VANCOUVER, Jan. 11, 2013 /CNW/ - TAG Oil Ltd. (the "Company" or "TAG") (TSX: TAO and OTCQX: TAOIF) announced today that Apache New Zealand
Corporation LDC ("ANZ") has informed the Company that it will elect not to undertake the
Phase 2 program under the Farmout Agreement dated September 1, 2011,
between Eastern Petroleum (NZ) Limited ("Eastern"), Orient Petroleum (NZ) Limited ("Orient") and ANZ (the "Farmout Agreement") relating to drilling in the East Coast Basin of New Zealand. Eastern
and Orient are indirect wholly-owned subsidiaries of TAG.
TAG intends to continue and complete the Phase 1 program. Under the
Farmout Agreement, ANZ is obligated to pay all costs and expenses
actually incurred or committed in respect of the Phase 1 program.
TAG CEO Garth Johnson stated "We look forward to executing our long-term
goal for the East Coast; to drill and hopefully prove the concept of
unconventional oil potential in this frontier basin."
TAG Oil Ltd.
TAG Oil Ltd. ( http://www.tagoil.com/) is a Canadian-based production and exploration company with operations
focused exclusively in New Zealand. With 100% ownership over all its
core assets, including oil and gas production infrastructure, TAG is
enjoying substantial oil and gas production and reserve growth through
development of several light oil and gas discoveries. TAG is also
actively drilling high-impact exploration prospects identified across
more than 2,953,810 net acres of land in New Zealand.
In the East Coast Basin, TAG will explore and potentially develop the
major unconventional resource potential believed to exist in the tight
oil source-rock formations that are widespread over the Company's
acreage. These oil-rich and naturally fractured formations have many
similarities to North America's Bakken source-rock formation in the
successful Williston Basin.
Cautionary Note Regarding 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. Such statements can be
generally, but not always, identified by words such as "expects",
"plans", "anticipates", "intends", "estimates", "forecasts",
"schedules", "prepares", "potential" and similar expressions, or that
events or conditions "will", "would", "may", "could" or "should" occur.
All estimates and statements that describe the Company's objectives,
goals or future plans are forward-looking statements under applicable
securities laws and necessarily involve risks and uncertainties
including, without limitation: risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation, availability of adequate funding, volatility of
commodity prices, imprecision of reserve estimates, environmental
risks, competition from other producers, and changes in the regulatory
and taxation environment. Actual results may vary materially from the
information provided in this release, and there is no representation by
TAG that the actual results realized in the future will be the same in
whole or in part as those presented herein.
Other factors that could cause actual results to differ from those
contained in the forward-looking statements are also set forth in
filings that TAG and its independent evaluator have made, including
TAG's most recently filed reports in Canada under National Instrument
51-101, which can be found under TAG's SEDAR profile at www.sedar.com. TAG undertakes no obligation, except as otherwise required by law, to
update these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors change.
SOURCE: TAG Oil Ltd.
For further information:
Dan Brown or Garth Johnson
TAG Oil Ltd., 1-604-682-6496