New Zealand Energy begins trading on OTCQX

New Zealand Energy Corp. (CVE:NZ) said Tuesday its shares began trading on the OTCQX International marketplace.
The oil and gas company, who also trades on Toronto’s junior venture exchange, said it will trade on the OTCQX under the symbol "NZERF".
"Trading on the OTCQX broadens our exposure in the United States and provides improved liquidity and transparency for New Zealand Energy's shareholders," chief executive, John Proust said in a statement.
"The OTCQX provides an efficient trading platform for U.S. investors and increased visibility for New Zealand Energy through the Standard & Poor's Market Access Program."
The company said law firm Dorsey & Whitney LLP intends to serve as its Principal American Liason to provide guidance on the OTC’s regulatory needs.
OTC Markets Group (OTCQX:OTCM) runs the world’s largest electronic trading platform for broker dealers to trade unlisted securities. About 10,000 securities trade on the OTC with more than $200 billion in annual trading volume and a market cap exceeding $12 trillion.
Last week, New Zealand Energy said production from its Copper Moki-1 well free flowed at an initial rate of about 580 barrels of oil per day at the Taranaki Basin.
It expects near-term operating netbacks in excess of US$90 per barrel, and said it plans to establish permanent facilities by the middle of 2012 to handle production from more wells in the Copper Moki area.
New Zealand Energy said it has installed surface facilities to accommodate production of up to 1,000 barrels of oil per day.
The Copper Moki-1 well is the company’s first well in the Taranaki Basin. It was completed in August, and during a two day test period flowed 1,100 barrels of oil per day and 855,000 cubic feet per day of natural gas.
New Zealand Energy explores and develops petroleum and natural gas assets within New Zealand. Its property portfolio covers nearly two million acres in the Taranaki Basin and East Coast Basin of New Zealand’s North Island.
Shares were up by one cent, or 0.93 percent, rising to $1.08 each today on Toronto’s junior venture Exchange in the afternoon trading session.