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New Zealand Energy Corp Announces First Quarter 2016 Results and Details of the Company's 2016 Annual General Meeting
WELLINGTON, NEW ZEALAND / ACCESSWIRE / May 27, 2016 / New Zealand Energy Corp. (TSXV: NZ) ("...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Announces First Quarter 2016 Results and Details of the Company's 2016 Annual General MeetingWELLINGTON, NEW ZEALAND / ACCESSWIRE / May 27, 2016 / New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its consolidated interim financial results and management discussion and analysis for the quarter ended 31 March 2016, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.\nThe net loss for the quarter was $959,085 compared with a loss for the first quarter of 2015 of $1,179,930. The more significant non-cash items contributing to the net loss during the Three Month Period included $823,478 in depreciation and accretion (2015: $550,499). Cash used in operating activities for the quarter was $53,188 compared with $660,364 in the first quarter of 2015. \nThe Company achieved average net daily production of 326 BOE/D (74% oil) through the first quarter of 2016. Production of oil and gas from the Copper-Moki fields accounted for 280 BOE/d (i.e. 71%) of this production rate. \nThe Company will hold its annual general meeting at 10am (New Zealand Time) on 22 June 2016 in Wellington, New Zealand at the offices of Straterra, Ground Level, 93 The Terrace. The business of the Meeting will include resolutions to fix the number of directors of the Company at three (3), with existing directors James Willis, Mark Dunphy and Dr. David Llewellyn standing for re-election.\nThe record date, for shareholders to receive notice of meeting and for voting, is 16 May 2016. The Company encourages all shareholders to vote their shares. Meeting materials are being distributed to shareholders and made available on the Company website at www.newzealandenergy.com.\nOn behalf of the Board of Directors\n\"James Willis\"\nChairman \nNew Zealand Energy Corp.\nNew Zealand Energy Contacts\nEmail: [email protected]\nWebsite: www.newzealandenergy.com\nNeither 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.\nFORWARD-LOOKING INFORMATION AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATES\nThis document, the consolidated interim financial statements for the ...