TAG Oil Ltd., (TSX-V: TAO) a Canadian-listed, New Zealand-focused oil production and exploration company, has filed its second quarter financial report for the period ended September 30, 2010.

Sidewinder-1 encountered 14 meters of net (22m gross) oil and gas bearing sandstones. Stabilized flow rates totaling 1461 barrels of oil equivalent ("BOE") per day were achieved over the 10-day test.

TAG Oil Ltd. (TSX-V: TAO), reports that the Company has acquired 100%-interest in Petroleum Mining Permit 38156-D, which contains the Cardiff gas/condensate discoveries located onshore in the Taranaki Basin, New Zealand.

TAG Oil Ltd. is beginning exploratory and horizontal development drilling to build oil and gas revenue in Taranaki, where it has already established high netback oil production from its Cheal Production Facility.