Vancouver, British Columbia--(Newsfile Corp. - November 24, 2014) - New Zealand Energy Corp. (“NZEC” or the “Company”) (TSXV: NZ) (OTCQX: NZERF) today announced the decision to close its Vancouver office while retaining its Canadian company registration and incorporation.
 
“The decision to close our Vancouver office and focus our attention on New Zealand makes sense because that is where all of our assets and activities are located,” said John Greig, Chairman of NZEC.
 
“Our Vancouver office will close on December 31, 2014 as part of ongoing rightsizing activities to ensure the company has a highly competitive operating cost platform. NZEC’s team has been focusing closely on managing costs. Over the past year NZEC has implemented a number of cost savings and this is part of that ongoing process. NZEC is committed to operating as cost effectively as possible, which is essential with current oil prices,” said Mr. Greig.

David Robinson, CEO of the New Zealand Business, will step into the role of CEO of NZEC with immediate effect, assuming responsibility for corporate finance and investor relations activities. John Proust, the former CEO of NZEC, will continue as a non-executive director of the Company.

“As a director and the largest shareholder of NZEC, I remain focused on increasing shareholder value,” said John Proust.

“On behalf of NZEC’s Board of Directors and employees, I would like to thank John Proust for his significant and tireless contribution as CEO of NZEC,” said John Greig. “John Proust was the founder of NZEC and had the energy, inspiration and drive to create an important company in the New Zealand oil and gas sector.”

The Vancouver-based senior management team has also resigned as officers of the Company with immediate effect, but will continue to support the Company through to December 31, 2014. NZEC has accepted resignations from Gerrie van der Westhuizen as VP Finance, Rhylin Bailie as VP Corporate Communications and Investor Relations, and Eileen Au as Corporate Secretary.

On behalf of the Board of Directors

“John Greig”    

Chairman

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 1.15 million acres 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 oil and gas exploration and operations experience in New Zealand. NZEC plans to execute 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.

New Zealand Energy Contacts

David Robinson, Chief Executive Officer   + 6-46-757-4470
Rhylin Bailie   + 1-855-630-8997

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 contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the word “will” is 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 including, without limitation, uncertainties with regard to realizing anticipated cost savings associated with closing the Vancouver office; uncertainties with regard to realizing anticipated benefits with regard to reorganizing the senior management team; and other factors as disclosed in documents released by NZEC as part of its continuous disclosure obligations. 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. Actual results could differ materially from those anticipated in these forward-looking statements. 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.