Corporate Presentation

March, 2015

New Zealand Energy Corp.

Cautionary NotesForward-looking StatementsThis document 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 “being”, “will”, “until”, “estimate”, “forecast”, “will be”, “is considering”, “will proceed”, “plans”, “reactivate”, “recommence”, “would be”, “could be”, “will bring”, “could bring”, “expected”, 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. Such forward-looking statements should not be unduly relied upon. The Company 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. This document contains forward-looking statements and assumptions pertaining to the following: business strategy, strength and focus; the granting of regulatory approvals; the timing for receipt of regulatory approvals; geological and engineering estimates relating to the resource potential of the Properties; the estimated quantity and quality of the Company’s oil and natural gas resources; supply and demand for oil and natural gas and the Company’s ability to market crude oil, natural gas and; expectations regarding the ability to raise capital and to continually add to reserves and resources through acquisitions and development; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the ability of the Company’s subsidiaries to obtain mining permits and access rights in respect of land and resource and environmental consents; the recoverability of the Company’s crude oil, natural gas reserves and resources; and future capital expenditures to be made by the Company. Actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and elsewhere in the document, such as 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 costs 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. Readers are cautioned that the foregoing list of factors is not exhaustive. Statements relating to “reserves and resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can be profitably produced in the future. The forward-looking statements contained in the document are expressly qualified by this cautionary statement. These statements speak only as of the date of this document and the Company does not undertake to update any forward-looking statements that are contained in this document, except in accordance with applicable securities laws. More information is available in the Company’s Annual Information Form for the year ended December 31, 2012, filed on June 17, 2013 on SEDAR at www.sedar.com.

Reserve & Resource EstimatesThe oil and gas reserve and resource calculations and net present value projections were estimated in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGEH”) and National Instrument 51-101 (“NI 51-101”). The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six Mcf: one bbl was used by NZEC. This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on: the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates. Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Revenue projections presented are based in part on forecasts of market prices, current exchange rates, inflation, market demand and government policy which are subject to uncertainties and may in future differ materially from the forecasts above. Present values of future net revenues do not necessarily represent the fair market value of the reserves evaluated. Information concerning reserves may also be deemed to be forward looking as estimates imply that the reserves described can be profitably produced in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause the actual results to differ from those anticipated. Contingent resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters, or a lack of markets. Prospective resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. Undiscovered resources means those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. The resources reported are estimates only and there is no certainty that any portion of the reported resources will be discovered and that, if discovered, it will be economically viable or technically feasible to produce. More information is available in the Company’s Form F1-101F1 Statement of Reserves Data and Other Oil and Gas Information dated April 2, 2014, which is filed on SEDAR at www.sedar.com.

2

Safety is our first priority

Our Commitment

• Systematic approach to health, safety and environment management

• Operate with zero harm to our people

• Protect the environment

• Respect our neighbours and engage with our communities

• Training and safety leadership

• Compliance with all legislative requirements

Methods and tools to deliver our ZERO HARM goal

• NZEC operates a comprehensive health, safety and environment management system

• NZEC enforces 12 life saving rules to keep our people safe

• NZEC uses the New Zealand industry standard common permit to work system – thebenchmark for managing worksite safety across the New Zealand petroleum sector

3

Investment Highlights

Highly prospective property portfolio

• 130,150 total acres on New Zealand’s North Island

• 1,146,036 net acres and a full-cycle production facility in the main Taranaki Basin production fairway

• 1,649,000 boe of 2P reserves with an NPV (10% discount) of $57.9 million 1

Focused in New Zealand, a politically and fiscally stable jurisdiction with a supportive government, excellent tax and royalty regime, and Brent oil pricing

Experienced New Zealand team with exploration and operations expertise

Focused on increasing production and cash flow2

• Optimizing production from existing wells

• Opportunities to advance additional existing wells to production low-cost workovers, rapid tie-in using existing infrastructure

Actively engaging in opportunities to increase financial capacity

Actively seeking farm-in and joint venture partners to fund new drilling

• Significant exploration opportunities across multiple prospective formations

• 62.9mmboe of prospective conventional resources3

1. NZEC’s share of reserves. See detailed Reserve tables and Cautionary Notes. 2. Development and operating costs are to be funded initially by existing working capital and cash flows from production. To carry out all of the planned development activities, the Company is considering a number of options to increase its financial capacity, including additional joint arrangements, commercial arrangements, or other financing alternatives.3. Resources estimated by Deloitte LLP. Best estimate. See Resource tables and Cautionary Notes.

