New Zealand Energy Appoints Chief Financial Officer, Re-prices and Grants Stock Options
January 13 2014 - 7:00AM
Marketwired
New Zealand Energy Appoints Chief Financial Officer, Re-prices and
Grants Stock Options
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 13, 2014) - New
Zealand Energy Corp. ("NZEC" or the "Company")
(TSX-VENTURE:NZ)(OTCQX:NZERF) today announced that Derek Gardiner
has been appointed to the role of Chief Financial Officer,
effective today. Mr. Gardiner will oversee the Company's finance,
accounting, administration and risk management activities.
Mr. Gardiner is a New Zealand Chartered Accountant and Chartered
Secretary with both a Bachelor and Master of Business Studies and
more than 25 years of experience in the oil and gas industry in New
Zealand, Australia and Asia. He has held senior financial, business
planning and accounting positions with Origin Energy NZ, Austral
Pacific Energy and a number of subsidiaries of Shell. Most recently
he was Commercial & Finance Manager with Origin Energy NZ. Mr.
Gardiner brings significant governance, strategy, reporting and
analysis experience to NZEC. He also brings strong leadership
skills and experience managing joint venture arrangements. Mr.
Gardiner's insight into the TWN Licenses and Waihapa Production
Station, from his time with Origin Energy NZ, will also be of great
value to NZEC as the Company continues to explore and develop these
newly acquired assets. Mr. Gardiner will work out of the Company's
Wellington, New Zealand office.
The Company thanks Gerrie van der Westhuizen for his
contributions as Interim CFO since October 2013. Mr. Van der
Westhuizen joined NZEC in November 2012 as Vice President Finance
and will now continue that role, working closely with Mr.
Gardiner.
NZEC also announces that the Company has granted 2,222,000
incentive stock options exercisable at $0.45 to various directors,
officers and employees. The options are exercisable for a period of
five years, with 150,000 options vesting immediately, and the
remaining options vesting over a period of 24 months.
In addition, pursuant to the Company's stock option plan, NZEC
has re-priced 4,361,200 incentive stock options issued historically
to certain officers, employees and consultants of the Company. The
options were originally granted with exercise prices ranging from
$1.00 to $3.00, and the Company will reduce the exercise price to
$0.45. The amendment to the exercise price is subject to the
approval of the TSX Venture Exchange. The vesting provisions
related to the stock option grants remain unchanged. The director's
stock options, granted at $1.00 per share, are not being
re-priced.
On behalf of the Board of Directors |
|
"John Proust" |
|
Chief Executive Officer and 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 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 any of the words "will", "subject to", "vesting" 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. 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. 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.
New Zealand Energy Corp.John ProustChief Executive Officer &
DirectorNorth American toll-free: 1-855-630-8997New Zealand Energy
Corp.Bruce McIntyreActing General Manager Exploration &
DirectorNorth American toll-free: 1-855-630-8997New Zealand Energy
Corp.Rhylin BailieVice President Communications & Investor
RelationsNorth American toll-free: 1-855-630-8997New Zealand Energy
Corp.Email: info@newzealandenergy.comWebsite:
www.newzealandenergy.com
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