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Oilweek Magazine
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Latest Headlines
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Dec 16, 2009 1:11:00 AM MST
Tag oil completes merger with Trans Orient Petroleum in $6.8 million deal (TAG-Oil-acquisition)
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VANCOUVER _ Tag Oil Ltd. (TSXV:TAO) says it has completed a merger with Trans-Orient Petroleum Ltd. (TSXV:TOZ) in a deal valued at about $6.8 million.
Vancouver-based Tag has said it will combine the two companies to an international production and exploration company working in New Zealand.
When the deal was announced in September, Tag said the new company would have no debt, $12.5 million in working capital and cash flow from the developing Cheal light-oil discovery. It will also have prospects in the Taranaki Basin discovery fairway.
The shallow Cheal oil pool has cumulative production of more than 500,000 barrels of oil to date, with remaining proven and probable reserves of approximately 530,000 barrels of oil equivalent.
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