TAG Oil Limited operates in the Oil and gas exploration services sector. TAG Oil Ltd. (TAG Oil) is a Canadian-based oil and gas producer and explorer with assets consisting of approximately 1.7 million acres of land in the onshore portion of the Taranaki and East Coast Basins of New Zealand and 15,408 net acres offshore in the Taranaki Basin of New Zealand. During the fiscal year ended March 31, 2011 (fiscal 2011), TAG Oil drilled three wells on the Cheal Oil and Gas Field, which consisted of Cheal-B4ST that was placed on production at rates of approximately 400 barrels of oil equivalent per day; Cheal-C1 that was drilled and completed for production testing of the light oil and gas potential identified in both the Mt. Messenger and Moki Formations, and Cheal-BH-1. During fiscal 2011, the Cheal Oil Field produced 150,742 gross barrels of oil, and sold 151,586 gross barrels of oil. On September 7, 2010, TAG Oil acquired 100% interest in the Cardiff Deep Gas Prospect. On December 10, 2010, it acquired 20% interest in the shallow offshore permit PEP 52181. In
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