VANCOUVER, Sept. 26 /CNW/ - 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
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: Garth Johnson, email@example.com, (604) 609-3350