4

Common shares outstanding at March 2015Options outstanding (Exercisable at average $0.54) Warrants issued in Oct 2013 Private Placement (Exercisable at $0.45 until Oct 2015)Warrants issued in Dec 2014 Private Placement (Exercisable at $0.07 until Dec 2015)Fully diluted shares outstanding

187,873,4597,917,200

24,452,17317,000,000

237,242,832

Insider ownership (fully diluted) [Directors and Officers]52 Week High/Low Average Volume (Q4-2014)

~19%$0.255 / $0.025

~200,000 shares/day

Current market cap (March 5th , 2015)2P Reserves 1,649,000 boe1

~$9.4 millionNPV $57.9 million1a

Financial Highlights2

Oil produced during nine-month period ended September 30, 2014 Pre-tax revenue during nine-month period ended September 30, 2014Cumulative third-party revenue earned from Waihapa Production Station (Nov 26, 2014)Average realized oil price for nine-month period ended September 30, 2014Field netback for nine-month period ended September 30, 2014 3

Estimated working capital (November 26, 2014) (excluding materials and supplies of ~NZ$1.9 M)

57,436 bbl$11.5 million

$2.3 million$115.53 / bbl

$66.08 / bbl$1.3 million

Corporate Profile

1. As at 31 December 2013, 1a After tax, 10% discount. 2. As per NZEC’s Q3-2014 interim financial statements, filed on November 26, 2014. 3. NZEC’s wells are producing light (~40 API), high-quality oil that sells at Brent pricing. NZEC calculates its netback as the oil sale price less fixed and variable operating costs and a royalty.

5

Asset Overview – New Zealand’s North Island

1. Reserves and resources estimated by Deloitte LLP. The term barrels of oil equivalent (“boe”) may be misleading. A boe conversion ratio of six Mcf: one bbl was used by NZEC. For effective dates and estimated recovery rates, see NZEC’s most recent annual and interim reserve and resource reports filed on SEDAR in April 2014, the Reserve and Resource tables in this presentation, and the Cautionary Notes. Reserves are updated annually.

ElthamAlton

East Cape

TWN

Permit Working Interest

Net Acres 2P boe Reserves 1

Contingent Resource 1

Prospective Resource 1

Taranaki Basin – Conventional Targets

Copper Moki 100% 944 536,000 - -

Eltham 100% 46,444 - - 31.6 MM bbl

Alton 65% 38,813 - - 45.0 MM bbl

TWN 50% 11,525 1,113,000 580 M boe 11.7 MM boe

East Coast Basin – Conventional and Unconventional Targets

East Cape 100% 1,048,406 - - 355.4 MM bbl

Total 1,146,036 1,649,000 boe 2P Reserves net to NZEC (80% oil)$57.9 million NPV (after tax, 10% discount)

6

Fully Integrated Upstream/Midstream Company

1. NZEC requires additional working capital or a funding partner to commence further production optimization and drilling new exploration opportunities.

97,726 net acres and a full-cycle production facility in the main Taranaki Basin production fairway

Experienced New Zealand team with exploration and operations expertise

Focused on increasing production and cash flow (Q4-2014 ave. 182 bbl/d)1

- Optimizing production from existing wells

- Advancing previously drilled wells to production low-cost workovers, rapid tie-in using existing infrastructure

- New exploration opportunities across multiple prospective formations

7

Multiple Prospective Formations in Taranaki Basin

Moki

Tikorangi

Kapuni

Mt Messenger

Kapuni Group

2,500 metres

3,000 metres

3,500 metres

4,000 metres

Approximate Depth

8

Inventory of Taranaki Leads

Waitapu

Copper Moki

ArakamuWairere

Horoi site

9

NZEC Production & Development Wells (Status at Jan/Feb 2015)

