TSX-V: NZ     C$ 0.02 +0.01 +33.33% Volume: 1,106,000 April 18, 2019

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New Zealand Energy Corp announces 2017 End of Year Results

April 30, 2018

Wellington, New Zealand--(Newsfile Corp. - April 30, 2018) - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX-V: NZ) announced today it has filed with Canadian regulatory authorities its 2017 consolidated financial results, management discussion and analysis and Form 51-101 reserves report, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.

Commenting on the Company's performance during the year, Chairman James Willis said: "2017 has been a year of consolidating changes made in 2016 with a continued focus on sustained increases in hydrocarbon production, managing costs downwards and increasing third party services and revenues. While the second half of 2017 was adversely affected by issues arising from equipment failures and unplanned maintenance, these are now behind us. The result is that 2017 has produced a small, but positive, operating cashflow. In addition, our health and safety performance continues to be excellent, with company wide participation and close attention by everyone to our goal of zero harm to people.."

Mr Willis went on to say: "The results from early in 2018 are good, due to the positive results from the new pump and completion installed mid-February in the Copper Moki-1 well, which has been producing at an average of 160 boe/d (90% oil) since late February. Looking to later in 2018, the Waihapa/Ngaere joint venture has agreed, in principle, to proceed with the next phase of the Waihapa enhanced oil project — targeting installation in the second half of calendar 2018. This project, together with the existing production and revenue base, provide a sound basis to grow the business".

Cash provided by operating activities was $66,799, compared to 2016 when $782,961 of cash was used in operations. The net loss for the 2017 year was $4,536,800 compared with a loss for the previous year of $5,225,884. Included in the net loss was an impairment of $1,591,776 (2016: $2,955,857) mainly attributable to declines observed in the Copper Moki wells. The Company achieved average net daily production of 129 boe/d (87% oil) through 2017 compared to 219 boe/d (78% oil) during 2016.

On behalf of the Board of Directors

"James Willis"


New Zealand Energy Corp.

New Zealand Energy Contacts

Email: info@newzealandenergy.com
Website: www.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.


This document, the consolidated financial statements for the quarter ended 31 December 2017 and full financial year and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates.

The Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC's control, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information.

As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

About New Zealand Energy Corp.

NZEC is a publicly-traded company (TSX-V:NZ) focused on the production and exploration of oil and natural gas prospects in New Zealand.

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Last Updated: 0.02 +0.01 +33.33% Volume: 1,106,000 April 18, 2019