TAG Oil Provides Radnor-1a Update and Annual and Special Meeting Results
26 September 2006 - 10:16AM
PR Newswire (US)
VANCOUVER, Sept. 25 /PRNewswire-FirstCall/ -- Independent Canadian
oil and gas company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF)
announces that the Radnor-1a well has been perforated over the
McKee Sandstone interval from 4625-4286m measured depth, with no
water inflowing into the well bore from the under bearing sands of
the Kapuni Formation. Initial inflow rates of gas are considered
sub-economic at this time and the Parker Rig 188 has been released.
Downhole gauges are presently being run into the well bore to
determine if the low gas rates measured are due to formation damage
or from low reservoir permeability. Once these gauges are analyzed,
a decision will be made as to the plan going forward on the permit.
In addition at the September 22, 2006 annual and special meeting of
shareholders Messrs Drew Cadenhead, Paul Infuso, James Smith and
Garth Johnson were re-elected to the Board of the Company. The
shareholders also approved the migration of the Company from Yukon
to British Columbia as well as authorizing the directors to adopt
new corporate articles. About TAG Oil: TAG Oil Ltd. is an
independent Canadian oil and gas exploration company with a
well-balanced portfolio of assets in and around the Canterbury,
Taranaki and East Coast basins of New Zealand. This regional focus
supports the Company's mandate to explore in countries with low
political risk and low government taxation, through the
establishment of a portfolio of both high risk/high reward
exploration projects and low risk/moderate reward acreage in
producing basins. With exploration permits totaling 3,697,408 gross
acres (net 1,858,048), TAG Oil is one of the largest holders of
prospective acreage in New Zealand. TAG Oil trades on the TSX
Venture Exchange (TSX-V) with the ticker symbol TAO, and on the
OTCBB with the symbol TAGOF. More information is available on the
Company's website at: http://www.tagoil.com/. 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 proposed acquisition will be finalized or that 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, other than those related specifically
to finalizing the proposed acquisition, are set forth in filings
that the Company has 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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