TAG Oil Provides Corporate and Drilling Update
June 11 2008 - 6:54PM
PR Newswire (US)
VANCOUVER, June 11 /PRNewswire-FirstCall/ -- TAG Oil Ltd. (TSX-V:
TAO/ OTCBB: TAGOF), a producing oil and gas company operating in
New Zealand, announced today that the Cheal A6 well has commenced
drilling today from the Cheal "A" site where the Cheal Production
Station resides. The A6 well is targeting the same oil producing
Mt. Messenger sands that are currently generating revenue for TAG.
Drilling is expected to take approximately 14 days, followed with
the drilling of the Cheal A7 well. Garth Johnson, TAG Oil Chief
Executive Officer said, "We are pleased to be drilling at a time of
record high oil prices. Successful drilling and completion of these
A6 and A7 wells would capture additional reserves and provide an
immediate increase in cash flow. Together with this cash flow and
existing working capital, TAG can progress further development at
Cheal and in TAG's other high-graded Taranaki exploration acreage."
TAG Oil also reports that, Mr. John Vaccaro has consented to act as
a director of the Company effective immediately. Mr. Vaccaro has
over 20 years of experience in the financial services industry and
until 2006 he was a senior investment executive with major
international brokerage firms where he directed and provided
investment consulting to high net worth individuals as well as
corporate and institutional clients. Since 2006, Mr. Vaccaro has
established a private client consulting practice in the financial
services sector. Mr. Vaccaro is a member of the Fellowship Canadian
Securities Institute and holds a diploma from the University of
British Columbia in Urban Land Economics with double Majors. About
TAG Oil TAG Oil Ltd. is a new oil and gas producer in the Taranaki
Basin, New Zealand. TAG, is well funded, debt free and is poised to
grow through production, development and exploration drilling on
the Company's high-graded Taranaki exploration acreage. 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 and in
the United States under Forms 20-F and 6K. The TSX Venture Exchange
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. CONTACT: Garth Johnson, CEO,
(604) 609-3350, Website: http://www.tagoil.com/ DATASOURCE: TAG Oil
Ltd. CONTACT: Garth Johnson, CEO, (604) 609-3350, Website:
http://www.tagoil.com/
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