VANCOUVER, Dec. 8, 2014 /PRNewswire/ - TAG Oil Ltd. (TSX:
TAO) and (OTCQX: TAOIF), reports that subject to
the acceptance of the Toronto Stock Exchange (the "TSX") the
Company intends to purchase and cancel up to 5,885,051 of its
common shares. TAG has appointed Dundee Goodman Private Wealth to
conduct the purchases through the facilities of the TSX.
TAG Oil believes that its share price does not reflect the
underlying value of the Company, and that purchasing shares for
cancellation will be advantageous to the Company and its
shareholders.
Under TSX policies, these purchases can commence on December 10, 2014, and will terminate on
December 9, 2015, and the maximum
amount of daily purchases may not exceed 27,801 common shares. In
addition, TAG Oil will be allowed to make, once per calendar week,
a block purchase (as such term is defined in the TSX Company
Manual) of common shares not directly or indirectly owned by
insiders of TAG Oil that exceeds the daily repurchase restriction,
in accordance with TSX policies.
Over the past twelve months TAG has purchased and cancelled
1,977,200 of its common shares at an average weighted purchase
price of CDN$2.10 per common share
leaving TAG with 62,597,852 common shares issued and outstanding.
TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based oil
and gas company with extensive operations in New Zealand. With 100% ownership over its core
producing assets, including production infrastructure and
associated pipeline, TAG is enjoying organic growth and shareholder
value creation through development of its oil and gas discoveries.
As New Zealand's leading explorer,
TAG is focussed on increasing reserves and production from low risk
development prospects and high impact resource plays prospective
for large oil and gas discovery in New
Zealand.
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. Such
statements can generally, but not always, be identified by
words such as "expects", "plans", "anticipates", "intends",
"estimates", "forecasts", "schedules", "prepares", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. All estimates and statements that
describe the Company's objectives, goals, or future plans relating
to the Bid are forward-looking statements under applicable
securities laws and necessarily involve risks and uncertainties.
Actual results may vary materially from the information provided in
this release, and there is no representation by TAG that the actual
results realized in the future will be the same in whole or in part
as those presented herein.
Other factors that could cause actual results to differ from
those contained in the forward-looking statements are also set
forth in filings that TAG and its independent evaluator have made,
including TAG's most recently filed reports in Canada under National Instrument 51-101, which
can be found under TAG's SEDAR profile at www.sedar.com. TAG
undertakes no obligation, except as otherwise required by law, to
update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors
change.
SOURCE TAG Oil Ltd.