New Zealand Energy Corp. (TSX VENTURE:NZ)(OTCQX:NZERF) ("NZEC" or the "Company")
today announced that the Company has achieved target depth in its Waitapu-1
well, evaluated open hole logs and commenced casing the well, with completion to
follow. Waitapu-1 was drilled through the Urenui formation into the Mt.
Messenger formation with a measured depth of 2,213 metres and true vertical
depth of 1,925 metres. The Company plans to perforate and test the Mt. Messenger
formation.


Following perforation of Waitapu-1 the rig will be repositioned on the same
drill pad to finish drilling Waitapu-2, which has been drilled and cased to 300
metres using a smaller rig. 


On behalf of the Board of Directors

Bruce McIntyre, Executive 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 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 the words
"will", "plan" and similar statements are intended to identify forward-looking
statements. Forward-looking 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; the ability to achieve
commercial production from oil and natural gas prospects; 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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