TAG Oil Reports Strong Q1 2014 Financial Results and 12 Well Drilling Campaign Underway

About this update from Tag Oil Ltd

[{"type":"text","content":"\n\n\nVANCOUVER, Aug. 14, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO) and (OTCQX:\n TAOIF), reports the Company has filed its financial results with the\n Canadian Securities Administrators for the Company's June 30, 2013\n first quarter fiscal 2014 year. Copies of these documents can be\n obtained electronically at http://www.sedar.com, or for additional information please visit TAG Oil's website at http://www.tagoil.com/.\n\n\nQ1 2014 TAG Oil Highlights\n\n\n\nAt June 30, 2013, the Company had cash of $57.2 million, working capital\n of $63.5 million and no debt.\n\n\n\n\nProduction revenue increased to $14.7 million.\n\n\n\n\nNet income of $4.5 million generated, before the deduction of non-cash\n share-based compensation.\n\n\n\n\nOperations generated $9.6 million in cashflow.\n\n\n\n\nDaily average production increased 39% in Q1-14 compared to Q4-13.\n\n\n\n\nPurchased 260,000 common shares of the Company for cancellation and\n return to treasury at an average price of $3.05 per share.\n\n\n\n\nDrilled and cased the Ngapaeruru-1 well in the East Coast Basin,\n intersecting 155 meters of unconventional oil and gas reservoir in the\n source rock.\n\n\n\n\nSigned a new surface access agreement in the East Coast Basin permit to\n allow for drilling access on PEP 38348 (Waitangi Hill area).\n\n\n\nFinancial and Production Review \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nQ1 2014\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nQ1 2013\n\n\n\n\nProduction revenue\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n$\n\n\n \n\n\n \n\n\n14,698,198\n\n\n \n\n\n \n\n\n$\n\n\n \n\n\n \n\n\n11,825,925\n\n\n\n\nNet income prior to share-based compensation\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n4,458,507\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n5,559,964\n\n\n\n\nNet income\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n3,520,609\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n4,719,243\n\n\n\n\nEarnings per share\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n0.06\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n0.09\n\n\n\n\nWorking capital\n\n\n&...

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