Wellington, New Zealand--(Newsfile Corp. - May 24, 2022) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announced today it has filed with Canadian regulatory authorities its Q1 2022 consolidated financial results and management discussion and analysis report, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.

Commenting on the Company's first quarter 2022 results, Chairman James Willis said, "The results saw a total comprehensive loss of $99,004. (2021: loss of $360,262). There was a $2,100 decrease in cash held ($460,955 was held at the end of the quarter). Cash provided in operating activities for the quarter was $232,065 (2021: provided $134,442). The Company achieved average net daily production of ~72 boe/d (84% oil) through Q1."

With respect to business development, Mr Willis commented: "NZEC has undertaken analysis and interpretation of the data from the seismic acquired at Tariki during 2021 which confirms the overthrust Tariki structure is a suitable candidate for gas storage. The licence holders have notified the regulator of their commitment to transform the Tariki field into a gas storage facility."

The available data indicates more than 10PJ of gas can be stored in the Tariki formation with injection and production at a rate of 25TJ/day from a single well. Analysis of the AVO attributes at the crest of the Tariki structure from which gas has been produced are consistent with the structure containing remaining crestal gas. The data from a pulsed neutron log provides additional support for this analysis. Reserves evaluators are being engaged to review this analysis.

Further detail about the outcomes of the Tariki 3D seismic survey are contained in the management discussion and analysis report.

Regarding Waihapa/Ngaere, following the installation of appropriately sized gas compression, gas lift is to be introduced to other wells in that area.

On behalf of the Board of Directors

"James Willis"

Chairman

New Zealand Energy Corp.

New Zealand Energy Contacts

Email: info@newzealandenergy.com
Website: www.newzealandenergy.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATES

This document, the consolidated financial statements for the quarter ended 31 March 2022 and the Management's Discussion and Analysis contain certain forward- looking information, forward-looking statements ("forward-looking statements"). The reader's attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates.