New Zealand Energy Corrects Information Regarding Re-Priced Options

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
[e-mail].


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
New Zealand Energy Corp.
John Proust
Chief Executive Officer & Director
North American toll-free: 1-855-630-8997


New Zealand Energy Corp.
Bruce McIntyre
Acting General Manager Exploration & Director
North American toll-free: 1-855-630-8997


New Zealand Energy Corp.
Rhylin Bailie
Vice President Communications & Investor Relations
North American toll-free: 1-855-630-8997
[e-mail]
www.newzealandenergy.com