New Zealand Energy Corp. has released the results of its first quarter ended March 31, 2014. Details of the Company’s financial results are described in the Unaudited Consolidated Interim Financial Statements and Management’s Discussion and Analysis which, together with further details on the Company’s operational activities, are available on the Company’s website at www.newzealandenergy.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.
HIGHLIGHTS
- 19,682 barrels of oil produced and 17,630 barrels of oil sold during Q1-2014 (Q1-2013: 30,179 and 27,246, respectively)
- Average corporate production during Q1-2014: 219 barrels/day (net to NZEC)
- Average field netback during Q1-2014 of $62.33 per barrel (Q1-2013: $45.29 per barrel)
- Total oil sales recorded during Q1-2014 of $2,100,545 (Q1-2013: $3,061,064), with an additional $362,459 of third-party revenue (net to NZEC) earned through the Waihapa Production Station (Q1-2013: $nil)
- New arrangement with gas marketing counterparty commenced May 5, 2014, expected to generate between NZ$250,000 and NZ$1 million revenue per year (net to NZEC)
- Generated total net proceeds of approximately NZ$1.47 million through disposal of non-core assets subsequent to March 31, 2014
- Production during May 2014 averaged 201 barrels/day net to NZEC. See Figure 1 for current status of producing wells and anticipated near-term activities