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TAG Oil Ltd. (TSX:TAO,OTCQX:TAOIF) released its Q3 results for the fiscal year ending March 31, 2015, noting that during the period its operating revenues came to $12.28 million, while its average daily production increased by 8 percent.

TAG Oil Ltd. (TSX:TAO,OTCQX:TAOIF) released its Q3 results for the fiscal year ending March 31, 2015, noting that during the period its operating revenues came to $12.28 million, while its average daily production increased by 8 percent.

Other highlights include:

  • Average net daily production increased by 8% for the quarter ended December 31, 2014 to 1,991 boe/d (77% oil) from 1,845 boe/d (78% oil) for the quarter ended September 30, 2014.
  • Oil and gas production increased by 7% and 10% respectively, due to the successful completion of the Cheal-B9, B10 and E6 development drilling, and continued production optimization at the Cheal E production site.
  • Record net oil production volumes were achieved, averaging 1,543 bbl/d for the quarter ended December 31, 2014, which equates to a 44% increase over the same period last year.
  • Average net daily production decreased by 7% for the first nine months of fiscal year 2015 to 1,863 boe/d (77% oil) from 1,992 boe/d (56% oil) for the same period last year due to lower Sidewinder gas production.
  • At December 31, 2014, the Company had $31.1 million (December 31, 2013: $68.5 million) in cash and cash equivalents and $32.9 million (December 31, 2013: $71.2 million) in working capital.

Alex Guidi, chairman of TAG, commented:

Although we are reducing the level of high-risk capital expenditure, TAG controls a quality, long-term development-stage asset, producing premium-priced (Brent) light oil with substantial remaining development, appraisal and exploration upside in multiple proven producing formations. When oil prices improve, should markets become more favorable, or should other opportunities arise, TAG is in position to increase the level of exploration activity.

Click here to read the full TAG Oil Ltd. (TSX:TAO,OTCQX:TAOIF) press release.

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