VANCOUVER, Oct. 1, 2015 /CNW/ - New Zealand oil and gas producer TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) announces that its Chief Operating Officer, Frank Jacobs, has resigned to pursue other opportunities. A search for a replacement will commence and TAG will update the market as appropriate in due course.
Toby Pierce, CEO commented, "We at TAG Oil wish Frank all the best in his future endeavors. Frank worked closely with our team in New Zealand and helped focus our operational activities. And while he will be missed, I'm confident the strong team we have in place will continue the process of re-aligning TAG Oil's asset base, and keeping the company healthy through what could be a lengthy low oil price environment."
TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a development-stage oil and gas company with extensive operations, including production infrastructure in the Taranaki Basin region of New Zealand. As one of New Zealand's leading operators, TAG is positioned for long-term reserve-based growth with attractive exploration activities in the lightly explored Taranaki-region discovery fairway. As a low cost, high netback oil and gas producer, TAG is debt-free and reinvests its cash flow into development and step-out drilling along trend with the Company's existing production.
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 with respect to the executive resignation and operations 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: Ashley Garnot, General Manager, Phone: 1-604-682-6496, Email: [email protected], Website: http://www.tagoil.com/, Blog: http://blog.tagoil.com/