New Zealand Energy Relinquishes Castlepoint and Wairoa Permits
June 23 2014 - 7:00AM
Marketwired Canada
New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF)
today announced that the Company has relinquished the Castlepoint and Wairoa
permits in the East Coast Basin of New Zealand's North Island.
NZEC continues to hold a 100% interest in the East Cape Permit, which covers
1,048,406 onshore acres in the East Coast Basin, and also controls 97,637 net
acres across six permits in the Taranaki Basin of New Zealand's North Island.
"NZEC is focused in the near-term on its Taranaki Basin permits that offer
near-term production potential. The Company has also retained its East Cape
Permit, which gives the Company more than one million acres and five years to
explore the unconventional oil shales and unlock the potential of New Zealand's
East Coast Basin," said John Proust, Chief Executive Officer of NZEC.
"Relinquishing the Castlepoint and Wairoa permits has reduced our work program
commitments by $13.9 million for 2014, and $54.3 million over the life of the
relinquished permits. The Company's work program commitments for the East Coast
for the remainder of 2014 are now only $64,000. The Company's Taranaki work
program commitments for the remainder of 2014 are $3.2 million, of which
approximately $320,000 relate to the Company's producing assets.
"NZEC's work on the Castlepoint and Wairoa permits has provided the Company with
significant technical information and insight into the Waipawa Black Shale,
which will guide the Company's exploration strategy on the East Cape Permit,"
continued Mr. Proust. "For example, one of the stratigraphic wells that NZEC
drilled on the Castlepoint Permit identified a Waipawa horizon that the
Company's geology team believes may extend northward into the East Cape Permit.
In addition, NZEC's community engagement activities have allowed the Company to
build strong relationships with regulators, landowners and iwi communities in
the East Coast Basin. We look forward to continuing to build those relationships
as we undertake exploration activities on the East Cape Permit."
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 1.15 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 INFORMATION
This document contains certain forward-looking information and forward-looking
statements within the meaning of applicable securities legislation (collectively
"forward-looking statements"). The use of the word "will guide", "look forward",
"continuing", "undertake", 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 reserves and 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 and
production; the need to obtain various approvals before exploring and producing
oil and natural gas resources; exploration hazards and risks inherent in oil and
natural gas exploration; operating hazards and risks inherent in oil and natural
gas operations; the Company's ability to generate sufficient cash flow from
production to fund future development activities; 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. Such forward-looking statements
should not be unduly relied upon. The Company 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. Actual results
could differ materially from those anticipated in these forward-looking
statements. The forward-looking statements contained in the document are
expressly qualified by this cautionary statement. These statements speak only as
of the date of this document and the Company does not undertake to update any
forward-looking statements that are contained in this document, except in
accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Proust
Chief Executive Officer & Director
North American toll-free: 1-855-630-8997
Rhylin Bailie
Vice President Communications & Investor Relations
North American toll-free: 1-855-630-8997
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