TAG Oil Cases Mangamingi-1 Exploration Well

VANCOUVER, Jan. 23  /PRNewswire-FirstCall/ -- Independent Canadian oil and gas company TAG Oil Ltd. (TSX-V: TAO and OTCBB: TAGOF) announced that the Mangamingi-1 exploration well drilled directionally in PEP 38758 (TAG 100%) in onshore Taranaki, New Zealand, has reached a total measured depth of 1,871m (6,138') representing a true vertical depth of 1,550m (5,085'). After evaluation of drilling data, the decision was made to case the well in preparation for further testing.

TAG Oil President Drew Cadenhead commented: "Mangamingi-1 has confirmed our theory that oil has migrated through the underlying wedge of thrusted basement sediments and has accumulated in the overlying shallow Miocene sediments in this under-explored eastern region of the Taranaki Basin." The company will initiate a completion and testing program dependant on equipment availability over the next two weeks.

About TAG Oil:

TAG Oil Ltd. is an independent Canadian oil and gas exploration and production company with a well-balanced portfolio of assets in and around the Canterbury, Taranaki and East Coast basins of New Zealand. With exploration permits totaling 3,686,593 gross acres (net 1,847,593). TAG Oil is one of the largest holders of prospective acreage in New Zealand.

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 Oil. Actual results may vary materially from the information provided in this release. As a result there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from those contained in the forward-looking statements, are set forth in filings that the Company has made, including the Company's most recent reports in Canada under National Instrument 51-102 and in the United States under Forms 20-F and 6K.

  The TSX Venture Exchange has not reviewed and does not accept
  responsibility for the adequacy or accuracy of this release.


  CONTACT: Garth Johnson, , [phone]


DATASOURCE: TAG Oil Ltd.



CONTACT: Garth Johnson, , [phone]

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