Business
New Zealand Energy Announces Second Quarter Results and Operational Update
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2014) - New Zealand Energy Corp. (...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Announces Second Quarter Results and Operational UpdateVancouver, British Columbia--(Newsfile Corp. - September 2, 2014) - New Zealand Energy Corp. (TSXV: NZ) (OTCQX: NZERF) (\"NZEC\" or \nthe \"Company\")  has released the results of its second quarter ended June \n30, 2014. Details of the Company's financial results are described in the Unaudited Consolidated Interim Financial Statements and Management's Discussion \nand Analysis which, together with further details on the Company's operational \nactivities, are available on the Company's website at \nwww.newzealandenergy.com \nand on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless \notherwise stated. \nHIGHLIGHTS \n\n Significantly improved netback of $65.30 per barrel of oil (\"bbl\") during \n Q2-2014, compared to $62.33/bbl in Q1-2014 and $22.46/bbl during the same \n three-month period in 2013 \n 19,066 bbl produced and 20,390 bbl sold during Q2-2014 (Q2-2013: 18,573 \n and 21,958, respectively) \n Average corporate production during Q2-2014: 228 bbl/day (net to NZEC) \n Total oil sales recorded during Q2-2014 of $2,723,830 (Q2-2013: \n $2,216,815), including $313,425 of sales on behalf of JV partner \n Generated first natural gas sales ($42,043) during Q2-2014 \n Generated approximately $1.3 million of year-to-date third-party revenue \n (net to NZEC) through 50% interest in the Waihapa Production Station (2013: \n $Nil) \n New arrangement with gas marketing counterparty commenced May 5, 2014, \n expected to generate between NZ$250,000 and NZ$1 million revenue per year (net \n to NZEC) \n Realized total net proceeds of approximately NZ$1.76 million through \n disposal of non-core assets \nFINANCIAL SNAPSHOT\n\n \n \n \n \n For the quarter ended June 30, 2014 \n \n \n Preceding quarter ended March 31, 2014 \n \n \n Comparative quarter ended June 30, 2013 \n \n \n Production \n  \n 19,066 bbl \n  \n  \n 19,682 bbl \n  \n  \n 18,573 bbl \n  \n \n Sales \n  \n 20,390 bbl \n  \n  \n 17,630 bbl \n  \n  \n 21,958 bbl \n  \n \n Price \n  \n 118.22 $/bbl \n  \n  \n 119.15 $/bbl \n  \n  \n 100.96 $/bbl \n  \n \n Production costs \n  \n 43.38 $/bbl \n  \n  \n 44.25 $/bbl \n  \n  \n 73.62 $/bbl \n  \n \n Royalties \n  ...