New Zealand Energy Corp. announced that at the end of February 2014, the Company was producing light, high-quality oil from nine wells in the Taranaki Basin of New Zealand's North Island. Consistent with guidance in the Company's previous production update, no new wells were added in February but substantial progress was made in order to prepare four existing wells to further add to oil production.

As a result of optimization efforts on existing wells, production for February 2014 increased 11% over January's average, with an average of 228 barrels of oil per day ("bbl/d") in February compared to 202 bbl/d in January. In addition, the Company's Waitapu-2 well re-commenced production on March 3.

Tags: New Zealand Energy Corp.