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TAG Oil Responds To Inaccurate Press Release

VANCOUVER, Oct. 31, 2012 /PRNewswire/ - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) is responding to a press release issued by a third party regarding a reported offer by TAG Oil to acquire all of Greymouth Petroleum ("Greymouth"). TAG Oil as part of its ordinary course of business identifies and, when deemed to be accretive, pursues new business opportunities. TAG however did not submit an offer to acquire Greymouth Petroleum as incorrectly reported. TAG did submit a non-binding indicative expression of interest ("EOI") stating an interest to potentially acquire the assets of Greymouth or all of, or a majority of, Greymouth shares.

In addition the EOI was subject to many conditions such as satisfactory due diligence, board approval, funding consisting of debt and equity on terms acceptable to TAG and the negotiation of a definitive agreement should TAG want to proceed. No formal due diligence has been conducted and no definitive agreement has been entered into or is being negotiated.

All parties that had access to the non-binding expression of interest are subject to confidentiality restrictions.

TAG Oil CEO, Garth Johnson commented, "The non-binding expression of interest TAG submitted in relation to Greymouth was not an offer, it was TAG expressing an interest in looking at an opportunity, subject to strict confidentiality that appears to have been breached. As part of TAG's normal course of operations our team continually identifies and reviews potential opportunities that are deemed to be accretive to TAG's valuation and routinely conducts rigorous due diligence on potential opportunities and Greymouth was one that was identified to be evaluated."

The Company's policy is not to comment on rumours or speculation and, accordingly, TAG Oil does not intend to comment further at this time.

TAG Oil Ltd.

TAG Oil Ltd. ( http://www.tagoil.com/) is a Canadian-based production and exploration company with operations focused exclusively in New Zealand. With 100% ownership over all its core assets, including oil and gas production infrastructure, TAG is enjoying substantial oil and gas production and reserve growth through development of several light oil and gas discoveries. TAG is also actively drilling high-impact exploration prospects identified across more than 2,953,810 net acres of land in New Zealand.

In the East Coast Basin, TAG has entered into a farm-out agreement with Apache Corporation to explore and potentially develop the major unconventional resource potential believed to exist in the tight oil source-rock formations that are widespread over the Company's acreage. These oil-rich and naturally fractured formations have many similarities to North America's Bakken source-rock formation in the successful Williston Basin.

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 generally, but not always, 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.

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