1

Annual General Meeting

June 15, 2012

Annual General Meeting

June 15, 2012

2

Annual General Meeting 2012

Agenda

Opening remarks: John Proust, CEO

Business of the meeting: Jed Hops, Legal Counsel

Corporate update: John Proust

Shareholder Q&A: John Proust and Ian Brown, COO

3

NZEC Board of Directors

John GreigChairman

John Proust Bruce McIntyre Hamish Campbell Ken Truscott

4

Corporate UpdateCorporate Update

Forward‐looking Statements

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This presentation contains 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 “expand”, “repeat”, “increase”, “unlock”, “build”, “de‐risk”, “target”, “advance” and similar expressionsare intended to identify forward‐looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actualresults or events to differ materially from those anticipated in such forward‐looking statements. The Corporation believes the expectations reflected in thoseforward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward‐looking statementsincluded in the presentation should not be unduly relied upon. These statements speak only as of the date of the presentation. The presentation contains forward‐looking statements pertaining to the following: business strategy, strength and focus; the granting of regulatory approvals; the timing for receipt of regulatoryapprovals; the resource potential of the Properties; the estimated quantity and quality of the Corporation’s oil and natural gas resources; projections of marketprices and costs and the related sensitivity of distributions; supply and demand for oil and natural gas; expectations regarding the ability to raise capital and tocontinually add to resources through acquisitions and development; treatment under governmental regulatory regimes and tax laws, and capital expenditureprograms; expectations with respect to the Corporation’s future working capital position; capital expenditure programs; and abandonment and reclamation costs.With respect to forward‐looking statements contained in the presentation, assumptions have been made regarding, among other things: future commodity prices;the Corporation’s ability to obtain qualified staff and equipment in a timely and cost‐efficient manner; the impact of any changes in New Zealand law; theregulatory framework governing royalties, taxes and environmental matters in New Zealand and any other jurisdictions in which the Corporation may conduct itsbusiness in the future; the ability of the Corporation's subsidiaries to obtain subsequent mining permits, access rights in respect of land and resource andenvironmental consents; the recoverability of the Corporation’s crude oil, natural gas and natural gas liquids resources; the applicability of technologies forrecovery and production of the Corporation’s oil, natural gas and natural gas liquids resources; the Corporation’s future production levels; the Corporation’s abilityto market crude oil, natural gas and natural gas liquids production; future development plans for the Corporation’s assets unfolding as currently envisioned; futurecapital expenditures to be made by the Corporation; future cash flows from production meeting the expectations stated herein; future sources of funding for theCorporation’s capital program; the Corporation’s future debt levels; geological and engineering estimates in respect of the Corporation’s resources; the geographyof the areas in which the Corporation is exploring; the impact of increasing competition on the Corporation; and the Corporation’s ability to obtain financing onacceptable terms, or at all. Actual results could differ materially from those anticipated in these forward‐looking statements as a result of the risk factors set forthbelow and elsewhere in the presentation: the speculative nature of exploration, appraisal and development of oil and natural gas properties; uncertaintiesassociated 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 pricesfor oil and natural gas; market conditions that prevent the Corporation from raising the funds necessary for exploration and development on acceptable terms orat 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 andproduction; changes in exchange rates, laws of New Zealand or laws of Canada affecting foreign trade, taxation and investment; failure to realize the anticipatedbenefits of acquisitions; and other factors. Readers are cautioned that the foregoing list of factors is not exhaustive. Statements relating to “resources” are deemedto be forward‐looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can beprofitably produced in the future. The forward‐looking statements contained in the presentation are expressly qualified by this cautionary statement. Except asrequired under applicable securities laws, the Corporation does not undertake or assume any obligation to publicly update or revise any forward‐lookingstatements.

6

Building a Leading Oil & Gas Company

Properties – Captured dominant exploration land position in New Zealand

People – Recruited highly experienced technical and management team, forged Cooperation Agreement with New Zealand iwi partners

Plan – Proved conventional geological model• Three consecutive Mt. Messenger formation oil discoveries• Oil discovery in Urenui formation• Discovery of reservoir‐quality rock and hydrocarbons in Moki formation

Capital – $21M at $1/share in August 2011 IPO, $63M at $3/share in March 2012

Performance – Share price appreciation, positive cash flow• Share price up 106% since IPO, trading range $0.90 – $3.79• Average trading volume of 550,000 shares per day• $4.5M positive cash flow in Q1‐2012

Growth – Expanded acreage, infrastructure and drilling inventory

7

ProductionProduction7

ProductionProduction

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Taranaki Basin – Production 

1. Natural gas production currently being flared pending completion of a gas pipeline, with tie‐in to Waihapa Production Station on target for end of Q2‐2012. 2. Netback calculated as oil sale price less fixed and variable operating costs and a 5% royalty.  Q1‐2012 netback of US$90/bbl based on average realized oil price of US$117, and will fluctuate based on prevailing oil price 3. Management prepared production forecast based on operational success in the Taranaki basin, planned drilling of a total of ten wells in 2012, completion of natural gas pipeline allowing for marketing of natural gas production and continued performance in line with existing oil and natural gas production.

