VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 18, 2013) - New
Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the
"Company") has received New Zealand government approval for the
acquisition of strategic upstream and midstream assets (the
"Acquisition") from Origin Energy Resources NZ (TAWN) Limited, a
wholly-owned subsidiary of Origin Energy Limited (ASX:ORG). The
formal closing time for the Acquisition has been set for 10am
October 29 New Zealand time (2pm October 28 Vancouver time).
Upon closing, NZEC will hold a 50% interest in the Tariki,
Waihapa and Ngaere Petroleum Mining Licenses in the main Taranaki
Basin production fairway, as well as the Waihapa Production Station
and associated gathering and sales infrastructure (collectively,
"TWN Assets"). NZEC and L&M Energy Limited ("L&M") are
acquiring the assets jointly and will form a 50/50 joint venture to
explore, develop and operate the TWN Assets. NZEC's technical and
engineering teams, in collaboration with L&M, have prepared a
detailed development and exploration plan for the TWN Assets that
will commence immediately upon closing (see NZEC press release
dated August 6, 2013).
"We greatly appreciate the efforts of New Zealand Petroleum
& Minerals to expedite the approval process," said John Proust,
Chief Executive Officer & Director of NZEC. "We look forward to
formally closing the acquisition on October 29 so that we can focus
on developing the TWN Assets for the benefit of NZEC's
shareholders, L&M and our New Zealand community partners."
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 2.27 million acres (including permits and
acquisitions pending) 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. 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", "look forward", "developing",
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. This document contains forward-looking statements and
assumptions pertaining to the following: business strategy,
strength and focus; the ability of the Company to close the
Acquisition on time; the recoverability of the Company's crude oil,
natural gas reserves and resources; and future capital expenditures
to be made by the Company. Actual results could differ materially
from those anticipated in these forward-looking statements as a
result of the risk factors set forth below and elsewhere in the
document, such as the speculative nature of exploration, appraisal
and development of oil and natural gas properties; uncertainties
associated with estimating oil and natural gas resources; 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; operating hazards
and risks inherent in oil and natural gas operations; volatility in
market prices for oil and natural gas; 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. Readers are cautioned that the foregoing list of factors
is not exhaustive. 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.