New Zealand Energy Corrects Information Regarding Re-Priced Options

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 17, 2014) - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF) today corrected information that was included in a press release issued on January 13.

The January 13 press release stated that 4,361,200 incentive stock options had been re-priced. The correct number is 5,551,200 options.

Pursuant to the Company's stock option plan, NZEC has re‐priced 5,551,200 incentive stock options issued historically to officers, employees and consultants of the Company. The options were originally granted with exercise prices ranging from $1.00 to $3.00, and the Company will reduce the exercise price to $0.45. The amendment to the exercise price is subject to the approval of the TSX Venture Exchange. The vesting provisions related to the stock option grants remain unchanged. The director's stock options, granted at $1.00 per share, are not being re‐priced.

On behalf of the Board of Directors

John Proust, Chief Executive Officer and Director

About New Zealand Energy Corp.

NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers approximately 1.97 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing info@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.