VANCOUVER, Oct. 28 /CNW/ - New Zealand oil and gas producer, TAG Oil Ltd. (TSX-V: TAO) announced today that the Company has granted a total of 900,000 stock options to directors, officers and consultants pursuant to its incentive stock option plan. These new options are exercisable at $1.25 per share until October 28, 2014 and will vest over a period of eighteen months.
Pursuant to the terms of the Arrangement Agreement dated September 26, 2009 combining the businesses of the Company and Trans-Orient Petroleum Ltd. (TSX-V: TOZ & OTCBB: TOPLF), TAG has obtained the written consent of Trans-Orient approving the grant of these options.
As a result of this business combination with East Coast Basin exploration company, Trans-Orient Petroleum Ltd., its subsidiary's Eastern Petroleum (NZ) Limited & Orient Petroleum (NZ) Limited will become 100% controlled subsidiaries of TAG Oil Ltd.
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: Garth Johnson, CEO, TAG Oil Ltd., (604) 682-6496, Website: http://www.tagoil.com