VANCOUVER, Dec. 8, 2016 /PRNewswire/ - TAG Oil Ltd.
(TSX: TAO) and (OTCQX: TAOIF, "TAG"), reports
that the Toronto Stock Exchange (the "TSX") has approved TAG's
request to renew its normal course issuer bid to purchase and
cancel up to 2,000,000 of its common shares, which is 3.9% of its
51,023,013 common shares in the public float as at December 8, 2016. TAG has appointed Echelon
Wealth Partners to conduct the purchases through the facilities of
the TSX.
While TAG plans to spend the bulk of its capital on its current
asset base, TAG would also like to maintain the flexibility to
repurchase shares in the event its share price does not reflect the
underlying value of TAG.
Under TSX policies, these purchases can commence on December 12, 2016, and will terminate on
December 11, 2017. The average daily
trading volume of the common shares for the previous six calendar
months (the "ADTV") was 44,719 common shares, so the maximum amount
of daily purchases may not exceed 25% of the ADTV or 11,179 common
shares. In addition, TAG will be allowed to make, once per calendar
week, a block purchase (as such term is defined in the TSX Company
Manual) of common shares not directly or indirectly owned by
insiders of TAG that exceeds the daily repurchase restriction, in
accordance with TSX policies.
Over the past twelve months, TAG has not purchased and cancelled
any of its common shares. TAG has 62,212,252 common shares issued
and outstanding as at December 8,
2016.
About TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a development-stage oil
and gas company with extensive operations, including production
infrastructure in the Taranaki Basin region of New Zealand. As one of New Zealand's leading operators, TAG is
positioned for long-term reserve-based growth with attractive
high-value exploration activities in the lightly explored
Taranaki-region discovery fairway. As a low cost, high netback oil
and gas producer, TAG is debt-free and reinvests its cash flow into
development and exploration drilling opportunities along trend with
TAG's existing production.
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 generally, but not always, be identified by words
such as "expects", "plans", "anticipates", "intends", "estimates",
"forecasts", "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 objectives, goals, or future plans relating
to the share buyback are forward-looking statements under
applicable securities laws and necessarily involve risks and
uncertainties. Actual results may vary materially from the
information provided in this release, and there is no
representation by TAG that the actual results realized in the
future will 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 National Instrument 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.