cof underwriters led by Canaccord Genuity Corp. and including Macquarie Capital Markets Canada Ltd., Mackie Research Capital Corporation, PI Financial Corp. and Haywood Securities Inc. have agreed to increase the size of the offering to an aggregate of 18,400,000 Common Shares of NZEC at a price of $3.00 per Common Share for gross proceeds of $55,200,000.

NZEC has also granted the Underwriters an option to purchase, on the same terms, up to an additional 2,760,000 Common Shares at $3.00 per Common Share for additional gross proceeds of $8,280,000. The Over-Allotment Option shall be issued on the same terms and conditions as the Offering and is exercisable in whole or in part by the Underwriters at any time up to 30 days after closing.

The net proceeds of the Offering and Over-Allotment Option will be used to explore and develop NZEC's oil and gas properties, for additional geologic and technical studies, and for other general corporate purposes.

Tags: New Zealand Energy Corp.