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TAG Oil Announces Filing of First Quarter Financial Results

Tag OilVancouver B.C. – August 30, 2010 – TAG Oil Ltd., (TSX-V: TAO) a Canadian-based production and exploration company with operations in New Zealand today reported its first quarter financial results for the period ended June 30, 2010. Copies of these documents can be obtained electronically at: www.sedar.com or through the Company’s website http://tagoil.com/financial-reports.asp.

The Company recorded production revenue of $1.8 million and net income for the three-month period of $119,439. Expenditures on the Company’s oil and gas properties during the quarter totaled just over $2 million and related primarily to the Company’s optimization program and pilot testing of downhole heating technologies at the Cheal oil and gas field.

The Company ended the first quarter of the 2011 fiscal year with 37,638,231 shares outstanding (43,637,446 fully diluted), with $25.9 million in cash and with $25.7 million in working capital.

TAG Oil Ltd. is a Canadian-based company with international operations in New Zealand. The Company holds a drill-ready prospect inventory that covers more than 3,500 sections of land in the Taranaki and East Coast basins, including a 100% interest in the producing Cheal oil and gas discoveries now under appraisal and development.

In the East Coast Basin, TAG is planning a drilling campaign to further investigate the major unconventional resource potential that has been demonstrated in the Waipawa and Whangai fractured shale source-rock formations that are widespread across the Company’s acreage. The geological characteristics of these formations compare favorably to oil-rich shale formations such as the Bakken Shale in the Williston Basin and Liassic Shale in the Paris Basin.

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