With the Cheal-B7 well, TAG is currently producing more than 4,000 BOE's per day with light oil contributing approximately 70% to that daily production figure.

Vancouver, B.C. - July 29, 2010 - TAG Oil Ltd., (TSX-V, trading symbol: "TAO") a Canadian-based production and exploration company with operations in New Zealand, reported financial results and operating highlights today.

New Zealand oil and gas producer TAG Oil Ltd. (TSX-V: TAO) is pleased to announce its financial results and the completion of several strategic acquisitions.