TAG Oil through the years


TAG Oil was founded in 2002, by the IREMCO group and international oil and gas entrepreneur Alex P. Guidi to explore the untapped oil and gas potential of New Zealand. In the recent decade, TAG has been recognized as one of Canada’s fastest growing oil and gas companies by revenue and market capitalization. Our vision is, was, and has always been, to responsibly build a large reserve base that can serve the world’s demand for energy. 

2017: Staying ahead of the curve

  • ERC Equipoise assigns net present value of $82.12 million on proven and probable reserves
  • Field optimizations at Cheal helps stabilize production
  • Dividend paid by way of Coronado shares
  • Industry downturn persists but oil pricing on the rise

2016: Setting the Stage

  • Encouragement at Cardiff-3 well
  • New oil leg discovered at Sidewinder
  • More distressed asset acquisitions
  • Henrik Lundin appointed COO, Barry MacNeil appointed CFO
  • Dr. David Bennett joins the board
  • Low oil prices persist
international oil and gas

2015: Holding Steady through Challenging Times

  • Finished the year in strong financial position
  • New CEO Toby Pierce appointed
  • Capex slashed in response to falling global oil prices. 
  • TAG focuses on low-risk, low-capital, incremental production increases to maintain profitability
  • Founder Alex P. Guidi appointed as Interim CEO  
Tanker truck and TAG Oil building

2014: Operating to Plan — and Growing

  • Fiscal year ends with record revenue
  • Cardiff-3 flows gas/condensates. First stimulation attempt fails  
  • East Coast Basin Waitangi Valley-1 unconventional exploration drilling attempt failed due to  high pressured zones.
  • $60 million CapEx program announced funded through forecasted cash flow and working capital
New Zealand rig

2013: Optimized and Operating at Full Force

  • TAG Oil launches largest drilling campaign in New Zealand history
  • Production revenue hits $44.5 million for fiscal year
  • Ngapaeruru-1 unconventional well intersects hydrocarbon column in Whangai source rock
  • $40 million infrastructure expansion completed to facilitate production growth
  • Drilling continues in Taranaki
TAG Oil team members at Cheal

2012: Momentum Building & Setting Higher Goals

  • Successful drilling continues
  • National Bank Financial and Credit Suisse brings analyst coverage to nine
  • Company sees a 227% increase in production revenue, 300% increase in reserves
  • TAG closes $46,345,750 bought deal funding at $10.45 per share
  • Cheal B-7 becomes TAG’s 14th consecutive successful oil and gas well drilled
Man in blue hat working by valves

2011: Success and More Corporate Milestones

  • TAG graduates from TSX-V to the Toronto Stock Exchange (TSX)
  • 100% increase in production revenue
  • Trading begins on OTCQX International in the U.S.
  • New oil/gas discoveries at Cheal and Sidewinder
  • Mandate to build production and reserve growth
New Zealand oil and gas companies - TAG Oil

2010: Transformation

  • $53 million funding at $5.20 a share closed
  • TAG flows oil from bypassed Urenui discovery
  • Cardiff gas/condensate discovery acquired
  • Sidewinder-1 oil/gas discovery
  • 450% increase to reserves at Cheal field
  • Shallow drilling validates East Coast Basin unconventional oil prospects
TAG Oil 2009

2009: Paving the Way

  • TAG acquires Trans-Orient Petroleum, and unconventional prospects
  • Cash flow increases by approximately 300%
  • Operating costs reduced by 75% to $19 per barrel
  • TAG acquires 100% of Cheal oil & gas field
  • TAG sees opportunity in financial crisis
Cheal Facility - TAG Oil

2008: Retrenching

  • Exploration activity slows down; budgets slashed
  • Financial crisis; equity markets crash
  • Cheal dispute settled in TAG’s favor
  • Encouraging drilling results at Cheal
Men working Sidewinder drill

2007: Highs and Lows

  • Oil production generated only $938,838 in gross revenue
  • New Chief Executive Officer brought on board
  • Board changes
  • Drilling disappointments
  • Operating agreements create new challenges
TAG Oil growth in New Zealand

2006: Modest Growth

  • More drilling prospects established
  • TAG now a small oil producer
  • More Taranaki Basin permits acquired
  • Equity financing closed for $30 million

2002-2005: Putting the 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


  • TAG increases its New Zealand acreage portfolio
  • Completes the largest onshore seismic survey ever acquired in New Zealand
  • Mt. Messenger prospects identified in the Taranaki Basin


  • TAG continues to build up permit stakes in the Taranaki Basin
  • Exploration drilling planned
  • More start-up capital raised from private investors


  • 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 founded by the IREMCO group and international oil and gas entrepreneur, Alex P. Guidi