New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) is pleased to announce
that the Company and its wholly-owned subsidiary, NZEC Wairoa Limited
(collectively "NZEC"), have received final approval from New Zealand Petroleum &
Minerals ("NZPAM") to acquire 80% ownership of the Wairoa Permit (PEP 38346)
from Westech Energy New Zealand ("Westech"), a wholly-owned subsidiary of Energy
Corporation of America. The Wairoa Permit covers 267,862 acres (1,084 km2) in
the East Coast Basin of New Zealand's North Island.


In October 2012, NZEC entered into a binding agreement with Westech to become
operator of the Wairoa Permit. Unlike other areas of the East Coast Basin, the
Wairoa Permit has been actively explored for many years, with more than 500 km
of 2D seismic data across the permit and log data from 16 wells drilled on the
property. Since 2012, NZEC has advanced the property by completing a number of
technical studies, reinterpreting existing seismic data, and acquiring an
additional 50 km of 2D seismic data. 


In consideration for transfer of the 80% interest, NZEC paid Westech US$725,000
and assumed responsibility for the work program. Under the revised work program
that has been approved by NZPAM, NZEC is required to drill one exploration well
on the permit by June 2014 and another by March 2016. Upon completion of the
work program, Westech will refund US$225,000 to NZEC and all future expenditures
for the permit will be funded 80% by NZEC and 20% by Westech. NZEC has the
option to withdraw from the joint venture after drilling the first exploration
well.


NZEC's technical team sees conventional opportunities as well as potential in
the unconventional oil shales that underly the property. NZEC's team knows the
property well and provided extensive consulting services (through the consulting
company Ian R Brown Associates) to previous permit holders, assisting with
seismic acquisition and interpretation, wellsite geology and regional
prospectivity evaluation. In addition, NZEC's team assisted with permitting and
land access agreements and worked extensively with local district council, local
service providers, land owners and iwi groups, allowing the team to establish an
excellent relationship with local communities.


NZEC has made the decision to focus its East Coast exploration efforts on the
Wairoa, Castlepoint and East Cape permits and has made the decision to
relinquish the Ranui Permit. As a result, NZEC now controls 1,813,741 acres
(7,340 km2) across three permits in the East Coast Basin. 


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 approximately 1.97 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.


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.  


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", "will be", 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, NZEC's ability to execute the PEP 38346 work
program on time or at all; the speculative nature of exploration, appraisal and
development of oil and natural gas properties; changes in the cost of
exploration and development of oil and gas properties, 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; 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
New Zealand Energy Corp.
John Proust
Chief Executive Officer & Director
North American Toll-free: 1-855-630-8997


New Zealand Energy Corp.
Bruce McIntyre
Executive Director & Acting General Manager Exploration
North American Toll-free: 1-855-630-8997


New Zealand Energy Corp.
Rhylin Bailie
Vice President Communications & Investor Relations
North American Toll-free: 1-855-630-8997


New Zealand Energy Corp.
Chris Bush
New Zealand Country Manager
New Zealand: 64-6-757-4470
info@newzealandenergy.com
www.newzealandenergy.com

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