VANCOUVER, Dec. 16 /CNW/ - Trans-Orient Petroleum Ltd. (TSX-V: TOZ and OTCBB: TOPLF) advises that it has completed its previously announced plan of arrangement with TAG Oil Ltd. (TSX-V: TAO). Trans-Orient Petroleum Ltd. its subsidiaries, including Orient Petroleum (NZ) Limited and Eastern Petroleum (NZ) Limited, are now 100% controlled subsidiaries of TAG Oil Ltd. For further information on TAG Oil and its production and exploration activities in New Zealand, visit: http://tagoil.com/.
TAG Oil has issued 13,069,723 of its common shares to Trans-Orient shareholders on the basis of 1 common share of TAG for every 2.8 common shares held of Trans-Orient. At completion, TAG has 29,879,445 common shares outstanding.
As a result of the acquisition, trading in Trans-Orient shares on the TSX Venture Exchange ("TSX-V") will be halted on December 16, 2009 and will no longer be listed on the TSX-V effective the close of markets on December 17, 2009. Trans-Orient will thereafter make application to cease reporting in Canada and the United States. As of the date of this release, Trans-Orient has filed a Form 15 and TAG Oil has filed a Form 15F with the U.S. Securities and Exchange Commission (the "SEC"). As a result of these filings, TAG Oil's reporting obligations with the SEC as a successor registrant will immediately be suspended and Trans-Orient's common shares will no longer be quoted in the United States on the Over-the-Counter Bulletin Board.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the content of this news release.
SOURCE TRANS-ORIENT PETROLEUM LTD.
For further information: For further information: Investor Contact: Dan Brown, (604) 682-6496; Media Contact: Denise Marshall, (415) 526-2655 ext. 706, firstname.lastname@example.org; http://www.transorient.com/