VANCOUVER,
March 3 /PRNewswire/ - Canadian
listed TAG Oil Ltd. (TSX-V:TAO) is very pleased to report that the
Cheal-B4ST well is a multi-zone light oil discovery. The
Cheal-B4ST well is located in TAG Oil's 100%-controlled Petroleum
Mining Permit 38156 (PMP 38156), in the Taranaki Basin, North
Island New Zealand.
Cheal-B4ST was drilled to a total depth of 1810 meters (5937
feet), encountering 17 meters (55.7 feet) of net oil-bearing
sandstones within the Urenui and Mt. Messenger Formations. Electric
logs indicate four separate zones are likely to be oil-charged with
excellent porosity and permeability.
TAG reports that two of the four zones intersected are
oil-bearing zones never before encountered in wells within PMP
38156, further demonstrating that the entire 7500-acre PMP 38156
area is oil-prone, with multiple shallow horizons prospective for
discovery.
TAG will now complete the Cheal-B4ST well in preparation for
flow testing in coming weeks.
The Cheal-B4ST well is the first in a series of high-impact
exploration wells to be drilled in TAG Oil's onshore Taranaki Basin
acreage.
To learn more about TAG Oil's production and exploration
activities, please visit:
http://www.tagoil.com/new-zealand-operations.asp.
TAG Oil Ltd.
TAG Oil Ltd. is a Canadian-listed (TSX-V: TAO) production and
exploration company with operations focused in New Zealand. With 100% control over all its
core assets, including oil and gas production infrastructure, TAG
is anticipating substantial production growth through development
of multiple oil and gas discoveries in the Taranaki Basin. TAG is
also targeting high-impact drilling opportunities on numerous
exploration prospects identified over 3,500 sections of land
onshore.
In the East Coast Basin, TAG is pursuing the significant
unconventional resource potential that has been demonstrated in the
Waipawa Black Shale and Whangai Shale source-rock formations. These
oil-rich, naturally fractured formations compare favorably to
fractured shale formations such as the Bakken Shale in the
Williston 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.
These statements are based on certain factors and assumptions
including those related to the exploration and development of TAG
Oil's Cheal-B4ST well, the Cheal oil field and appraisal drilling
related to the Sidewinder discovery in the Taranaki Basin of
New Zealand. Actual results may
vary materially from the information provided in this release and
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.
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
51-101.
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.