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TAG Reports Strong Flow Test at Sidewinder-3 Discovery, and On-Track to Produce First Commercial Oil and Gas from Sidewinder Discoveries

TAG Reports Strong Flow Test at Sidewinder-3 Discovery, and On-Track to Produce First Commercial Oil and Gas from Sidewinder Discoveries

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Published by PR.com
Sidewinder-3 was drilled to a total depth of 2,160 meters (7,085 feet), encountering 15.4 meters (50 feet) of net gas-bearing sandstones. With the four wells drilled to date, the interpreted total hydrocarbon column at Sidewinder exceeds 60 meters (196 feet) in thickness, with no water column evident in any of the Sidewinder wells.
Sidewinder-3 was drilled to a total depth of 2,160 meters (7,085 feet), encountering 15.4 meters (50 feet) of net gas-bearing sandstones. With the four wells drilled to date, the interpreted total hydrocarbon column at Sidewinder exceeds 60 meters (196 feet) in thickness, with no water column evident in any of the Sidewinder wells.

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Published by: PR.com on Jun 06, 2011
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01/05/2014

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TAG Reports Strong Flow Test at Sidewinder-3 Discovery, and On-Track toProduce First Commercial Oil and Gas from Sidewinder Discoveries
Sidewinder-3 was drilled to a total depth of 2,160 meters (7,085 feet), encountering 15.4 meters (50 feet) of net gas-bearing sandstones. With the four wells drilled to date, the interpreted totalhydrocarbon column at Sidewinder exceeds 60 meters (196 feet) in thickness, with no water columnevident in any of the Sidewinder wells.
Vancouver, B.C., Canada, June 06, 2011 --(PR.com)-- TAG Oil Ltd. (TSX-V: TAO) and (OTCQX:TAOIF) is pleased to report that the initial flow test of the Sidewinder-3 discovery well is now complete.The Sidewinder-3 well is located in TAG Oil's 100% controlled Petroleum Exploration Permit 38748 inthe Taranaki Basin, New Zealand, where TAG has now drilled four successful discovery wells to date.Located 1.1 km to the south of the Sidewinder-1 discovery, the Sidewinder-3 well was drilled to a totaldepth of 2,160 meters (7,085 feet), encountering 15.4 meters (50 feet) of net gas-bearing sandstones. Withthe four wells drilled to date, the interpreted total hydrocarbon column at Sidewinder exceeds 60 meters(196 feet) in thickness, with no water column evident in any of the Sidewinder wells.A 4-Point Isochronal test on the Sidewinder-3 discovery well achieved a stabilized flow rate of 7.2million cubic feet per day (1200 BOE per day) with less than a 50% drawdown. These results areconsistent with the Sidewinder-1 well flow test, which achieved stabilized flow rates of 8.5 million cubicfeet of gas plus 44 barrels of oil per day (1461 BOE per day) from 14m (46 feet) of net pay encountered.Further reservoir engineering analysis of the 4-point Isochronal test for the Sidewinder-1 well, calculatedthe absolute open flow rate to be 30 million cubic feet of gas per day or 5000 barrels of oil equivalent perday. A similar analysis will be completed on Sidewinder-3 once the down hole gauges are retrieved inapproximately two weeks.“The strong flow rates we are achieving in the Sidewinder wells support our decisions to expand thethrough-put capabilities as well as fast-tracking the construction of the new production facilities. As aresult, we are on track to produce the first oil and gas from the Sidewinder discoveries by August 2011,”Garth Johnson, TAG Oil CEO commented. “Our Sidewinder acreage is proving to be a very exciting andprolific discovery area that we believe can provide TAG with substantial near-term production increases,as well as significant reserve growth. We also look forward to flow testing the recent Sidewinder-2 andSidewinder-4 discoveries, and continuing our pursuit of the many high-impact exploration opportunitiesTAG has identified on 3D seismic permit-wide.”TAG also reports that the service rig has now been moved onto the Sidewinder-4 discovery well for flowtesting. The Sidewinder-4 penetration is approximately 1 km to the east of the Sidewinder-1 well andencountered 19 meters (62 feet) of net oil-and-gas bearing sandstones. Once the Sidewinder-4 flow test iscomplete, the service-rig will move to the Sidewinder-2 well, which encountered 47 meters (154 feet) of net oil-and-gas bearing sandstones to the west of Sidewinder-1 well.
 
For more information on TAG Oil's Sidewinder Discovery please visit:http://www.tagoil.com/20110506-Fifth%20Exploration%20Discovery-Sidewinder-4.aspTAG Oil Ltd.TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company withoperations focused exclusively in New Zealand. With 100% control over all its core assets, including oiland gas production infrastructure, TAG is anticipating substantial oil and gas production and reservegrowth through development of several light oil and gas discoveries. TAG is also actively drillinghigh-impact exploration prospects identified across 2,712 sections of land in the onshore Taranaki andEast Coast Basins of New Zealand's North Island.In the East Coast Basin, TAG Oil is pursuing the significant unconventional resource potential estimatedin the fractured shale source-rock formations that are widespread over the Company's acreage. Theseoil-rich, naturally fractured and thermally mature source-rock formations have many similarities to NorthAmerica's Bakken Shale source-rock formation in the successful Williston Basin.Contact:Dan Brown or Garth JohnsonTAG Oil Ltd. 1-604-682-6496Website: http://www.tagoil.com/ "BOE"s may be misleading, particularly if used in isolation. A BOE conversion ratio of 6Mcf: 1 Bbl isbased on an energy equivalency conversion method primarily applicable at the burner tip and does notrepresent a value equivalency at the wellhead.Cautionary Note Regarding Forward-Looking StatementsStatements contained in this news release that are not historical facts are forward-looking statements thatinvolve various risks and uncertainty affecting the business of TAG Oil. All estimates and statements thatdescribe the Company's objectives, goals, or future plans, including the drilling plans and flow testingrelated to the exploration, testing and development of TAG Oil's Sidewinder-1, Sidewinder-2,Sidewinder-3 and Sidewinder-4 light oil and gas discoveries in the Taranaki Basin of New Zealand areforward-looking statements under applicable securities laws and necessarily involve risks anduncertainties including, without limitation, risks associated with oil and gas exploration, development,exploitation, production, marketing and transportation, volatility of commodity prices, imprecision of reserve estimates, environmental risks, competition from other producers, and changes in the regulatoryand taxation environment. These forward-looking statements are based on certain factors andassumptions. Consequently, the Company's actual results may vary materially from the informationprovided in this release and there is no representation by TAG Oil that actual results realized in the futurewould be the same in whole or in part as those presented herein.Additional risk factors and uncertainties that could cause actual results to differ from those contained inthe forward-looking statements are set forth in, but are not limited to, filings that the Company and itsindependent evaluator have made, including the Company's Annual Information Form and its 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 thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of thisrelease.###

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