• Three consecutive Mt. Messenger formation discoveries• CM‐1 and CM‐2 producing from natural reservoir pressure

• Sweet, high‐quality 41o API oil• May production averaged ~990 boe/d (578 bbl/d and 2,475 mcf/d1) through 24/64 inch choke

• CM‐3 expected to achieve production toward end of June

• Evaluating lift options for CM‐4• Top‐tier netback in Brent pricing environment2

• Natural gas and associated liquids tie‐in by end of June  additional cash flow

• Forecast 3,000 boe/d by year‐end 20123

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Taranaki Basin – Report Card

Copper Moki‐1 Copper Moki‐2

Cumulative production to date

Cumulative revenue to date1

Current oil production2

Reserves

75,659 bbl

$7,755,000

~218 bbl/d

412,000 boe 3P

42,390 bbl

$4,345,000

~357 bbl/d

n/a

Gas and liquids opportunity

Gas to be tied in2

Liquids to be tied in2

Estimated incremental daily revenue3

850 mcf/d

50 bbl/d

$5,275

1,510 mcf/d

90 bbl/d

$9,415

1. Total revenue generated from barrels of oil produced as at May 31, 2012. 2. Average daily production for month of May 2012. 3. Assuming $4/mcf of natural gas and $37.50/bbl of liquids.

ExplorationExploration

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• Proven hydrocarbon basin producing  ~130,000 boe/day from 18 fields

• 2 permits with more   than 33 leads

• 2D seismic coverage: 60,666 km

• 3D seismic coverage: 5,802 km2

170,649Net acres 1

843 MMBarrels OOIP 1,4

77.1 MMBarrels conventional prospective resource 1,3

1. Assumes NZEC completes the requirements to increase its interest in the Alton permit from 50% to 65%, as per an agreement with L&M Energy Limited. 2. Reserves estimate based on reservoir and production data from Copper Moki‐1 with a Dec 31, 2011 cut‐off. 3. Net Prospective Resource as identified by AJM Petroleum Consultants (best estimate) assuming 9% recovery.  4. Net Undiscovered Petroleum Initially in Place (OOIP) as identified by AJM Petroleum Consultants. See Cautionary Note Regarding Reserve & Resource Estimates. 

412,200 Barrels oil equivalent 3P reserves 2

Taranaki Basin

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• Permits on trend with existing oil and gas fields

• Exploration strategy• Mt. Messenger is primary target• Use 3D seismic to identify leads• Prioritize leads with multi‐zone potential  high impact exploration with low incremental capital cost

• Significant drilling inventory of 3D defined leads• Up to four wells per lead• Up to 1 MM bbl recoverable per well

• Eight well drilling program commencing in August 2012

~20,000 boe/d productionsurrounding NZEC permits

Copper Mokidiscovery wells x 

Taranaki Basin – Exploration

13

Taranaki Exploration Strategy

Copper Moki wells x 

14

Multi‐zone PotentialSeismic Cross Section Cheal ‐ Copper Moki ‐ Taranaki Thrust Fault Zone

15

• World‐class resource potential in two oil shale packages

• 1.4 B bbl conventional OOIP 3

• 20.9 B bbl unconventional OOIP 3

• 2 permits issued, 1 permit pending 1

• 2D seismic coverage: 14,535 km• 3D seismic coverage: 1,390 km2

1.8 MNet acres 1

126 MMBarrels conventionalprospective resource 2

478 MMBarrels unconventional prospective resource 2

1. East Cape Permit pending Crown approval. 2. Net Prospective Resource as identified by AJM Petroleum Consultants (best estimate) assuming 9% recovery for conventional resources and 2% recovery for unconventional resources.  3. Net Undiscovered Petroleum Initially in Place (OOIP) as identified by AJM Petroleum Consultants. See Cautionary Note Regarding Reserve & Resource Estimates. 