Average Daily Oil Production During 2014/15 net to NZEC (bbl/d)

May Jun Jul Aug Sep Oct Nov Dec Jan

201 231 202 205 205 212 183 153 151

Well Name Permit Formation NotesProducing WellsCopper Moki-1 Copper Moki Mt. M Producing since Dec 2011Copper Moki-2 Copper Moki Mt. M Producing since Apr 2012Waitapu-2 Copper Moki Mt. M Producing since Dec 2012Ngaere-1 TWN Tikorangi Oil prod. reactivated Nov 2013

Producing on rest/recoveryNgaere-2A TWN Tikorangi Oil prod. reactivated Nov 2013

Producing on rest/recoveryNgaere-3 TWN Tikorangi Oil prod. reactivated Nov 2013

Producing on rest/recoveryWaihapa-H1 TWN Tikorangi Oil prod. reactivated Nov 2013

Producing on rest/recoveryWaihapa-6A TWN Tikorangi Oil prod. Reactivated Nov 2013

Producing on rest/recoveryToko-2B TWN Tikorangi Oil prod. Reactivated Nov 2013

ESP installed June 2014 producing on rest/recovery

Waihapa-8 TWN Mt. M Commenced oil prod on gas lift . Mar 2014

Waihapa-2 TWN Mt. M Commenced oil prod. Apr 2014Recompleted as upper/lower

sand selective with jet pump Dec 2014

Producing wells current shut-inCopper Moki-3 Copper Moki Mt. M Producing since Jul 2012, shut-in

pending down hole pump repairAdditional OpportunitiesWaihapa-1B TWN Tikorangi Evaluating potential for productivity

enhancement of TikorangiHoroi Alton Mt. M Potential new exploration well

Mt. M = Mt. Messenger Formation

10

Waihapa Production Station Assets1

Full-cycle facility with gathering and sales pipeline infrastructure

Oil & Water 25,000 bbl/d oil handling facility 18,000 bbl/d water handling capacity 7,800 bbl oil storage capacity 49 km 15,500 bbl/d oil sales pipeline from Waihapa to Shell’s Omata Tank Farm

Gas & LPG 45 mmcf/d separation and compression capacity 70 tonne/d LPG processing capacity 51 km 8-inch gas sales pipeline from Waihapa to New Plymouth Storage bullets for LPG

Water disposal operations 3,600 bbl water storage capacity 9,000 bbl/d water injection capacity

Includes 100 acres of land providing a buffer zone surrounding the facility

1. NZEC and L&M Energy formed a 50/50 joint venture to explore, develop and operate the TWN Licenses and Waihapa Production Station. 11

Full-cycle Production Station

12

Proprietary Merged 3D Seismic Database

Reprocessed datasets

Combined five 3D surveys

Total area covered (full fold) 555 km2

Processing includes pre-stack merge, post-stack time migration, and pre-stack time migration

Greater geological understanding of basin reduces drilling risk by providing consistent interpretation of seismic anomalies and the correlation with production success and pool size

Volume Vintage Area (km2)

Kapuni 1989 305

Waihapa 1989 43

Eltham 2002 20

Brecon 2006 74

Rotokare 2012 110

ELTHAM ALTON

WAIHAPA

NGAERE

TARIKI

13

Individual 3D Surveys = Mismatched Data

Kapuni 3D Rotokare 3D

1989 2012

14

Proprietary Merged 3D Datasets Increased Chance of Success

Kapuni 3D Rotokare 3D

Reprocessed and merged 2013-2014

15

Mt. Messenger Opportunities

Drill-proven formation Significant discoveries to the west (TAG: Cheal), south (NZEC:

Copper Moki, Waitapu) and east (Kea: Puka) Prospective resources: 2,061,000 bbl oil (100% basis)1

Miocene oil and gas shows across TWN acreage

Low-cost production potential in existing wells 2

Copper Moki water flood (see separate slide) Waihapa 2 Jet Pump project successfully completed in

