Exploration & Production | Quarterly / Earnings Reports
NZEC Talks New Zealand Progress, Acquisition
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New Zealand Energy Corp. as reported its 2012 year-end results as well as detailed its outlook for its New Zealand prospects.
Highlights: Four wells in production at year-end 2012 (2011:one well) 162,444 barrels of oil produced and 162,077 barrels of oil sold during 2012 (2011: 11,623 and 9,567) Total recorded revenue of $16,475,971 (2011: $974,517) Average annual field netback of $70.08 per barrel of oil sold (2011: $78.43) Positive cash flow from petroleum operations (including pre-production recoveries) of $13.8 million (2011: $1.7 million) Invested $40.6 million in resource properties, plant and equipment during 2012 Increased 2P Reserves by 151% compared to year-end 2011, with an undiscounted pre-tax value estimated at $27.5 million Increased exploration permit holdings by 249,326…Finish this article — free account or subscription
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