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TAG Oil Announces Filing of First Quarter Financial Results - TAG Oil Ltd., (TSX-V: TAO) a Canadian-based production and exploration company with operations in New Zealand today reported its first quarter financial results for the period ended June 30
TAG Oil Announces Filing of First Quarter Financial Results

 

NewswireToday - /newswire/ - Vancouver, British Columbia, Canada, 2010/08/30 - TAG Oil Ltd., (TSX-V: TAO) a Canadian-based production and exploration company with operations in New Zealand today reported its first quarter financial results for the period ended June 30. TSE: TAO

   
 
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Copies of these documents can be obtained electronically at sedar.com or through the Company’s website.

The Company recorded production revenue of $1.8 million and net income for the three-month period of $119,439. Expenditures on the Company’s oil and gas properties during the quarter totaled just over $2 million and related primarily to the Company’s optimization program and pilot testing of downhole heating technologies at the Cheal oil and gas field.

The Company ended the first quarter of the 2011 fiscal year with 37,638,231 shares outstanding (43,637,446 fully diluted), with $25.9 million in cash and with $25.7 million in working capital.

About TAG Oil Ltd
TAG Oil Ltd (tagoil.com) is a Canadian-based company with international operations in New Zealand. The Company holds a drill-ready prospect inventory that covers more than 3,500 sections of land in the Taranaki and East Coast basins, including a 100% interest in the producing Cheal oil and gas discoveries now under appraisal and development.

In the East Coast Basin, TAG is planning a drilling campaign to further investigate the major unconventional resource potential that has been demonstrated in the Waipawa and Whangai fractured shale source-rock formations that are widespread across the Company’s acreage. The geological characteristics of these formations compare favorably to oil-rich shale formations such as the Bakken Shale in the Williston Basin and Liassic Shale in the Paris Basin.

Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. Actual results may vary materially from the information provided in this release. As a result there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from those contained in the forward-looking statements are set forth in, but are not limited to, filings that the Company and its independent evaluator have made, including the Company's most recent reports in Canada under National Instrument 51-102.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
 
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Written by / Agency / Source: TAG Oil Ltd

 
 

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TAG Oil Announces Filing of First Quarter Financial Results

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TAG Oil Ltd |
Publisher Contact: Garth Johnson / Dan Brown 
604-682-6496
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any TAG Oil Ltd securities in any jurisdiction including any other companies listed or named in this release.

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