December 2014

New exploration opportunities 2

More than 18 new Mt. Messenger leads identified on 3D seismic on TWN Licenses

None of these leads intersected by existing wells Drill pads and gathering systems in place reduced drilling

expense, expedited tie-in, reduced opex Additional drill targets on Eltham and Alton permits1. Prospective resources for Mt. Messenger formation only, shown on a 100% basis. Additional ~640,000 bbl prospective resources estimated for Urenui and Moki formations. Resources attributable to NZEC at 50%. See TWN Resource Estimate and Cautionary Notes. 2. To carry out planned development activities, the Company is considering a number of options to increase its financial capacity, including additional joint arrangements, commercial arrangements, or other financing alternatives. NZEC requires additional working capital or a funding partner to commence drilling new exploration opportunities.

16

Copper Moki/Waitapu Development

Current Status

• Copper Moki-1, Copper Moki-2 and Waitapu-2 producing on rod pump.

• Copper Moki-3 shut-in (sand) - pending down hole pump repair

• Jan-2015 average rates were 27, 47 and 20 bopd for CM-1, CM-2 and W-2 respectively. No significant water.

Observations

• Copper Moki-1 and Waitapu-2 in good pressure communication. No clear evidence of communication with Copper Moki-2 or Copper Moki-3.

• Expected recovery from existing depletion drive mechanisms 10-15% of OOIP. Implementing water flood could increase recovery to 25-40% of OOIP.

• Assuming CM-1/W-2 15% primary recovery of 230,000 bbls the incremental oil associated with a water flood could be 150,000 – 380,000 bbls.

17

Copper Moki Water Flood Proposal

Strategy

Increase oil production rate and recovery factor by introducing a water flood to the Copper Moki 1 /Waitapu-2 reservoir;

• Expect recovery factor to increase by 10-30%• Increase production from Copper Moki with gas piped by existing pipeline to WPS • Eliminates requirement to install Waitapu-2 gas pipeline (~$800,000 savings)

Proposed Work Program Workover and complete Waitapu-2 for water injection

Install water injection facility at Waitapu

Estimated cost to undertake this exercise1

NZ$0.5m

18

1. To carry out planned development activities, the Company is considering a number of options to increase its financial capacity, including additional joint arrangements, commercial arrangements, or other financing alternatives. NZEC requires additional working capital or a funding partner to commence drilling new exploration opportunities.

Copper Moki Performance

Combined CM-1/W-2 decline trend

Projected recovery through depletion drive mechanisms ~230,000 bbls (estimated at 15% recovery)

Rebuilding pressure expected to increase production and total hydrocarbon recovery

19

TWN Tikorangi Limestone Upside Potential

Current Status

• Intermittent flow due to ineffective artificial lift mechanisms.

• Jan 15 average 105 bopd with 256 bwpd

• Six wells available for production (N-1,N-2A,N-3,T-2B,WH-1,W-6A)

• One well available for water disposal (W-7A)

Observations

• Complex fractured reservoir system

• Long standing belief that by-passed oil exists in low permeability fracture systems. Un-swept oil could exist in pockets or be distributed across the whole structure.

• Up-dip oil may exist but structural uncertainty, possibility of a gas cap and rapid water breakthrough changes risk profile.

• Drilling option appropriate if targeting up-dip oil but of little or no value in targeting by-passed oil.

• Oil recovery has been almost entirely associated with aquifer movement. If aquifer can be “out run”, depletion drive mechanism is expected to mobilize stranded oil.

20

Tikorangi Development Proposal

Strategy Increase total liquid production to 12-16,000 bpd with objectives being;

• Restore normal decline trend for primary oil recovery.• Attempt to outrun aquifer, reduce reservoir pressure below historic low and mobilise stranded oil.

Work Program stage one1

Run ESP in Waihapa-6A (based on Schlumberger gas lift analysis, pressure available for gas lift is insufficient to make good use of existing mandrels).

Recomplete an existing well to Matemateaonga formation for 2nd water disposal well.

Work Program stage two Ngaere-1 and Ngaere-2A artificial lift to be finalised which could include a further ESP or jet pumps.

