/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION
MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
VANCOUVER, March 2, 2012 /PRNewswire/ - New Zealand Energy
Corp. (TSX-V: NZ, OTCQX: NZERF) ("NZEC" or the "Company") is
pleased to announce that, in connection with the previously
announced offering of common shares (the "Common Shares"), the
Company and the syndicate of underwriters led by Canaccord Genuity
Corp. and including Macquarie Capital Markets Canada Ltd., Mackie
Research Capital Corporation, PI Financial Corp. and Haywood
Securities Inc. (collectively the "Underwriters") have agreed to
increase the size of the offering to an aggregate of 18,400,000
Common Shares of NZEC at a price of $3.00 per Common Share for gross proceeds of
$55,200,000 (the "Offering").
NZEC has also granted the Underwriters an option
to purchase, on the same terms, up to an additional 2,760,000
Common Shares at $3.00 per Common
Share for additional gross proceeds of $8,280,000 (the "Over-Allotment Option"). The
Over-Allotment Option shall be issued on the same terms and
conditions as the Offering and is exercisable in whole or in part
by the Underwriters at any time up to 30 days after closing.
The net proceeds of the Offering and
Over-Allotment Option will be used to explore and develop NZEC's
oil and gas properties, for additional geologic and technical
studies, and for other general corporate purposes.
The Common Shares will be offered in all
provinces of Canada, excluding
Québec, by way of a short form prospectus and on a private
placement basis elsewhere. The closing of the Offering is expected
to occur on or about March 21, 2012,
and is subject to certain conditions, including, but not limited
to, the receipt of all necessary regulatory approvals, including
the approval of the TSX Venture Exchange.
The securities offered have not been and will
not be registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements. This news
release does not constitute an offer to sell or the solicitation of
any offer to buy nor will there be any sale of these securities in
any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such province, state
or jurisdiction.
On behalf of the Board of Directors
"John Proust"
Chief Executive Officer & Director
About New Zealand Energy Corp.
NZEC is an oil and natural gas company engaged
in the production, development and exploration of petroleum and
natural gas assets in New Zealand.
NZEC's property portfolio collectively covers nearly two million
acres of conventional and unconventional prospects in the Taranaki
Basin and East Coast Basin of New
Zealand's North Island. The Company's management team has
extensive experience exploring and developing oil and natural gas
fields in New Zealand and
Canada, and takes a
multi-disciplinary approach to value creation with a track record
of successful discoveries. NZEC plans to add shareholder value by
executing a technically disciplined exploration and development
program focused on the onshore and offshore oil and natural gas
resources in the politically and fiscally stable country of
New Zealand. NZEC is listed on the
TSX Venture Exchange under the symbol NZ and on the OTCQX
International under the symbol NZERF. More information is available
at www.newzealandenergy.com or by emailing
info@newzealandenergy.com.
Forward-looking Statements
This news release contains certain
forward-looking information and forward-looking statements within
the meaning of applicable securities legislation (collectively
"forward-looking statements"). The use of any of the words "will
be" and similar expressions are intended to identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements, including without
limitation, the speculative nature of exploration, appraisal and
development of oil and natural gas properties; uncertainties
associated with estimating oil and natural gas resources;
uncertainties in both daily and long-term production rates and
resulting cash flow; volatility in market prices for oil and
natural gas; changes in the cost of operations, including costs of
extracting and delivering oil and natural gas to market, that
affect potential profitability of oil and natural gas exploration;
the need to obtain various approvals before exploring and producing
oil and natural gas resources; uncertainty in the timing of receipt
of permits and the Company's ability to extend the permits if
required; exploration hazards and risks inherent in oil and natural
gas exploration; operating hazards and risks inherent in oil and
natural gas operations; market conditions that prevent the Company
from raising the funds necessary for exploration and development on
acceptable terms or at all; global financial market events that
cause significant volatility in commodity prices; unexpected costs
or liabilities for environmental matters; competition for, among
other things, capital, acquisitions of resources, skilled
personnel, and access to equipment and services required for
exploration, development and production; changes in exchange rates,
laws of New Zealand or laws of
Canada affecting foreign trade,
taxation and investment; failure to realize the anticipated
benefits of acquisitions; and other factors as disclosed in
documents released by NZEC as part of its continuous disclosure
obligations. NZEC believes the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct. Such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release and NZEC does not undertake to update any
forward-looking statements that are contained in this news release,
except in accordance with applicable securities laws.
United States Advisory
This news release does not constitute an
offer to sell or a solicitation of an offer to buy, nor shall there
be any sale of, any securities of NZEC in any jurisdiction in which
such offer, solicitation or sale would be unlawful. The securities
offered hereunder have not and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or the securities laws of any state of
the United States of America
(the "United States") and, subject
to certain exceptions, may not be offered or sold within
the United States or its
territories or possessions except in transactions exempt from
registration under the U.S. Securities Act and under the securities
laws of any applicable state. This news release does not constitute
an offer to sell or a solicitation of an offer to buy any of the
securities offered hereby within the
United States, its territories or possessions.
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.
SOURCE New Zealand Energy Corp.