TAG Oil Increases Net Daily Production

TAG Oil Ltd. (TSX:TAO,OTCQX:TAOIF) announced its results for the first fiscal quarter of 2015, commenting that it achieved average net daily production of 1,750 boe (74 percent oil), an 18-percent increase from the previous quarter.

Other highlights include:

• Total revenue increased by 11% for the quarter ended June 30, 2014 to $15.6 million from $14 million for the quarter ended March 31, 2014, and increased by 6% from $14.7 million for the same period last year.
• Operating netback per boe increased for the quarter ended June 30, 2014 to $72.16 per boe from $71.80 per boe for the quarter ended March 31, 2014, and increased from $43.72 per boe for the same period last year.
• Cashflow provided from operating activities increased by 329% for the quarter ended June 30, 2014 to $7.2 million from $1.7 million for the quarter ended March 31, 2014.
• Cashflow per share (basic) provided from operating activities increased by 266% to $0.11 from $0.03 for the quarter ended March 31, 2014.
• Capital expenditures totalled $11.4 million for the quarter ended June 30, 2014 compared to $22.8 million for the quarter ended March 31, 2014

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