Business
New Zealand Energy Announces Third Quarter Results and Operational Update
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2014) - New Zealand Energy Corp. (...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Announces Third Quarter Results and Operational UpdateVancouver, British Columbia--(Newsfile Corp. - November 28, 2014) - New Zealand Energy Corp. (TSXV: NZ) (OTCQX: NZERF) (\"NZEC\" \nor the \"Company\") has released the results of its third quarter ended September 30, \n2014. Details of the Company's financial results are described in the Unaudited \nConsolidated Interim Financial Statements and Management's Discussion and \nAnalysis 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 Continued improvement to netback, achieving $71.04 per barrel of oil \n (\"bbl\") in Q3-2014, compared to $65.30/bbl in Q2-2014, $62.33/bbl in Q1-2014 \n and $58.90/bbl during the comparative three-month period in 2013 \n 18,689 bbl produced and 16,497 bbl sold during Q3-2014 (Q3-2013: 11,958 \n bbl and 14,648 bbl, respectively) \n Oil sales recorded during nine-month period ended September 30, 2014 of \n $6,298,345 (2013: $6,872,180) \n Generated approximately $2.3 million of third-party revenue year-to-date \n (net to NZEC) through 50% interest in the Waihapa Production Station (2013: \n $Nil) \n Secured a NZ$5 million working capital facility from joint arrangement \n partner \n Commenced work to advance Waihapa-2 jet pump installation, which is \n expected to be completed in the first week of December with production to \n resume soon after \n Received an extension to November 22, 2015 for drilling a commitment well \n on the Alton Permit \n Expiry date of 24,452,178 private placement warrants extended from October \n 28, 2014 to October 28, 2015 \n Vancouver Office to be closed and management agreement terminated \n effective December 31, 2014, as part of the Company's ongoing effort to reduce \n operating overheads \nFINANCIAL SNAPSHOT\n\n \n \n   \n  \n Nine \n months \n  \n  \n Three \n months \n  \n  \n Nine \n months \n  \n  \n Three \n months \n  \n \n   \n  \n ended \n  \n  \n ended \n  \n  \n ended \n  \n  \n ended \n  \n \n   \n  \n September 30, \n  \n  \n September 30, \n  \n  \n Se...