance production from the TWN wells. The TWN JA has completed reservoir build-up surveys and gradient tests on the Waihapa-H1, Waihapa-6 and Ngaere-1 wells. This information will be used to determine the optimum lift mechanism and flow period for the wells. The Toko-2B well high-volume lift continues to pump at the maximum rate of 9,000 boe/d with current production of approximately 25 bbl/d (100%).

New Zealand Energy Corporation Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter Ended June 30, 2014

New Zealand Energy Corporation announced unaudited consolidated earnings and operating results for the second quarter ended June 30, 2014. For the quarter, revenue was CAD 3,232,706 against CAD 2,109,700 a year ago. Total comprehensive loss was CAD 13,071,198 or CAD 0.06 basic and diluted loss per share compared to CAD 6,000,775 or CAD 0.02 basic and diluted earnings per share for the corresponding year. For the quarter, the company produced 19,066 bbl compared to 18,573 bbl in last year.

New Zealand Energy Corporation Provides Production and Operational Update

New Zealand Energy Corp. provided an update on production and development activities on the company's properties in the Taranaki Basin of New Zealand's North Island. Total corporate production during July 2014 averaged 202 barrels of oil per day (bbl/d) net to NZEC. Production from wells on the company's 100%-owned Copper Moki Mining Permit increased slightly during July, while field production from the TWN Licenses declined in the second half of the month as the result of a compressor failure, which curtailed gas lift for three days. In addition, the TWN wells (with the exception of Toko-2B, which is on high-volume lift) are now operating on a rest and recovery mode rotation, which is intended to optimize production by allowing wells to build up pressure and yield flush production. The TWN JA (the 50/50 NZEC/L&M Energy partnership that owns the TWN Licenses) is currently running well gradient surveys on all of the reactivated wells to help determine the optimum flow period for each well. The Toko-2B well high-volume lift is pumping at the maximum rate of 9,000 boe/d and is still pumping through a high water load. Currently the well is producing approximately 35 bbl/d (100%), but the operations team is optimistic that oil production could still increase from this well.

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