TAG Oil Announces Mangamingi-1 Results and Updates Cheal Production Testing



    VANCOUVER, March 2 /CNW/ - Independent Canadian oil and gas company
TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF) announced today that the
Mangamingi-1 well in PEP 38758 (TAG 100%) has been perforated from
1776.5-1786m (5828' - 5860') where the well flowed natural gas to flare as
well as some formation water. The Company deemed the gas flow rates to be
uneconomical given the remote location of this wildcat well and have now
initiated an abandonment program. Follow up technical work is underway to high
grade areas of potential oil accumulation in this newly identified hydrocarbon
fairway.
    At the Cheal Oil Field located in PMP 38156 (TAG 30.5%), Cheal B-2 is
currently under production test and is averaging approximately 150 bbls/d +
100mcf/d of gas, gross. Cheal B-2 is the third Cheal B well to be production
tested and follows Cheal B-3 which tested at rates of 450bbls/d and Cheal B-1
that tested at rates of 133bbls/d + 225mcf/d of gas. Construction on the
permanent production facilities continues on schedule for completion by
mid-year.

    About TAG Oil:

    TAG Oil Ltd. is an independent Canadian oil and gas exploration and
production company with a well-balanced portfolio of assets in and around the
Canterbury, Taranaki and East Coast basins of New Zealand. With exploration
permits totaling 1,704,918 gross acres (net 1,076,848) TAG Oil is one of the
largest holders of prospective acreage in New Zealand.

    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 filings that the Company has 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.





For further information:

For further information: Drew Cadenhead, drew.cadenhead@tagoil.com,
(646) 769-6065; Garth Johnson, gje@tagoil.com, (604) 609-3350


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