TAG Oil Announces Normal Course Issuer Bid
September 26 2008 - 12:12PM
PR Newswire (US)
VANCOUVER, Sept. 26 /PRNewswire-FirstCall/ -- Independent Canadian
oil and gas production and exploration company TAG Oil Ltd. (TSX-V:
TAO and OTCBB: TAGOF) announced today that, subject to regulatory
approval, the Company intends to launch a normal course issuer bid
("the bid") to purchase up to 7,583,858 of its common shares
through the facilities of the TSX Venture Exchange. The purchase of
common shares under the bid will enable the Company to acquire its
shares for cancellation. The shares that may be repurchased over a
twelve month period represent approximately 10% of the Company's
91,631,081 outstanding common shares in the public float. The
Company has appointed First Canada Capital Partners Inc. as the
Member that will be conducting the bid on behalf of the Company
with purchases under the bid expected to be able to commence on
October 2, 2008. The amount and timing of such purchases will be
determined by TAG Oil and are limited to purchasing a maximum of 2%
of the Company's outstanding common shares in any thirty day
period. 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. TAG Oil
Ltd is a profitable 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 acreage. The TSX Venture Exchange
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. DATASOURCE: TAG Oil Ltd.
CONTACT: Garth Johnson, , (604) 609-3350
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