VANCOUVER, Aug. 30 /CNW/ - 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, 2010. Copies of these documents can be obtained electronically at: www.sedar.com or through the Company's website http://tagoil.com/financial-reports.asp.
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 $25.7 million in working capital.
TAG Oil Ltd.
TAG Oil Ltd. 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.
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.
SOURCE TAG Oil Ltd.
For further information: For further information: Dan Brown or Garth Johnson, TAG Oil Ltd., 1-604-682-6496, Website: http://www.tagoil.com/