East Coast Basin

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• Over 300 oil and gas seeps sourced back to two oil shale formations

• Advancing technical understanding of shale targets to plan 2013 exploration• NZEC analyzing results from three stratigraphic wells

• NZEC completing 100 km of 2D seismic in 2012

• Apache Corp. and TAG Oil exploring offsetting permits

East Coast Basin – Exploration

GrowthGrowth

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Strategic Taranaki Acquisition

Upstream Assets• Four Petroleum Licenses covering 26,907 acres, contiguous with Eltham and Alton permits

Midstream Assets• Waihapa Production Station – includes facilities for gas processing, C3 plus liquids recovery, oil processing and water disposal with associated gathering and sales pipelines 

Deal Terms• Purchasing assets from Origin Energy• C$42 million plus 5% gross overriding royalty to Origin

• Expected to close in October 2012 subject to a number of conditions precedent

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Transaction Rationale

Prime acreage in heart of Taranaki fairway• 26,907 acres offering 3D‐defined drilling leads, well control from 27 logs and near term tie‐in potential• 16 drill pads with infrastructure provide opportunity for near‐term drilling and immediate tie‐in of 

discoveries• Significant increase to drilling inventory

• 200% increase in Mt. Messenger leads defined by 3D seismic

Accelerated tie‐in timelines and cost savings for gas and liquids production• Having oil and gas gathering lines in place reduces tie‐in timeline by 6 to 9 months

• $2.5 M to $3.6 M1 savings / well• Controlling midstream infrastructure could reduce processing costs by ~$0.7 M to $1.4 M1 per well

Taranaki capital program remains intact• Acquisition funded through strategic capital, working capital on hand and cash flow• Drilling eight Taranaki wells in H2‐2012 • Waihapa Production Station and pipeline infrastructure will facilitate growth beyond 25,000 boe/d• Control of Taranaki oil and gas processing hub and infrastructure strategically positions NZEC

1.  Present value of estimated cost savings discounted at 10%.  Assumes acceleration of the tie‐in of new wells, savings on pipelines and midstream cost savings.

Upstream Assets – Expanded Drilling Inventory

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Four Petroleum Licenses• Renewable without relinquishment• Resource consents in place• 16 established drill pads, most with oil and gas gathering lines in place

Expanded inventory of 3D seismic leads• 93 km2 3D seismic data, 585 km 2D seismic data

• 8 Urenui leads• 14 Mt. Messenger leads• 8 Moki leads• 6 leads on 2D seismic, assessment of Kapuni potential underway

Upstream Assets – Existing Wells

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Uphole completion potential• Previous wells penetrated NZEC’s target formations

• Well log data from 27 wells • Well control expedites exploration cycle time, reduces drilling risk

• Data demonstrate production potential from Mt. Messenger and Kapuni formations, with good hydrocarbon shows in Moki and Urenui formations

• Uphole completion potential in existing wells across target formations

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Midstream Assets – Waihapa Production Station

Oil handling

Water handlingGas compression TAWN LPG facilities

Condensate tank

Propane, butane and LPG tanks

Water reservoir

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Midstream Assets – Waihapa Production Station

• Waihapa oil facility• 25,000 bbl/d oil processing facility• 7,800 bbl oil storage capacity• 49‐km 15,500 bbl/d oil sales pipeline from Waihapa to Omata Tank Farm

• TAWN gas facility• 45 mmcf/d LPG separation capacity• 44 mmcf/d compression capacity• 51‐km 8‐inch gas sales pipeline from TAWN to New Plymouth• Storage tanks for LNG, butane and propane

• Water disposal operations• 3,600 bbl water storage capacity• 18,000 bbl/d water injection capacity

• Various contracts relating to Waihapa Production Station• 100 acres of buffer fields surrounding Waihapa Production Station

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Acquisition Purchase Price Consideration

From Initial Public Offering (August 2011)Funds allocated for acquisitionWorking capital and other

$2,500,000$2,500,000

From March 2012 FinancingUnallocated working capitalCastlepoint exploration (scheduled for 2013)East Coast 2D seismic savings

$19,800,000$5,000,000$2,200,000

$32,000,000

Anticipated cash flow from production $10,000,000

Total purchase price consideration $42,000,000

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Taranaki Exploration Inventory

• In addition to its Mt. Messenger focus, NZEC is exploring three secondary formations over the Eltham and Alton permits: the Urenui, Moki and Kapuni

• Interpretation of 100 km2 Eltham/Alton 3D seismic survey and well log data from the new Petroleum Licenses will further delineate exploration prospects

