New Zealand Energy Corp. (NZEC) is an oil and natural gas company engaged in the exploration, acquisition and development of petroleum and natural gas assets in New Zealand. NZEC�s property portfolio collectively covers nearly two million acres in the Taranaki Basin and East Coast Basin of New Zealand�s North Island. Its primary assets consist of five PEPs. NZEC�s assets consist of two PEPs (Eltham Permit and Castlepoint Permit), one PEP (Ranui Permit), which is pending completion of the conditions of assignment from Discovery Geo to ECEV III, one pending non-competitive PEP application (East Cape Permit) and a 50% interest in a PEP (Alton Permit) to be acquired from AGL and which acquisition is subject to a number of conditions. The Eltham and Alton Permits are located on the western side of the North Island within New Zealand�s Taranaki Basin. The Eltham Permit covers 374.2 square kilometers of which approximately 129 square kilometer is offshore.