May 2012

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 expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements included 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 regulatory approvals; the resource potential of the Properties; the estimated quantity and quality of the Corporation’s oil and natural gas resources; projections of market prices and costs and the related sensitivity of distributions; supply and demand for oil and natural gas; expectations regarding the ability to raise capital and to continually add to resources through acquisitions and development; treatment under governmental regulatory regimes and tax laws, and capital expenditure programs; 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; the regulatory framework governing royalties, taxes and environmental matters in New Zealand and any other jurisdictions in which the Corporation may conduct its business in the future; the ability of the Corporation's subsidiaries to obtain subsequent mining permits, access rights in respect of land and resource and environmental consents; the recoverability of the Corporation’s crude oil, natural gas and natural gas liquids resources; the applicability of technologies for recovery and production of the Corporation’s oil, natural gas and natural gas liquids resources; the Corporation’s future production levels; the Corporation’s ability to market crude oil, natural gas and natural gas liquids production; future development plans for the Corporation’s assets unfolding as currently envisioned; future capital expenditures to be made by the Corporation; future cash flows from production meeting the expectations stated herein; future sources of funding for the Corporation’s capital program; the Corporation’s future debt levels; geological and engineering estimates in respect of the Corporation’s resources; the geography of the areas in which the Corporation is exploring; the impact of increasing competition on the Corporation; and the Corporation’s ability to obtain financing on acceptable 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 forth below and elsewhere in the presentation: the speculative nature of exploration, appraisal and development of oil and natural gas properties; uncertainties associated 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 prices for oil and natural gas; market conditions that prevent the Corporation from raising the funds necessary for exploration and development on acceptable terms or at 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 and production; changes in exchange rates, laws of New Zealand or laws of Canada affecting foreign trade, taxation and investment; failure to realize the anticipated benefits of acquisitions; and other factors. Readers are cautioned that the foregoing list of factors is not exhaustive. Statements relating to “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can be profitably produced in the future. The forward-looking statements contained in the presentation are expressly qualified by this cautionary statement. Except as required under applicable securities laws, the Corporation does not undertake or assume any obligation to publicly update or revise any forward-looking statements.

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Production Exploration

Growth

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4

Opportunity

Conventional Production • April 2012 – NZEC produced ~1,200 boe/d (845 bbl/d and 2,110 mcf/d1), exclusively from

Copper Moki-1 and Copper Moki-2

• Top-tier operating netback in Brent pricing environment2

High Impact Exploration • Building inventory of 3D defined drill-ready targets for accelerated exploration strategy • 6 new prospects identified with multi-zone potential, up to 4 wells per prospect with

potential of up to 1 MM bbl recoverable per well • First well 3P reserves of 412,200 boe based on 3 weeks of production to Dec 31, 20114

Large Portfolio • 2 million net acres with both conventional and unconventional targets3

• Large prospective resource base: 203 MM bbl conventional, 478 MM bbl unconventional4,5

Growth • Test Copper Moki-3 and Copper Moki-4 in Q2-2012 • Expand portfolio with acquisitions and partnerships • Additional cash flow from natural gas and liquids production2

• Use North American technology to unlock potential of unconventional resources

1. Natural gas production currently being flared pending completion of a gas pipeline. Marketing of natural gas is subject to completion of the pipeline and associated production and sales agreements. 2. NZEC calculates the netback as the oil sale price less fixed and variable operating costs and a 5% royalty. 3. Approximately 1 million net acres granted across four permits. East Cape permit is pending Crown approval. 4. Reserves published April 30 based on Copper Moki-1 reservoir and production data with Dec 31, 2011 cut-off. Resources based on AJM Petroleum Consultants Net Prospective Resource (best estimate). See Cautionary Note Regarding Reserve & Resource Estimates. 5. Assumes NZEC completes requirements to earn full 65% interest in Alton Permit.

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2011 Achievements / 2012 Plan

2011 Achievements Capture dominant land position in two basins in New Zealand High impact conventional basin and highly prospective shale play

Recruit highly experienced technical and management team Prove conventional geological model Production and cash flow

2012 Plan Repeat exploration and production success in conventional basin Raise sufficient capital to accelerate exploration program Drill up to 12 exploration wells increase reserves, production, cash flow Unlock potential of shale resources Target exit rate 3,000 boe/d1

1. Management prepared production forecast based on: (a) early operational success in the Taranaki basin as disclosed in the February 21 news release, (b) planned drilling of a total of ten wells in 2012, (c) completion of natural gas pipeline allowing for marketing of natural gas production and (d) continued performance in line with existing oil and natural gas production from Copper Moki-1 and Copper Moki-2.

