New Zealand Energy Corp. provided an update on the Company's exploration and production activities in the Taranaki Basin of New Zealand's North Island

Message from the Chief Executive Officer

I would like to take the opportunity to update our shareholders on NZEC's current exploration, production and acquisition activities, successes and challenges to date, and plans for the coming year.

NZEC has drilled ten wells on its Eltham Permit in the Taranaki Basin, with five oil discoveries and results pending from two Mt. Messenger wells. NZEC is currently producing approximately 335 barrels of oil per day (bbl/d). While pending wells could result in additional production and cash flow, the Company's assessment is that flow rates from the new wells will not be adequate to achieve anticipated targets and NZEC's previous production guidance is therefore withdrawn.

Tags: New Zealand Energy Corp.