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New Zealand Energy Corp Releases 2015 Year End Results
WELLINGTON, NEW ZEALAND / ACCESSWIRE / April 27, 2016 / New Zealand Energy Corp. (TSXV: NZ) ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp Releases 2015 Year End ResultsWELLINGTON, NEW ZEALAND / ACCESSWIRE / April 27, 2016 / New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today it has filed with Canadian regulatory authorities its 2015 year-end consolidated financial results, management discussion and analysis and Form 51-101F1 reserves report, 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 year was $10,058,739 (including non-cash charges of $8,221,825) compared with a loss for the 2014 year of $84,107,442 (which included non-cash charges of $82,358,978). The Company realized a loss per share for the year of $0.05 (2014: $0.49).\nThe Company achieved average net daily production of 143 BOE/D (80% oil) through the 2015 year. At year end, 31 December 2015, the net daily production rate averaged over the last 10 days of December was 248 BOE/D (83% oil). Production of oil and gas from the Copper-Moki pools accounted for 163 BOE/d (i.e. 66%) of this production rate. The increased production has continued through the first quarter of 2016 at an average of 332 BOE/d (75% oil) from 1 January to 31 March 2016.\nNZEC CEO Mike Adams commented, \"The Company's improving production performance in 2016 is the result of focussed technical work and our team's innovative and efficient implementation of production enhancement activities while maintaining high operational and HSE standards. The results from the Copper-Moki pools have been particularly satisfying and the success of the low cost waterflood project is a highlight.\"\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 condensed consolidated interim financial statements for the period ended 30 September 2015 and Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements (\"forward-looking statemen...