TAG Oil Provides Corporate Update

VANCOUVER , Oct. 28 /CNW/ - New Zealand oil and gas producer, TAG Oil Ltd. (TSX-V: TAO) announced today that the Company has granted a total of 900,000 stock options to directors, officers and consultants pursuant to its incentive stock option plan. These new options are exercisable at $1.25 per share until October 28, 2014 and will vest over a period of eighteen months.

Pursuant to the terms of the Arrangement Agreement dated September 26, 2009 combining the businesses of the Company and Trans-Orient Petroleum Ltd. (TSX-V: TOZ & OTCBB: TOPLF), TAG has obtained the written consent of Trans-Orient approving the grant of these options.

As a result of this business combination with East Coast Basin exploration company, Trans-Orient Petroleum Ltd., its subsidiary's Eastern Petroleum (NZ) Limited & Orient Petroleum (NZ) Limited will become 100% controlled subsidiaries of TAG Oil Ltd.

    
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    (as that term is defined in the policies of the TSX Venture Exchange)
    accepts responsibility for the adequacy or accuracy of this release.
    

For further information: Garth Johnson, CEO, TAG Oil Ltd., [phone], Website: http://www.tagoil.com