NZ New Zealand Energy Corp

New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company")
is pleased to announce that NZEC and Te Runanga o Ngati Ruanui Trust ("TRoNRT")
have entered into a Cooperation Agreement to establish a collaborative working
relationship as NZEC advances its petroleum properties in New Zealand.


Ngati Ruanui is the iwi (tribe) located in South Taranaki on New Zealand's North
Island, the location of NZEC's Alton and Eltham petroleum exploration permits.
TroNRT is recognized as the representative body of 16 hapu (sub-tribes) who make
up Ngati Ruanui, and has the responsibility of managing the interests of the
Ngati Ruanui iwi for the benefits of its 8,500 uri (descendants). 


The Cooperation Agreement was executed on February 22, 2012 at a hui (ceremony)
at Stratford, New Zealand, and outlines the parties' desire to build a
sustainable and enduring relationship that promotes the activities and
prosperity of NZEC while developing a sustaining and prosperous environment for
TRoNRT. The agreement supports TRoNRT's principles of environmental stewardship
and economic sustainability and underscores NZEC's commitment to bringing
long-term benefits to its community partners. 


Under the terms of the agreement, TRoNRT will support NZEC's exploration,
development and production activities within the Ngati Ruanui area and NZEC will
contribute to positive cultural, economic and social outcomes for the
development of Ngati Ruanui and its communities. NZEC and TRoNRT have agreed to
establish clear process and communication protocols and to share relevant
environmental and technical information. TRoNRT will provide relevant cultural
advice and support as NZEC moves through the resource consent, permitting and
development process. In addition, NZEC will provide a right of first opportunity
to TRoNRT's members for business, employment, educational and training
opportunities in South Taranaki.


"New Zealand Energy's commitment to open communication and mutually beneficial
relationships forms the cornerstone of our strategy for successful resource
development," said John Proust, Chief Executive Officer and Director of NZEC.
"We are proud to be working with TRoNRT and look forward to building a
collaborative relationship that brings long-term benefits to both NZEC
shareholders and our community partners."


Te Runanga o Ngati Ruanui chair, Ngapari Nui, said: "The agreement with New
Zealand Energy Corp. is hugely significant to the iwi. The relationship has
developed at the highest level based on transparency of environmental practices
and first principles. This agreement provides opportunities for our youth and is
a good example of what can be achieved through direct engagement between iwi and
oil companies."


David Binnie, General Manager New Zealand Petroleum & Minerals (the government
agency that manages the New Zealand Government's oil, gas, mineral and coal
resources) attended the hui and commented: "This agreement represents a big step
forward for the development of oil and gas in Taranaki. I hope that other
companies and iwi will see this as a blueprint for agreements elsewhere in New
Zealand."


NZEC controls two permits covering 169,949 net acres in the Taranaki Basin. NZEC
achieved production in December 2011 from Copper Moki-1, its first discovery
well in the Taranaki Basin, and on February 21 announced the commencement of an
extended production test from its Copper Moki-2 well and the start of drilling
of Copper Moki-3 well.  


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 "intention", "establish", "bring", "will", "expect" 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.

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