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Press release from CNW Group

TAG Oil Grants Incentive Stock Options

Tuesday, December 20, 2011

TAG Oil Grants Incentive Stock Options18:11 EST Tuesday, December 20, 2011VANCOUVER, Dec. 20, 2011 /CNW/ - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), announces that the Company has granted a total of 225,000 incentive stock options to Ken Vidalin and a consultant. These options are exercisable until December 20, 2016, at a price of $7.00 per share, subject to one-third of the total options vesting every six months from the date of grant over a period of eighteen months.TAG Oil Ltd.TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company with operations focused exclusively in New Zealand. With 100% control over all its core assets, including oil and gas production infrastructure, TAG is anticipating substantial oil and gas production and reserve growth through development of several light oil and gas discoveries. TAG is also actively drilling high-impact exploration prospects identified across more than 1,300 sections of land in the onshore Taranaki and East Coast Basins of New Zealand's North Island.In the East Coast Basin, TAG has entered into a farm-out agreement with Apache Corp to explore and potentially develop the major unconventional resource potential estimated in the tight oil source-rock formations that are widespread over the Company's acreage. These oil-rich and naturally fractured formations have many similarities to North America's Bakken source-rock formation in the successful Williston Basin.Cautionary Note Regarding Forward-Looking Statements:Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG. Such statements can generally, but not always, identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.All estimates and statements that describe the Company's objectives, goals, or future plans relating to operations in the Taranaki and East Coast Basins are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Actual results may vary materially from the information provided in this release, and there is no representation by TAG that the actual results realized in the future will be the same in whole or in part as those presented herein.Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that TAG and its independent evaluator have made, including TAG's most recently filed reports in Canada under National Instrument 51-101, which can be found under TAG's SEDAR profile at www.sedar.com.TAG undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.For further information: Dan Brown or Garth Johnson Phone: 1-604-682-6496 Email: info@tagoil.com Website: http://www.tagoil.com/ Blog: http://blog.tagoil.com/