NZEC Exploration Permits Leads & Prospects

Wells per Lead/Prospect

Potential Inventory(Wells)

3D defined Mt. Messenger prospects 6 2 - 4 14 - 28

2D defined Mt. Messenger leads* 12 2 - 4 24 - 48

Total Mt. Messenger 19 38 - 76

New Petroleum Licenses Exploration Opportunities(Preliminary review of data)

3D defined leads 8 Urenui, 14 Mt. Messenger, 8 Moki

2D defined leads 6 currently identified, Kapuni evaluation underway

Existing wells Uphole completion opportunities in Urenui, Mt. Messenger, Moki

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OutlookOutlook

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Adding Value in 2012

Significant catalysts in H2‐2012• Achieve continuous production from CM‐3  additional cash flow• Tie‐in gas pipeline to Waihapa Production Station  additional cash flow• Update reserve estimate• Eight well drilling program commencing in August• Rapidly advance successful wells to production using existing facilities• Interpret 100 km2 of 3D seismic to expand drilling inventory• Complete acquisition of Petroleum Licenses and Waihapa Production Station• Evaluate new leads and uphole completion opportunities• Refine exploration strategy for East Coast oil shales using 2D seismic data and shale cores

• Achieve 3,000 boe/d by year‐end 2012

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Adding Value in 2013

Production• Increase reserves, production and cash flow through exploration success

Exploration• Drill one well per month into conventional Taranaki targets

• Drill at least one exploration well to evaluate East Coast oil shale formations

Growth• Continue to evaluate acquisition and farm‐in opportunities

• Continue to expand team to support growth plans

2929

Collaborative Partnerships

• Forged Cooperation Agreement with New Zealand iwipartners

• Employ more than 70 people from local communities

• Committed to bringing long‐term benefits to community partners

Cooperation Agreement MeetingFebruary 22, 2012

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Board of Directors

Name  Expertise Experience

John A. 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.

John G. Proust, C.Dir.CEO

Director

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

• Chairman, CEO & Director,  Southern Arc Minerals Inc.• Chairman, Canada Energy Partners Inc.• Executive Chairman, Superior Mining International Corp.

Bruce G. McIntyre, P.Geol.

President, Director

•Professional  petroleum geologist with over 30 years of proven  exploration and development oriented value creation  

•President, CEO Sebring Energy Inc.• President, CEO TriQuest Energy Corp.• President, CEO BXL Energy Ltd.,• Exploration Manager Gascan Resources Ltd.

D. Kenneth TruscottDirector

• Senior executive with over 30 years of corporate development and negotiation experience in the Canadian oil and gas industry

• Senior Vice President, Land & Business Development Crew Energy Inc.

• Founder, CEO Morpheus Energy Corp.

Hamish J. CampbellB.Sc. (Geology), 

FAusIMMDirector

•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• Executive Vice President, Southern Arc Minerals Inc.

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Executive Team

Name Expertise Experience

John G. Proust, C.DirCEO

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

• Chairman, CEO & Director,  Southern Arc Minerals Inc.• Chairman, Canada Energy Partners Inc.• Executive Chairman, Superior Mining International Corp.

Bruce G. McIntyre, P.Geol.President

•Professional  petroleum geologist with over 30 years of proven  exploration and development oriented value creation  

•President, CEO Sebring Energy Inc.• President, CEO TriQuest Energy Corp.• President, CEO BXL Energy Ltd.,• Exploration Manager Gascan Resources Ltd.

Ian R. Brown, D.Eng MIPENZ

Chief Operating Officer

•Professional geological engineer•Management of technical teams

•Director, Ian R Brown Associates Ltd since 1985•Director, Hugh Green Energy Ltd• Consultant on many resource appraisal and development projects in New Zealand

Cliff ButchkoP.Eng, MBA (Hon)

Senior VP

•Professional engineer with over 30 years experience evaluating and managing oil and gas resources

• President Omni Oil and Gas Inc.• Vice President Lexoil Inc.• Partner and Co‐founder TIFF advisory group• Senior technical positions in several resource companies

Jeff Redmond, CA Chief Financial Officer

• Finance, mergers & acquisitions, and taxation• Public company reporting and assurance

• Former Director of Finance, acting CFO for Western Coal Corp•Controller for hi‐tech publicly listed company•Auditor with KPMG LLP

Celeste M. Curran, B.A. (Hon), L.L.B.

