Tag Oil Ltd.

Transaction Type
Sellers
Post Date
Estimated Price
0MM
Description

NEW, Tag Oil Ltd., Vancouver, (Toronto Venture: TAO; OTCBB: TAGOF) is seeking strategic alternatives for its New Zealand operations including an asset sale, mergers or farm-out. Tag's New Zealand assets primarily consist of a 30.5% interest in the Cheal oil field and the associated Cheal production facility. The company also holds a 30.5% interest in the Crossroads oil prospect, a 45% interest in the Waitoriki deep gas prospect, a 15.1% interest in the Cardiff deep gas prospect, a 15% interest in the Kahili deep gas prospect and a 16.67% interest in the Onaero gas prospect. Production from the Cheal assets is 850 barrels of oil per day and is projected to increase to between 1,200 and 1,500 barrels per day in 2008. Proved and probable reserves from Cheal is 2.6 million barrels. Contact Garth Johnson, 604-609-3350.