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Corporate Profile

Common Shares Outstanding 121.8 million

Options (Exercisable at $1.03) Advisor Warrants (Exercisable at $1.00)

5.9 million 0.7 million

Fully Diluted Shares Outstanding Working Capital (at April 30) Insider Ownership (FD) IPO – August 2011 52 Week High / Low Average Volume (last 3 months)

128.4 million

~$70 million

~38%

$1.00/share

$3.79 / $0.90

~780,000 shares/day

Canadian Executive Team

John A. Greig Chairman, Director

(42 years experience)

D. Kenneth Truscott Director

(30 years experience)

Hamish J. Campbell Director

(26 years experience)

Celeste Curran VP, Corporate &

Legal Affairs (23 years experience)

Rhylin Bailie VP, Communications & Investor Relations

(16 years experience)

John G. Proust CEO, Director

(26 years experience)

Bruce G. McIntyre President, Director

(31 years experience)

Jeff Redmond Chief Financial

Officer (15 years experience)

Eileen Au Corporate Secretary

(10 years experience)

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New Zealand Technical & Operations Team

Ian Brown Chief Operating Officer

John Hudson Financial Controller

New Plymouth

Cliff Butchko Senior VP

New Plymouth

June Cahill Manager, Exploration

Wellington

Toka Walden Manager, Land New Plymouth

Peter Wood IT Manager Wellington

Bill Leask Simon Ward Ian Calman

Gareth Reynolds Richard Kellett

Sam Pryde Viv Eade

Lucy French-Wright

Accountant New Plymouth

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Collaborative Partnerships

• Forged Cooperation Agreement with New Zealand iwi partners

• Employ more than 70 people from local communities

• Committed to bringing long-term benefits to community partners

Cooperation Agreement Meeting February 22, 2012

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10

Asset Overview

Permit Working Interest

Net Acres Prospective Resource 1

Eltham 100% 93,167 32.1 MM bbl

Alton 65%2 77,482 45.0 MM bbl

Ranui 100% 223,087 40.5 MM bbl

Castlepoint 100% 551,045 208.6 MM bbl

East Cape 3 100% 1,067,495 355.4 MM bbl

Total Acreage 2,012,276

1. Net Prospective Resource as identified by AJM Petroleum Consultants (best estimate) assuming 9% recovery for conventional resources and 2% recovery for unconventional resources.

2. 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.

3. East Cape permit pending Crown approval.

Eltham Alton

Ranui

Castlepoint

East Cape

Conventional Focus

Conventional and Unconventional Targets

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Taranaki Basin 11

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Taranaki Basin

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

• 2 permits with more than 33 prospects

• 2D seismic coverage: 60,666 km

• 3D seismic coverage: 5,702 km2

170,649 Net acres 1

843 MM Barrels OOIP 1,4

77.1 MM Barrels 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

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Production • Copper Moki-1 and Copper Moki-2

producing from natural reservoir pressure

• April production averaged ~1,200 boe/d (845 bbl/d and 2,110 mcf/d1) through 24/64 inch choke

Q2-2012 • Test Copper Moki-3 and Copper Moki-4 • Build natural gas pipeline • Shoot 100 km2 of 3D seismic to further

define future drilling inventory

Q3/Q4-2012 • Drill 6 additional conventional wells

~20,000 boe/d production surrounding NZEC permits

CM-1 and CM-2 discovery wells x

1. Natural gas and liquids currently being flared pending completion of a natural gas pipellne. Marketing of natural gas is subject to completion of a pipeline and associated production and sales agreements.

Taranaki Basin – Value Drivers

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Taranaki Basin – Exploration Model

• Identify prospects using proprietary database and technical expertise

• Target Mt. Messenger formation

• Explore multi-zone potential at minimal incremental cost

• 100 km2 3D seismic survey underway to expand technical database, further delineate exploration targets and reduce drilling risk

A

A’

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Near-term Copper Moki Focus

A A’ Seismic Cross Section Cheal - Copper Moki - Taranaki Thrust Fault Zone

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Taranaki Exploration Strategy

Copper Moki wells x

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Taranaki Exploration Strategy

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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

Primary Formation 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

* 100 km2 3D seismic survey in 2012 to further delineate exploration prospects

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East Coast Basin

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East Coast Basin

• World-class resource potential in multiple 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 M Net acres 1

126 MM Barrels conventional prospective resource 2

478 MM Barrels 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.

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East Coast Basin – Exploration

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

• Advancing technical understanding of shale targets • NZEC analyzing results from

three stratigraphic wells • NZEC completing 70 km of 2D

seismic in 2012 • Apache Corp. and TAG Oil

exploring offsetting permits

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East Coast Basin Shale Potential Waipawa Whangai Bakken

Basin/Jurisdiction East Coast New Zealand

East Coast New Zealand

Willesden North Dakota & Saskatchewan

Quartz Content (%) 40 – 80 40 – 80 40 – 60 Carbonate Content (%) 5 – 40 5 – 40 10 – 20 Clay Content (%) Unknown Unknown 5 – 20 Depth (meters) 0 – 5,000 0 – 5,000 2,700 – 3,500 Thickness (meters) 10 – 70 300 – 600 10 – 50 Porosity (%) 3 – 8 3 – 8 4 – 12 Permeability (microdarcies) 10 – 200 10 – 110 5 – 1,000 Kerogen Type Type II Type II Type II TOC (%) 3.0 – 12.0 0.2 – 1.7 1.0 – 21.0 Vit Reflectance (R) 0.3 – 0.4 0.4 – 1.4 0.7 – 1.1 Tmax (Celsius) 430 – 445 420 – 445 420 – 450