1. Work programme based on current technical analysis. Subject to ongoing evaluation and engineering review and funding.21

Normal decline trend established pre-1998 with total liquid production >10,000bpd

Success case expects 400-500 bopd

Estimated cost to undertake this exercise – NZEC share ~NZ$1.5m1

Future Tikorangi Development Proposal Increasing production to restore original decline trend

Without effective artificial lift total liquid production fell

High volume artificial lift ceased in 1998

Production now based on intermittent flow.

Returning to the established trend could result in 2MMbbl depending on economic limit

221. Work programme based on current technical analysis. Subject to ongoing evaluation and engineering review and funding.

TWN Kapuni Group

Drill-proven formation

Kapuni Gas Field onshore oil/gas discovery (Shell/Todd) producing since 1969

• Estimated ultimate recovery of 1,365 billion cf (Bcf) natural gas and 66 million bbl condensate

TWN Licences tested by four wells all encountered gas in the Kapuni Group

Two potential Kapuni well locations identified1

2013 Deloitte Resource Estimate 2

Contingent resource: 5.0 Bcf gas, 233,000 bbl NGL (100% basis)

Prospective resource: 95.8 Bcf gas, 4.5 million bbl NGL (100% basis)

Discovered PIIP: 13.8 Bcf gas (100% basis)

Undiscovered PIIP: 261.1 Bcf gas (100% basis)

1. Kapuni exploration contingent on finding a funding partner. 2. Shown on a 100% basis, attributable to NZEC at 50%. See TWN Resource Estimate and Cautionary Notes. Effective date 30 April 2013.

23

East Coast Basin Oil Shales

Advancing unconventional oil shales Over 300 oil and gas seeps sourced back to two

oil shale formations NZEC has drilled three wells to take core

samples from the Waipawa Black Shale1

• Late Paleocene• 10-50 metres thick• TOC typically 2-6%, up to 12%• S2 typically 5-20 kg HC/t rock• Kerogen Type II + III• Shale porosity 5-10%• Quartz 46-56%• Clay 28-38%• Carbonate 0-4%

NZEC’s East Cape Permit

1,048,406 acres Exploration period granted to Dec 2018 Estimated prospective resources2

• Conventional: 53.3 million bbl oil• Unconventional: 302.1 million bbl oil

1. Technical data for Waipawa Black Shale gleaned from both NZEC’s work and other technical work in the region. 2. Resource estimate completed by Deloitte LLP with an effective date of February 1, 2011. Best estimate assuming 9% recovery for conventional resources and 2% recovery for unconventional resources. See Taranaki and East Coast Resource Estimates and Cautionary Note Regarding Reserve & Resource Estimates.

24

East Coast Geology

Complex fold and thrust belt, NZEC block contains intact and over thrust strata

Poor to good source rock characteristics

Poor to marginal thermal maturity from outcrop and well samples

PEP 52976

25

Board of Directors

Name Expertise Experience

John Greig, M.Sc, P.GeoChairman

• Founder and financier of numerous mining and oil and gas companies. Specializing in recognizing undervalued geological assets

• Founder, Director & Officer Sutton Resources, Cumberland Resources Ltd., Eurozinc Mining Corp., Crown Resources Corp.

David Robinson, B.A, G.C.M

Director, Chief Executive Officer

• More than 20 years management experience in the oil and gas industry across commercial, operations, health and safety and governance.

• CEO, Petroleum Exploration & Production Assoc. of New Zealand

• Commercial General Manager, Z Energy• Director, other downstream commercial positions, Shell

John Proust, C.DirDirector

• Proven track record of building companies from grass roots to advanced development. Specializes in identifying undervalued assets on a global basis

• Chairman, Director & CEO, Southern Arc Minerals Inc.• Chairman, Director & Interim CEO, Eagle Hill Exploration Corp.• Chairman, Canada Energy Partners Inc.

Hamish Campbell, B.Sc (Geology), FAusIMM

Director

• Professional geologist with 30 years of experience managing exploration programs, evaluation and assessment of joint ventures and acquisitions

• Director of a number of New Zealand limited liability mineral and petroleum companies

• Principal Indonesian mining service company

26

NZEC – Key Personnel

Name Expertise Experience

David Robinson, Director, Chief Executive Officer

• More than 20 years management experience in the oil and gas industry across commercial, operations, health and safety and governance.