VP Corporate & Legal Affairs

•Over 20 years of legal and negotiating experience specializing in major projects

• Vice President, Corporate & Legal Affairs, J. Proust & Associates• Lead counsel for City of Vancouver and City of Richmond for the 2010 Olympic and Paralympic Winter Games

• Senior Solicitor, City of Vancouver

Rhylin Bailie, B.ES.VP Communications & Investor Relations

•More than 16 years of experience in the resource industry, in both finance and investor relations

•Professional writer and editor

•Director Communications & Investor Relations, NovaGoldResources Inc.

• Supervisor Treasury Administration, Placer Dome Inc.

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New Zealand Technical Team

Name Qualifications Expertise

Dr. Ian Brown D. Eng Chief Operating Officer;  professional geological engineer

June CahillB.Sc,

B. Applied Econ.Acquisition, management, and analysis of complex geoscience data

Bill LeaskB.Sc (Hons)M.Sc (Hons)

Petroleum geology related to the East Coast and other New Zealand basins

Dr. Simon WardB.Sc (Hons)

Ph.DPetroleum geology related to the Taranaki and other New Zealand basins

Ian Calman B.Sc (Hons) Seismic data acquisition, processing, and interpretation

Gareth Reynolds B.Sc (Hons) Geology Geoscientist with experience in New Zealand Basin analysis

Dr. Richard Kellett B.Sc (Hons), Ph.D, P.Geoph Geoscientist with worldwide exploration and business development experience

Peter WoodB.E (Hons), B.Sc ,M.Comp.Sci

Management and development of computing resources for geoscience applications

Sam PrydeB.Sc

Post.Grad.Dip.Geological investigations in the East Coast basin area

Toka WaldenSenior Manager, New 

Zealand Dept. Conservation

Negotiating access provisions and facilitating resource consent process, assisting with community relationship building

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New Zealand Advantage

• Proven hydrocarbon systems with multi‐zone potential

• Brent pricing environment with top‐tier netbacks

• Favorable royalty and tax structure

• Proactive Government approach to exploration and development

• Established infrastructure with capacity

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New Zealand Market for Oil & Gas

New Zealand Market for Oil• Significant net importer of oil

• Production of ~55,000 bbl/d exclusively from the Taranaki Basin

• Current demand is ~150,000 bbl/d• Premium pricing environment

• NZEC oil production sold at Brent• Premium to WTI

New Zealand Market for Gas• Demand and infrastructure supported 460 million cf/d 

of production and sales within domestic marketplace in 2009

• Excess demand environment• Methanex methanol production facility at 40% 

capacity, requires additional ~120 million cf/d for full capacity

Oil Infrastructure

Shell Operated Export Hub

Source: IEA

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Cautionary Note Regarding Reserve & Resource EstimatesA prospective resource is defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable fromundiscovered accumulations by application of future development projects. Prospective resources have both an associated chanceof discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certaintyassociated with recoverable estimates assuming their discovery and development and may be sub‐classified based on projectmaturity. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will becommercially viable to produce any portion of the resources.

In April 2012, NZEC released its 2011 year‐end reserve and resource estimation and economic evaluation (the “Report”), preparedby Deloitte & Touche LLP (“AJM Deloitte”). The reserve estimate and economic evaluation was confined to NZEC’s 100% workinginterest Eltham Permit (PEP 51150) and was based on the reservoir and production data from the Copper Moki‐1 well with aDecember 31, 2011 cut‐off. The oil and gas reserves calculations and income projections, upon which the Report was based, wereestimated 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 sixMcf: one bbl was used by NZEC. This conversion ratio is based on an energy equivalency conversion method primarily applicable atthe 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 knownaccumulations, as of a given date, based on: the analysis of drilling, geological, geophysical, and engineering data; the use ofestablished technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves areclassified according to the degree of certainty associated with the estimates. Proved Reserves are those reserves that can beestimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed theestimated proved reserves. Probable Reserves are those additional reserves that are less certain to be recovered than provedreserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimatedproved plus probable reserves. Possible Reserves are those additional reserves that are less certain to be recovered than probablereserves. There is a 10% probability that the actual remaining quantities recovered will exceed the sum of the estimated proved plusprobable plus possible reserves.

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Contact NZEC

Corporate Head OfficeJohn Proust, Chief Executive OfficerBruce McIntyre, PresidentNA Toll‐free: 1‐855‐601‐2010info@newzealandenergy.com

New Zealand OfficeIan Brown, Chief Operating OfficerTel: + 64‐4‐471‐1464NZ Toll‐free: 0800‐469‐363

www.NewZealandEnergy.com