Geologic Age Late Paleocene Late Cretaceous / Paleocene Upper Devonian

Source: AJM Petroleum Consultants

• Cores and open hole logs from three stratigraphic wells will advance NZEC’s understanding of the shale formations and focus the 2012 East Coast exploration strategy

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Adding Value in 2012

Taranaki Basin • Repeat exploration success Achieve long-term production from Copper Moki-2 • Evaluate Copper Moki-3 and Copper Moki-4 in Q2-2012 • Rapidly advance successful wells to production using existing facilities

• Drill up to eight Taranaki wells in H2-2012 • Acquire, process and interpret 100 km2 of 3D seismic to establish an

inventory of drill-ready prospects • Evaluate opportunities to accelerate exploration program and explore new

formations

East Coast Basin • Analyze shale cores from three stratigraphic wells advance exploration

strategy, unlock highly prospective shale potential

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Appendix

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25

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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Management Team

Name Expertise Experience

John G. Proust, C.Dir CEO

•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 Butchko P.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, NovaGold Resources Inc.

• Supervisor Treasury Administration, Placer Dome Inc.

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Board of Directors

Name Expertise Experience

John A. Greig, M.Sc., P.Geo

Chairman

• 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 Truscott Director

• 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. Campbell B.Sc. (Geology),

FAusIMM Director

•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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New Zealand Technical Team

Name Qualifications Expertise

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

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

Bill Leask B.Sc (Hons) M.Sc (Hons)

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

Dr. Simon Ward B.Sc (Hons) Ph.D Petroleum 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

Sam Pryde B.Sc Post. Grad. Dip. Geological investigations in the East Coast basin area

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

Management and development of computing resources for geoscience applications

Toka Walden Senior Manager,

New Zealand Dept. Conservation

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

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Anticipated Use of Proceeds – March 2012 Financing 1

Principal Purpose Planned Expenditures

Costs of financing $4,208,800

Planned activities on Eltham Permit (100% owned) 6 wells drilled and cased 3 wells completed Provision for two additional production facilities and gas conservation

$26,000,000

Planned activities on Alton Permit (65% owned) 2

3D seismic survey 2 wells drilled and cased

$6,120,000

Planned activities on Ranui Permit (100% owned) Various technical and geological studies, including 2D seismic

$1,250,000

Planned activities on Castlepoint Permit (100% owned) Various technical and geological studies, including 2D seismic 1 exploration well drilled

$6,100,000

Working capital $19,801,200

Total $63,480,000

1. This table reflects the anticipated use of proceeds from the financing completed in March 2012 at $3.00 per share, with activities to be carried out throughout 2012 and 2013.

2. To increase its interest in the Alton permit from 50% to 65%, as per an agreement with L&M Energy Limited, NZEC must pay for L&M’s share of a 3D seismic survey on the Alton permit.

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Anticipated Use of Proceeds – August 2011 IPO 1

Principal Purpose Planned Expenditures Status

Planned activities on Eltham Permit (100% owned) Complete and tie-in Copper Moki-1 well Drill and tie-in one additional well 3D seismic survey

$6,600,000 Complete Complete

Underway

Planned activities on Alton Permit (65% owned) 1

Drill and complete Talon-1 well Drill second exploration well

$6,500,000 Complete

Planned activities on Ranui Permit (100% owned) Drill Ranui-2 core well Technical studies, seismic reprocessing, core sampling

$3,175,000 Complete

Underway

Planned activities on Castlepoint Permit (100% owned) Drill two core wells Technical studies, seismic reprocessing, core sampling

$625,000 Complete

Underway

Planned activities on East Cape Permit 3

Technical studies and surveys $290,000

Working capital and other expenditures $2,810,000

Total $20,000,000

1. This table reflects the anticipated use of proceeds from the Initial Public Offering completed in August 2011 at $1.00 per share, with activities to be carried out throughout 2011 and 2012. 2. To increase its interest in the Alton permit from 50% to 65%, as per an agreement with L&M Energy Limited, NZEC must pay for L&M’s share of a 3D seismic survey on the Alton permit. 3. Budget contingent on receipt of permit.

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Cautionary Note Regarding Reserve & Resource Estimates A prospective resource is defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially 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”), prepared by Deloitte & Touche LLP (“AJM Deloitte”). The reserve estimate and economic evaluation was confined to NZEC’s 100% working interest Eltham Permit (PEP 51150) and was based on the reservoir and production data from the Copper Moki-1 well with a December 31, 2011 cut-off. The oil and gas reserves calculations and income projections, upon which the Report was based, were estimated 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 six Mcf: one bbl was used by NZEC. This conversion ratio is based on an energy equivalency conversion method primarily applicable at the 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 known accumulations, as of a given date, based on: the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates. Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

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Contact NZEC

Corporate Head Office John Proust, Chief Executive Officer Bruce McIntyre, President NA Toll-free: 1-855-601-2010 info@newzealandenergy.com

New Zealand Office Ian Brown, Chief Operating Officer Tel: + 64-4-471-1464 NZ Toll-free: 0800-469-363 www.NewZealandEnergy.com