TAG Oil Ltd., a New Zealand-focused oil production and exploration company listed on the TSX Venture Exchange in Canada (trading symbol “TAO”), is pleased to provide an operational update, and to advise that the Company has filed its third-quarter financial report for the period ended December 31, 2010. All figures are in Canadian dollars unless otherwise noted.
TAG Oil Recent Highlights:
* Q3 production revenue of $3.85 million, up 60% over last quarter (nine months: $8.08 million up 71% from same period last year)
* Net operating profit of $2.1 million, more than double over last quarter (9 months: $3.8 million up 64% from same period last year)
* $74.3 million in working capital, no debt