• CEO, Petroleum Exploration & Production Assoc. of New Zealand• Commercial General Manager, Z Energy• Director, other downstream commercial positions, Shell

Mike Oakes,General Manager Operations

• More than 30 years of international oil and gas experience overseeing design, commissioning and start up, staffing and operation of oil and gas fields and production facilities

• Operations Manager, Asset Manager and Operational Excellence Advisor, Origin Energy

• Technical Advisor, Total E&P Borneo

Derek Gardiner, MBS CA ACISChief Financial Officer

• More than 25 years international financial management, governance and joint venture experience in the oil and gas industry.

• Commercial and Finance Manager, Origin Energy, NZ• CFO, Austral Pacific• Finance Director, Shell Development Australia• Senior Manager Business Planning, Sarawak Shell Bhd

Stewart Angelo,Engineering & Maintenance

Manager

• 25 years in oil and gas midstream assets focused around development and implementation of procedures and processes for asset management systems

• Engineering Officer with New Zealand Merchant Navy• Maintenance Engineer, Fletcher Challenge• Director of Productive Maintenance

Peter Kingsnorth,Operations Manager

• Mechanic and Fitter Turner with over 25 years of experience in oil and gas plant commissioning and start up, staffing and operation of oil and gas fields and production facilities

• Mechanical Supervisor, Fitzroy Engineering• Project Operations Lead, Ahuroa Gas Storage Facility• Operations Team Leader, Origin Energy

Simon Ward, BSc (Hons), PhD Geoscience and Compliance

Manager

• 13 years experience as geological consultant based in Wellington New Zealand, and 4 years experience with NZEC. Specialist in petroleum geology related to Taranaki and other New Zealand basins

• Drilling risk assessment and well design• Well site and operations geology• Production analysis, modeling and report• Regulatory compliance and Resource Consent applications

Newton Cockerill, B.ComFinancial Controller

• Accountant with 20 years of finance experience, including 7 years in the oil and gas industry

• Expertise in budgeting, forecasting, strategic planning, financial reporting, consolidation and control

• Progressively senior positions within private sector• Recent roles include 5 years with Origin Energy as Business Performance and

Accounting Manager, and 5 years with Orange Plc in the UK as Senior Consolidation Analyst

Jason Rowe,Health & Safety Manager

• 13 years health, safety and environmental experience within the oil, gas and construction industry advancing safety cultures, compliance and HSE management systems

• HSE CNPC Chuanqing Drilling Engineering Company - Kapuni Tight Gas Project (STOS) and Cheal C (TAG)

• HSE Kaefer Integrated Services – NP Power Station Project for Contact Energy

• HSE Chain Resources – Drilling for Origin Energy

David Hoke, BScPetroleum Engineer

• 38 years experience working for major and independent oil companies around the world. Most recent experience has focused on reservoir management, production optimization and new filed exploration

• Reservoir Engineering Specialist BP (ARCO Indonesia)• Reservoir/Production Engineer, Swift Energy New Zealand• Consulting Reservoir Engineer Murphy Oil Malaysia• Reservoir Engineer Team Leader ROC Oil Beijing China

27

Contact NZEC

Corporate Head OfficeDavid Robinson, Chief Executive Officer119-125 Devon Street EastNew PlymouthNew ZealandPhone: + 646-757-4470

info@newzealandenergy.com

www.NewZealandEnergy.com

28

Appendix

29

NZEC Reserve Estimate (net to NZEC)1

1. Reserves on NZEC’s Copper Moki Permit are restricted to the Mt. Messenger Formation. NZEC’s on the TWN Licenses are restricted to the Tikorangi Formation in the Waihapa and Ngaere permits. See NZEC’s Form 51-101 Statement of Reserves Data dated April 2, 2014, filed on SEDAR at www.sedar.com.

