TAG Oil Announces Annual and Special Meeting Results and Completion of Transactions
December 21 2007 - 7:59PM
PR Newswire (US)
VANCOUVER, Dec. 21 /PRNewswire-FirstCall/ -- Independent Canadian
oil and gas production and exploration company TAG Oil Ltd. (TSX-V:
TAO and OTCBB: TAGOF) announced today that the shareholders elected
Messrs Garth Johnson, David Bennett, Dan Brown and Giuseppe (Pino)
Perone to the Board of the Company at its annual and special
meeting held on December 21, 2007. Shareholders also approved the
Company's share option plan. The Company is also pleased to
announce that it has completed the cash sale of its interest in PMP
38157 to companies associated with Greymouth Petroleum. Garth
Johnson, TAG Oil CEO commented, "Although we initially had some
differences with regard to PMP 38157, it was encouraging that we
were able to work together to resolve these differences in a way
that enables our companies to move forward on good terms." In other
news, the Company has executed formal agreements with New Zealand
based Genesis Energy to complete the sale of its 15.1% interest in
PEP 38738-D and PMP 38156-D containing the Cardiff deep gas
prospect for a combination of cash and a 1% royalty on any future
production, as previously announced. The transfer of the interest
is conditional to formal consent being received from the remaining
joint venture parties and the Ministry of Economic Development in
New Zealand. The Company has also assigned its interest in PEP
38342, located on the East Coast basin of New Zealand, to the
permits operator, Discovery Geo Corporation. In return, TAG will
receive a combination of cash and a 1.11% royalty on any future
production from this permit. The assignment is subject to the
consent of the Ministry of Economic Development in New Zealand.
Commenting further, Garth Johnson, TAG Oil CEO said, "After
considering our revised risk profile and the energies and capital
required of the Company relating to our core projects such as the
Cheal oil field, we felt that it was in TAG's best interest to
assign our interest in the East Coast basin, while maintaining the
prospects upside through a royalty. "I thank our shareholders for
their support of TAG's board at the AGM and throughout the past
year. We look forward to building the Company based on this support
and on the changes we have implemented to date. I feel that as a
result of these changes, a lot of hard work and having made some
difficult decisions, we have strengthened TAG in a way that will
allow the Company to benefit from cash flow provided by Cheal and
we have positioned TAG to have the ability to grow through a
combination of production, exploration and new opportunities."
About TAG Oil: TAG Oil Ltd. is an independent Canadian oil and gas
exploration and production company with international operations in
the Taranaki Basin of New Zealand. 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.
CONTACT: Garth Johnson, , (604) 609-3350 DATASOURCE: TAG Oil Ltd.
CONTACT: Garth Johnson, , (604) 609-3350
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