TAG At A Glance

2009: Transformation

• TAG acquires Trans-Orient, 100% of shale play
• TAG Acquires 100% of Cheal oil discovery
• Operating costs reduced by 75% to $19 per barrel
• Net cash flow increases by approximately 300%
• Core acreage in the Taranaki Basin expanded by 18,465 acres
• TAG looks forward, restructures

2008: Retrenching

• TAG pulls up stakes in Canterbury
• Cheal dispute settled favorably with operator Austral Pacific
• Exploration activity slows, high risk prospects dropped, G and A slashed
• Oil prices dip in midst of financial crisis

2007: Highs and Lows

• TAG Oil becomes an oil producer with official opening of Cheal
• 13,643 net barrels of Cheal oil generated only $938,838 in gross revenue
• Trans-Orient acquires its 100%-controlled East Coast Basin fractured shale play
• High commodity prices and licensing disagreements create new challenges

2006: Growth

• The concept of Peak Oil widely accepted
• A diverse portfolio of prospects established
• TAG flows first oil
• More onshore Taranaki permits acquired
• Canaccord Adams raises $30 million for TAG with institutions to excel exploration campaign

2005: Pieces in Place

• TAG acquires permit interests, increasing its land base to 1,512,710 net acres
• Complex operations, including 3-D seismic and a detailed geochemical survey, managed in-house
• More aggressive wildcat exploration drilling begins
• Canaccord raises $15 million for TAG with institutions enhances balance sheet
• Secures listing on TSX-V
• Canaccord Capital Corporation sponsors TAG

2004: Establishing Roots

• TAG increases its New Zealand acreage portfolio
• Completes the largest onshore seismic survey ever acquired in New Zealand
• Prospects identified in the Taranaki and Canterbury Basin

2003: Implementation

• TAG continues to build up permit stakes in the Taranaki Basin
• Drilling planned
• More start-up Capital raised

2002: Emergence

• TAG embarks on a strategic initiative to acquire projects in New Zealand
• Still in the minority of those touting the concept of Peak Oil
• TAG Oil is born