TAG Oil Provides Corporate Update

    VANCOUVER, Feb. 3 /CNW/ - Oil and gas producer and explorer, TAG Oil Ltd.
(TSX-V: TAO / OTCBB: TAGOF), announces today that its common shares will begin
trading on a consolidated basis on February 4, 2009. Shareholders approved the
consolidation of the Company's common shares on the basis of five common
shares being consolidated into one common share at the Company's annual and
special meeting of shareholders held on December 19, 2008. As a result of the
share consolidation the Company's trading symbol on the OTC Bulletin Board
("OTC BB") will change from "TAGOF" to "TAOIF". The Company's trading symbol
on the TSX Venture Exchange will not change.
    The Company also announces that as of February 3, 2009 the Company has
purchased 5,689,000 of its common shares under its Normal Course Issuer bid
launched in September 2008, leaving a pre-consolidation balance of 1,894,858
shares (378,972 shares post-consolidation) that the Company may purchase under
its current bid.
    As a result of the cancellation of 5,689,000 of the Company's shares
purchased to date under the normal course issuer bid and the effects of the
share consolidation the Company will have approximately 17,188,416 common
shares outstanding on February 4, 2009.

    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 Oil. Actual
results may vary materially from the information provided in this release. As
a result 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. Actual results may differ materially from the results predicted, and
reported results should not be considered as an indication of future
performance. Factors that could cause actual results to differ from those
contained in the forward-looking statements, are set forth in, but are not
limited to, filings that the Company and its independent evaluator have made,
including the Company's most recent reports in Canada under National
Instrument 51-102 and in the United States under Forms 20-F and 6K.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Garth Johnson, CEO, (604) 609-3350,

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