VANCOUVER, Feb. 11, 2015 /PRNewswire/ - TAG Oil Ltd. (TSX:
TAO) and (OTCQX: TAOIF), announced today that Chief Executive
Officer and Director, Garth Johnson,
and Chief Operating Officer, Drew
Cadenhead, have submitted their resignations, but they will
continue in their respective roles during a transition period to
support the appointment of new executives.
Founder and Chairman of TAG Oil, Alex
Guidi, wishes Messrs. Johnson and Cadenhead the very best
for the future, and thanks them for their significant contributions
and a forward-looking approach to the development of TAG Oil.
TAG Oil CEO, Garth Johnson
commented on today's changes: "It's been a great opportunity at TAG
for almost eighteen years now, working with a lot of great people
and organizations in the oil and gas industry, our staff and
shareholders, and of course in our operating areas of New Zealand. We're proud to have built strong,
trusting relationships with our stakeholders while guiding TAG from
a non-producing, minority interest explorer, to a development stage
company and an industry leader in New
Zealand. We've delivered years of profitable operations,
grown reserves and production, and built a strong and professional
operational team who keep safety as a top priority. TAG has drilled
more wells in New Zealand than any
other explorer during our time with the Company, and we are proud
to have been a part of the team, but Drew and I both felt that it's
time for a change at the executive level to make way for the
required expertise to execute on TAG's next phase of growth. I wish
our stakeholders at TAG all the best in the future."
TAG Oil Ltd
TAG Oil Ltd. (http://www.tagoil.com) is a
Canadian-based development stage 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 focused on increasing
reserves and production from low-risk field development drilling
and prospects prospective for 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 be
generally, but not always, be identified by words such as
"expects", "plans", "anticipates", "intends", "estimates",
"forecasts", "guidance", "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 achievements, objectives, goals, forecasts,
guidance are forward-looking statements under applicable securities
laws and necessarily involve risks and uncertainties including,
without limitation: risks associated with oil and gas exploration,
development, exploitation and production, geological risks,
marketing and transportation, availability of adequate funding,
volatility of commodity prices, environmental risks, competition
from other producers, and changes in the regulatory and taxation
environment. Actual results may vary materially from the
information provided in this release, and there is no
representation by TAG Oil that the actual results realized in the
future would 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 NI 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.