New Zealand oil and gas producer TAG Oil Ltd. is pleased to provide its financial and operating results for the three and nine months ended December 31, 2013. TAG currently has 64,402,052 common shares outstanding (68,085,386 fully diluted) and at December 31, 2013 the Company had cash of$68.5 million, working capital of $71.2 million and no debt.
"We continue to make significant progress on our strategy to deliver long-term shareholder value across all fronts within TAG, as well as achieving consistent profitability which has differentiated us from others in our international peer group." said Garth Johnson, TAG Oil Ltd. Chief Executive Officer. "With record production revenues, cash flow and profits and following completion of extensive infrastructure upgrades which are critical to facilitate anticipated growth, we have increased operational flexibility, which has resulted in committing to New Zealand's most active and diverse exploration campaigns in the country's history. We are confident TAG can continue to deliver value through organic production growth within an extensive drill-ready prospect portfolio consisting of low risk shallow Miocene development and step out wells, and leverage this cash flow into high-impact deep Eocene conventional wells and unconventional prospects in the East Coast."