Wellington, New Zealand--(Newsfile Corp. - August 28, 2018) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its second quarter 2018 financial results and management discussion and analysis. The documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.
Cash provided by operating activities for the six months was $353,204 (2017: $65,608) and for the quarter was $241,278 (2017: -$58,987). The profit for the six months was $197,375 (2017 loss: $1,143,293), of which ($1,132,813) was represented by non-cash items (depreciation, depletion and accretion). For the quarter, the profit was $742,146 (2017 loss: $562,449) of which ($668,313) was non-cash (depreciation, depletion and accretion). The Company achieved average net daily production of 199 boe/d (89% oil) for the six months (2017: 152 boe/d (86% oil)); and for the quarter 255 boe/d (93% oil) compared to 145 boe/d (83% oil) during the second quarter of 2017.
Commenting on the Company's second quarter 2018 results, Chairman James Willis said, "Whilst these are better results for the company, much remains to be done."
On behalf of the Board of Directors
New Zealand Energy Corp.
New Zealand Energy Contacts
Email: [email protected]
Neither 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.
FORWARD-LOOKING INFORMATION AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATES
This document, the consolidated financial statements for the quarter ended 30 June 2018 and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates.
The Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC's control, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information.
As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.