VANCOUVER, April 3 /PRNewswire-FirstCall/ -- Independent Canadian oil and gas production and exploration company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF) announced today that an independent reserve evaluation prepared for Austral Pacific Energy Ltd. ("Austral"), the operator of the Cheal oil field in New Zealand (TAG 30.5%), reports a significant increase in Net Present Value discounted at 10% ("NPV(10)") as of December 31, 2007. Based on the parameters used in the report (reviewable at http://www.sedar.com/, under Austral's profile), TAG's share of proved and probable ("2P") NPV(10) has increased from US$17.68 million reported in the Company's independent evaluation dated March 31, 2007 to US$31.71 million. TAG is presently updating the Company's independent year-end reserve evaluation as of March 31, 2008. TAG Oil Chief Executive Officer, Garth Johnson commented, "Although we are encouraged by the operator's December 31 report relating to an increase in value of Cheal oil field reserves, any estimate of future value requires successful implementation of a field development plan, which has yet to be agreed upon. The report shows that TAG's reserve values have benefitted from higher world oil prices and that the Cheal field's 2P reserves have remained materially consistent from our last reporting period." 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 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, 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 and in the United States under Forms 20-F and 6K. About TAG Oil: TAG Oil Ltd. is an independent Canadian oil and gas exploration and production company with international operations in the Taranaki Basin of New Zealand. 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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