NZEC Closes Vancouver Office, Focuses on New Zealand Upstream Assets

New Zealand Energy Corp. (NZEC or the Company) announced Monday the decision to close its Vancouver office while retaining its Canadian company registration and incorporation.

“The decision to close our Vancouver office and focus our attention on New Zealand makes sense because that is where all of our assets and activities are located,” said John Greig, chairman of NZEC.

“Our Vancouver office will close on Dec. 31 as part of ongoing rightsizing activities to ensure the company has a highly competitive operating cost platform. NZEC’s team has been focusing closely on managing costs. Over the past year NZEC has implemented a number of cost savings and this is part of that ongoing process. NZEC is committed to operating as cost effectively as possible, which is essential with current oil prices,” said Greig.

David Robinson, CEO of the New Zealand Business, will step into the role of CEO of NZEC with immediate effect, assuming responsibility for corporate finance and investor relations activities. John Proust, the former CEO of NZEC, will continue as a non-executive director of the Company.

“As a director and the largest shareholder of NZEC, I remain focused on increasing shareholder value,” said John Proust.

“On behalf of NZEC’s Board of Directors and employees, I would like to thank John Proust for his significant and tireless contribution as CEO of NZEC,” said John Greig. “John Proust was the founder of NZEC and had the energy, inspiration and drive to create an important company in the New Zealand oil and gas sector.”

The Vancouver-based senior management team has also resigned as officers of the Company with immediate effect, but will continue to support the Company through to Dec. 31. NZEC has accepted resignations from Gerrie van der Westhuizen as VP Finance, Rhylin Bailie as VP Corporate Communications and Investor Relations, and Eileen Au as Corporate Secretary.


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