TAG Oil Reports 2013 Fiscal Year End Financial Results and 2014 Drilling Program

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[{"type":"text","content":"\n\n\nVANCOUVER, June 28, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX:\n TAOIF), reports the Company has filed its consolidated, audited\n financial statements, management discussion and analysis and annual\n information form with the Canadian Securities Administrators for the\n Company's March 31, 2013 fiscal year-end. Copies of these documents can\n be obtained electronically at http://www.sedar.com, or for additional information please visit TAG Oil's website at http://www.tagoil.com/.\n\n\nPoised for Many Years of Growth\nDuring FY2012 and 2013, TAG Oil conducted an extensive Taranaki drilling\n campaign consisting of wells averaging approximately 2,000 meters\n depth, commonly referred to as TAG's shallow drilling program. This\n program, which targeted the Urenui and Mt. Messenger formations within\n the Company's 100% owned Cheal and Sidewinder fields, now provides TAG\n with ongoing high netback production and steady cash flow.\n\n\nDecline rates from new wells tied in are now stable and in line with\n other typical Cheal wells on long term production. Some wells from the\n drilling campaign came onstream with record flow rates, however did not\n maintain these high rates and declined to production levels in line\n with other profitable wells in the field. The resulting long-term cash\n flow has positioned TAG to execute the Company's most diverse and\n active drilling campaign in the Company's history, including\n high-impact drilling in the East Coast Basin, while maintaining a very\n strong debt free balance sheet. Furthermore, control of extensive\n Taranaki production and delivery infrastructure ensures rapid\n commerciality of new wells.\n\n\nFY2013 TAG Oil Highlights\n\n\n\nAt March 31, 2013, the Company had cash of $68.9 million, working\n capital of $68.1 million and no debt.\n\n\n\n\nDaily average production increased 23% for the year, from 1,433 BOE to\n 1,756 BOE.\n\n\n\n\nIncome of $10.69 million was recorded for fiscal 2013 before the\n deduction of non-cash share-based compensation, and production revenue\n increased 4% to $44.59 million.\n\n\n\n\nOperations generated  $34.21 million in cashflow, compared to $15.56\n million in 2012.\n\n\n\n\nTotal production for the year was 641,142 BOE's.\n\n\n\n\nSproule International assigned 1p, 2p and 3p reserves of 2,216,000 BOE\n (85% oil), 6,112,000 BOE (...

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