VANCOUVER, Oct. 28 /CNW/ - New Zealand, East Coast Basin focused exploration company Trans-Orient Petroleum Ltd. (TSX-V: TOZ & OTCBB: TOPLF) advises that the Company has granted a total 420,000 stock options to certain directors pursuant to its incentive stock option plan. These new options are exercisable at a price of $0.45 per share until October 28, 2014 and will vest over a period of eighteen months.
Pursuant to the terms of the Arrangement Agreement dated September 26, 2009 combining the businesses of the Company and TAG Oil Ltd. (TSX-V: TAO), Trans-Orient has obtained the written consent of TAG approving the grant of these options.
As a result of this business combination, Trans-Orient Petroleum Ltd. and its subsidiary's Eastern Petroleum (NZ) Limited & Orient Petroleum (NZ) Limited will become 100% controlled subsidiaries of TAG Oil Ltd. TAG is a producing oil and gas company that is focused on development of the 100% controlled Cheal oil discovery and exploitation of its 100% controlled acreage in the Taranaki discovery fairway in New Zealand.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE TRANS-ORIENT PETROLEUM LTD.
For further information: For further information: Garth Johnson, CEO, (604) 682-6496, Website: http://www.transorient.com