VANCOUVER, Sept. 29, 2011 /PRNewswire/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF) advises that the Company has filed its June 30, 2011 unaudited financial statements and Management Discussion and Analysis with the Canadian Securities Administrators for the first quarter of the March 31, 2012 fiscal year. Copies of these documents can be obtained electronically at www.sedar.com. For additional information, please visit TAG Oil's website at http://www.tagoil.com/.
June 30, 2011 Corporate and Financial Highlights (Q1 Fiscal 2012):
- Production revenue increased to $5,853,101 compared to $1,813,730 in Q1 2011.
- TAG produced 56,509 and sold 50,952 barrels of light oil at an average price of C$113 per barrel.
- Per barrel production costs were further reduced to $15 per barrel, compared to a production cost per barrel of $20 for fiscal 2011.
- A net profit of $2,178,499 was recorded before deducting $1.91 million for stock-based compensation.
- TAG announces farmout agreement with Apache on New Zealand Acreage in the East Coast Basin. TAG Oil has established a production capability in Taranaki of more than 5000 barrels of oil equivalent ("Boe") per day.
- The oil discovery at Cheal-C1 significantly extends the known Mt. Messenger and Urenui oil field oil-saturation area.
- TAG graduates to Canada's senior stock exchange.
Taranaki Basin Operations
TAG Oil has commenced a ten-well development drilling program following six straight successful wells achieved at TAG's Sidewinder and Cheal oil and gas fields, which established more than 5000 barrels of oil equivalent per day of production capability from the initial drilling program. This drilling campaign, now underway at Cheal, will continue to target the main producing Mt. Messenger (~1800m) and the shallower Urenui (~1400m) Formations. Once drilling is completed at Cheal, the drilling rig will be moved to the Sidewinder field to target the primary Sidewinder gas zone and the lower zone oil discovery also in the Mt. Messenger Formation.