VANCOUVER, Oct. 25 /PRNewswire-FirstCall/ - TAG Oil Ltd. (TSX-V: TAO) reports that Mr. Michael Hart has tendered his resignation as a director of the Company. Mr. Hart's resignation is at the request of the TSX-Venture Exchange ("TSX-V") due to the discovery of a filing which, unknown to Mr. Hart or the Company, was required to be made relating to Mr. Hart's financial situation. TAG Oil would like to thank Mr. Hart for his valuable contributions to the Board.
TAG Oil Ltd.
TAG Oil Ltd. is a Canadian-listed company (TSX-V:TAO) with extensive operations in New Zealand. With 100% control over all its core assets, including production infrastructure, TAG is anticipating significant production growth through development of multiple oil and gas discoveries in the Taranaki Basin and through high-impact exploration drilling on prospects identified over 3,500 sections of land.
In the East Coast basin, TAG is pursuing the major unconventional resource potential that has been demonstrated in the Waipawa Black Shale and Whangai Shale source-rock formations that are widespread across the Company's acreage. The geological characteristics of these oil-rich, naturally fractured, thermally mature formations compare favorably to fractured shale formations such as the Bakken Shale in the Williston Basin and Liassic Shale in the Paris 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 Oil. Actual results may vary materially from the information provided in this release. As a result, there is no representation by TAG Oil that actual results realized in the future would 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE TAG Oil Ltd.