NZ New Zealand Energy Corp

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


New Zealand Energy Corp. (TSX VENTURE:NZ) ("NZEC" or the "Company"), an oil and
natural gas company with exploration and development prospects in New Zealand,
is pleased to announce that it has closed the over-allotment option related to
its recently completed initial public offering. Pursuant to the over-allotment
option, NZEC issued an additional 1,910,500 common shares at a price of $1.00
per common share, bringing the aggregate gross proceeds of the initial public
offering to $21,910,500.


In connection with the closing of the over-allotment option, the syndicate of
agents led by Canaccord Genuity Corp. and including GMP Securities L.P.,
Macquarie Capital Markets Canada Ltd., Haywood Securities Inc. and NCP Northland
Capital Partners Inc. (collectively, the "Agents"), received a 6% cash
commission on the proceeds from the sale of common shares. Warrants were also
issued totaling 3% of the common shares issued pursuant to the over-allotment
option, and are exercisable at $1.00 until February 3, 2013.


Net proceeds of the initial public 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 general corporate purposes.


The common shares offered pursuant the over-allotment option were qualified for
distribution pursuant to the long form prospectus of the Company dated July 19,
2011 and filed in each of the provinces of Canada, other than Quebec. The long
form prospectus that details the current affairs on the Company, the
comprehensive work program and further information on the initial public
offering and over-allotment option, is available on SEDAR (www.sedar.com), on
the Company's website (www.newzealandenergy.com) or by contacting NZEC at
info@newzealandenergy.com.


ABOUT NEW ZEALAND ENERGY

NZEC is an oil and natural gas company engaged in the exploration, acquisition
and development of petroleum and natural gas assets in New Zealand. NZEC's
property portfolio collectively covers nearly two million acres in the Taranaki
Basin and East Coast Basin of New Zealand's North Island. NZEC holds two
petroleum exploration permits (Eltham Permit and Castlepoint Permit) and a 50%
interest in a petroleum exploration permit (Alton Permit, pending completion of
certain conditions), one pending petroleum exploration permit pursuant to an
assignment agreement (Ranui Permit), and one pending non-competitive petroleum
exploration permit application (East Cape Permit).


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 program focusing on the discovery of onshore and
offshore oil and natural gas resources in the politically and fiscally stable
country of New Zealand. The Company's strategy is to develop its existing
portfolio of assets and to pursue further exploration opportunities in other
areas with proven hydrocarbon systems. NZEC will continue to evaluate strategic
acquisitions from time to time where it views further exploration and
development opportunities exist, and may participate in future tenders offered
by the Government of New Zealand to acquire additional petroleum exploration
permits or petroleum mining permits.


On behalf of the Board of Directors

John Proust, Chief Executive Officer and Director

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; changes in the cost of operations, including cots of
extracting and delivering oil and natural gas to market, that affect potential
profitability of oil and natural gas exploration; operating hazards and risks
inherent in oil and natural gas operations; volatility in market prices for oil
and natural gas; 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 discussed under "Risk
Factors" in NZEC's Prospectus dated July 19, 2011. 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. In addition, this news release may contain forward-looking statements
attributed to third-party industry sources.


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.

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