VANCOUVER, Feb. 11, 2015 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF), announced today that Chief Executive Officer and Director, Garth Johnson, and Chief Operating Officer, Drew Cadenhead, have submitted their resignations, but they will continue in their respective roles during a transition period to support the appointment of new executives.
Founder and Chairman of TAG Oil, Alex Guidi, wishes Messrs. Johnson and Cadenhead the very best for the future, and thanks them for their significant contributions and a forward-looking approach to the development of TAG Oil.
TAG Oil CEO, Garth Johnson commented on today's changes: "It's been a great opportunity at TAG for almost eighteen years now, working with a lot of great people and organizations in the oil and gas industry, our staff and shareholders, and of course in our operating areas of New Zealand. We're proud to have built strong, trusting relationships with our stakeholders while guiding TAG from a non-producing, minority interest explorer, to a development stage company and an industry leader in New Zealand. We've delivered years of profitable operations, grown reserves and production, and built a strong and professional operational team who keep safety as a top priority. TAG has drilled more wells in New Zealand than any other explorer during our time with the Company, and we are proud to have been a part of the team, but Drew and I both felt that it's time for a change at the executive level to make way for the required expertise to execute on TAG's next phase of growth. I wish our stakeholders at TAG all the best in the future."
TAG Oil Ltd
TAG Oil Ltd. (http://www.tagoil.com) is a Canadian-based development stage oil and gas company with extensive operations in New Zealand. With 100% ownership over its core producing assets, including production infrastructure and associated pipeline, TAG is enjoying organic growth and shareholder value creation through development of its oil and gas discoveries. As New Zealand's leading explorer, TAG is focused on increasing reserves and production from low-risk field development drilling and prospects prospective for oil and gas discovery in New Zealand.
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, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "guidance", "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 achievements, objectives, goals, forecasts, guidance 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 and production, geological risks, marketing and transportation, availability of adequate funding, volatility of commodity prices, 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 Oil that the actual results realized in the future would 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 NI 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, Phone: 1-604-682-6496, Email: [email protected], Website: http://www.tagoil.com/, Blog: http://blog.tagoil.com/