TAG Oil Provides Corporate Update

VANCOUVER, Feb. 3  /PRNewswire-FirstCall/ -- Oil and gas producer and explorer, TAG Oil Ltd. (TSX-V: TAO / OTCBB: TAGOF), announces today that its common shares will begin trading on a consolidated basis on February 4, 2009. Shareholders approved the consolidation of the Company's common shares on the basis of five common shares being consolidated into one common share at the Company's annual and special meeting of shareholders held on December 19, 2008. As a result of the share consolidation the Company's trading symbol on the OTC Bulletin Board ("OTC BB") will change from "TAGOF" to "TAOIF". The Company's trading symbol on the TSX Venture Exchange will not change.

The Company also announces that as of February 3, 2009 the Company has purchased 5,689,000 of its common shares under its Normal Course Issuer bid launched in September 2008, leaving a pre-consolidation balance of 1,894,858 shares (378,972 shares post-consolidation) that the Company may purchase under its current bid.

As a result of the cancellation of 5,689,000 of the Company's shares purchased to date under the normal course issuer bid and the effects of the share consolidation the Company will have approximately 17,188,416 common shares outstanding on February 4, 2009.

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, but are not limited to, filings that the Company and its independent evaluator have 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. 

DATASOURCE: TAG Oil Ltd.



CONTACT:  Garth Johnson, CEO, [phone], http://www.tagoil.com/

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