TAG Oil Announces Filing of Final Prospectus and Update to Previously Announced $22 Million Underwritten Offering of Common Shares

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TSXV: TAO

VANCOUVER, BC­, Oct. 28, 2022 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) ("TAG Oil" or the "Company") is pleased to announce that it has filed and obtained a receipt for its final short form prospectus with the securities regulatory authorities in each of the provinces of Canada (other than Québec) in relation to its previously announced underwritten public offering (the "Offering") of common shares for $22 million in gross proceeds.

The Offering is expected to close on or about November 3, 2022, or such other date as the Company and the Underwriters may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the TSX Venture Exchange.

The Company hereby expressly advises any investor to disregard the statement in its Annual Information Form for fiscal 2022 that it "does not have access to the information that would allow it to determine the amount of reserves, if any, attributable to the NZ Assets." TAG Oil has provided an undertaking to the British Columbia Securities Commission that within 30 days of the date of the final prospectus it will amend and restate its annual information form, including its annual filings under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") in compliance with section 2.1 of NI 51-101, including for certainty providing a report in accordance  with Form 51-101F2 by a qualified reserves evaluator that is independent of the Company and a report of management and directors in accordance with Form 51-101F3.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About TAG Oil Ltd.

TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on opportunities in the Middle East and North Africa.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements and Disclaimer

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the Offering and the timing in respect thereof, the use of proceeds of the Offering and timely receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. Such statements can generally, but not always, be 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 statements that describe the Company's plans relating to operations and potential strategic opportunities are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company's management, and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, and there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein. TAG Oil disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding TAG Oil's business contained in TAG Oil's reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on TAG Oil and the risks and challenges of its business, investors should review TAG Oil's filings that are available at www.sedar.com.

TAG Oil provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success in exploiting and increasing its current reserve base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company's future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas.

SOURCE TAG Oil Ltd.

Toby Pierce, Chief Executive Officer, Phone: [phone]; Chris Beltgens, Vice President, Corporate Development, Phone: [phone], Email: [email protected], Website: http://www.tagoil.com