TAG Acquires Two-Million Exploration Acres in the East Coast Basin and Canterbury Basin, New Zealand
VANCOUVER, June 4, 2012 /PRNewswire/ – TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), is pleased to announce that the Company has entered into an agreement
with Rawson Taranaki Limited and Zeanco (NZ) Ltd. to acquire three New
Zealand exploration permits; Petroleum Exploration Permit 52589,
Petroleum Exploration Permit 52676 and Petroleum Exploration Permit
53674. These permits comprise of approximately two-million acres and
are situated in favourable geological areas offering high-impact
exploration opportunities in the East Coast Basin and in the Canterbury
This acquisition is complementary to TAG’s existing East Coast Basin
exploration portfolio, expanding its current play area to the southern
extents of the basin. The acquisition also positions TAG with more than
one-million acres in the lightly-explored Canterbury Basin. The
Canterbury Basin is an emerging frontier play area where large
international energy companies are planning to test major offshore oil
and gas prospects.
Under the terms of the agreement, TAG will undertake all future
exploration work program commitments and pay Cdn$2,300,000 for 100 %
interest in the permits. Closing of this transaction is subject to the
consent of the Minister of Energy and Resources in New Zealand.
TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company with operations
focused exclusively in New Zealand. With 100% control over all its core
assets, including oil and gas production infrastructure, TAG is
anticipating substantial oil and gas production and reserve growth
through development of several light oil and gas discoveries. TAG is
also actively drilling high-impact exploration prospects identified
across more than 1,300 sections of land in the onshore Taranaki and
East Coast Basins of New Zealand’s North Island.
In the East Coast Basin, TAG Oil is pursuing the major unconventional
resource potential estimated in the fractured shale source-rock
formations that are widespread over the Company’s acreage. These
oil-rich and naturally fractured formations have many similarities to
North America’s Bakken Shale source-rock formation in the successful
Cautionary Note Regarding 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. All estimates and
statements that describe the Company’s acquisition of the mentioned
properties rely on the approval of the Minister of Energy and Resources
in New Zealand and thus are forward-looking statements under applicable
securities laws and necessarily involve risks and uncertainties
including, without limitation, risks associated with the acquisition.
These forward-looking statements are based on certain factors and
assumptions. Consequently, the Company’s actual results may vary
materially from the information provided in this release and there is
no representation by TAG Oil that actual results realized in the future
would be the same in whole or in part as those presented herein.
Additional risk factors and uncertainties 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 Annual Information Form and its most recent reports in Canada
under National Instrument 51-101.
SOURCE TAG Oil Ltd.