VANCOUVER, Dec. 14, 2011 /PRNewswire/ - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), is pleased to announce that Ken Vidalin P.Eng., has joined the Company's board of directors. Mr. Vidalin holds a B.Sc. Mechanical Engineering degree from the University of Dakota. Mr. Vidalin is the founder, former director and former Chief Operating Officer of Canadian-based, Methanex Corporation (TSX: MX), the world's leading methanol producer, with major infrastructure in New Zealand and the country's largest commercial user of natural gas. Mr. Vidalin is also the founder, former president and former Chief Operating Officer of Acetex Corporation, a global chemical industry leader. Celanese Corporation acquired Acetex in July 2005, in a transaction valued at approximately US $500 million. Mr. Vidalin brings additional strong technical and business qualifications to TAG's board, which now consists of Garth Johnson, Alex Guidi, Keith Hill, Ron Bertuzzi and Ken Vidalin. 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% control over all its core assets, including oil and gas production infrastructure, TAG is anticipating 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 1,300 sections of land in the onshore Taranaki and East Coast Basins of New Zealand's North Island. In the East Coast Basin, TAG has entered into a farm-out agreement with Apache Corp to explore and potentially develop the major unconventional resource potential estimated 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.
In trading on Tuesday, shares of the Guggenheim China Real Estate ETF crossed below their 200 day moving average of $20.72, changing hands as low as $20.53 per share. Guggenheim China Real Estate shares are currently trading off about 1% on the day.