Proved Developed Producing 517,000 935,000 40,000 713,000 $18,452,900 Proved Developed Non-producing 181,000 554,000 27,000 301,000 $19,574,600 Proved Undeveloped 111,000 88,000 3,000 129,000 $3,806,300 Total Proved 809,000 1,576,000 71,000 1,143,000 $41,833,800 Probable 359,000 683,000 34,000 506,000 $16,072,000 Proved + Probable 1,168,000 2,260,000 104,000 1,649,000 $57,905,800

Notes: 1. Reserve estimates calculated by Deloitte LLP with an effective date of December 31, 2013. 2. bbl – barrels. Mcf – thousand cubic feet of natural gas. boe – barrels of oil equivalent3. Reserves net to NZEC after deduction of royalty obligations to the New Zealand government and Origin Energy Resources NZ (TAWN) Limited.

4. See Cautionary Note Regarding Reserve and Resource Estimates.

3. Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. The boe conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Marketable Oil and Gas ReservesAs at December 31, 2013Forecast Prices and Costs

Reserves CategoryLight & Medium Oil

(bbl)Natural Gas

(Mcf)Natural Gas Liquids (bbl)

Barrels Oil Equivalent (boe)

NPV, After Tax (10% Discount)

30

TWN Resource Estimate (NZEC’s 50% Interest)1

Formation Product Type Low Best High

Contingent Resources

Miocene Sands (Mt. Messenger) Oil (Mbbl) 17 44 101

Eocene Sands (Kapuni Group)Gas (MMcf – sales) 1,257 2,518 5,168

NGL (Mbbl) 51 117 263

Total BOE (Mboe) 277 580 1,225

Prospective ResourcesMiocene Sands (Urenui, Mt. Messenger, Moki) Oil (Mbbl) 803 1,471 2,866

Eocene Sands (Kapuni Group)Gas (MMcf – sales) 21,417 47,919 113,212

NGL (Mbbl) 955 2,249 5,688

Total BOE (Mboe) 5,327 11,706 27,422

Discovered PIIP

Miocene Sands (Mt. Messenger) Oil (Mbbl) 164 341 700

Eocene Sands (Kapuni Group) Gas (MMcf – raw) 3,606 6,885 13,468

Total BOE (Mboe) 764 1,488 2,945

Undiscovered PIIPMiocene Sands (Urenui, Mt. Messenger, Moki) Oil (Mbbl) 5,658 10,221 18,902

Eocene Sands (Kapuni Group) Gas (MMcf – raw) 59,491 130,540 302,930

Total BOE (Mboe) 15,573 31,978 69,390

1. NZEC’s 50% share of TWN Resources as estimated by Deloitte with an effective date of April 30, 2013 assuming 9 to 14% recovery for oil resources and 50% for gas resources. See Cautionary Note Regarding Reserve and Resource Estimates.

31

Copper Moki Performance

Original reservoir pressure depicted by Copper Moki 1 in Sept-2011.

Waitapu-2 completion encounters ~1000 psi depletion in Dec-2012.

Decline in production rate associated with pressure depletion.

32

Historical Production – Tikorangi Formation

1. Select production data using publicly available information regarding wells that produced oil on the TWN Licences.

Well name 1 Max bbl/d Total bbl produced

Ngaere-1 7,537 4,337,084

Ngaere-2 3,658 1,002,565

Ngaere-3 8,652 1,089,505

Toko-2B 1874 194,737

Waihapa H-1 1,953 45,349

Waihapa-1B 4,804 4,909,317

Waihapa-2 3,182 4,798,752

Waihapa-4 2,674 2,990,189

Waihapa-5 979 91,055

Waihapa-6A 4,674 4,262,707

23.6 million bbl of historical production1

33

Future Tikorangi Development ProposalIncreasing production to initiate depletion drive mechanisms

Strategy is to mobilise oil by reducing reservoir pressure below historic low (~1994).

Enhanced recovery potential depends on level of pressure depletion achieved.

34

Analyst Coverage

Company Analyst Contact

Dundee Capital Markets Jessica Lindskog +44-203-440-6872

Mackie Research Bill Newman +1-403-750-1297

M Partners David Buma +1-416-603-7381

Prosdocimi Dorian Prosdocimi +44-207-199-3000

35