PRZOOM - /newswire/ -
Vancouver, British Columbia, Canada, 2011/07/05 - TAG Oil Ltd. (TSX-V: TAO) and (OTCQX: TAOIF) is pleased to announce that the Company has successfully graduated to the Toronto Stock Exchange (TSX) from Tier-1 of the TSX-Venture Exchange. TSE: TAO
TAG Oil's common shares and warrants will begin trading on the TSX on July 6, 2011, and will continue to trade under the same trading symbols: "TAO" and "TAO.WT". TAG Oil's common shares will also continue to trade on the premier tier of the OTC market in the United States, the OTCQX International, under the trading symbol "TAOIF".
TAG Oil Ltd. is also pleased to announce that Mr. Keith Hill has joined the Company's board of directors. Mr. Hill is the Chairman of Black Pearl Resources Inc. (TSX: PXX) and ShaMaran Petroleum Corp. (TSX-V: SNM), and is the CEO of Africa Oil Corp. (TSX-V: AOI). Prior to this, Mr. Hill was instrumental in developing Valkyries Petroleum Corp. and Tanganyika Oil Company Ltd., both highly successful international oil and gas producers which were acquired by major oil companies. Mr. Hill holds a Master of Science degree in Geology and Bachelor of Science degree in Geophysics from Michigan State University, as well as an MBA from the University of St. Thomas in Houston.
In order to facilitate the appointment of Mr. Hill to TAG's board, Mr. John Vaccaro has tendered his resignation. TAG wishes to express its thanks to Mr. Vaccaro for his valuable contribution over the past several years. TAG Oil's board now consists of Alex Guidi, Garth Johnson, Keith Hill and Ron Bertuzzi.
TAG also advises that the Company has granted a total of 500,000 incentive stock options to certain directors and officers. These options are exercisable until July 5, 2016, at a price of $6.15 per share, subject to one-third of the total options vesting every six months from the date of grant over a period of eighteen months.
About TAG Oil Ltd
TAG Oil Ltd. (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 2,712 sections of land in the onshore Taranaki and East Coast Basins of New Zealand's North Island.
In the East Coast Basin, TAG Oil is pursuing the major unconventional resource potential estimated in the fractured shale 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 Shale source-rock formation in the successful Williston Basin.