March 28, 2024

Tag Oil profits rise to $268,499 in Q1

VANCOUVER – Junior oil producer Tag Oil Ltd. (TSX:TAO) rose to a profit in the first-quarter helped by stronger production revenues.

The Vancouver-based company, which focuses on operations in New Zealand, said that net income increased to $ 268,499 versus a loss of $ 156,578 in the same period a year ago.

Production revenue increased to $ 5.9 million from $ 1.8 million.

The company said the quarterly production was 56,509 barrels of oil at an average price of $ 113 per barrel.

Costs were also reduced to $ 15 per barrel in the period, compared to $ 20 for fiscal 2011.

Tag shares were down 22 cents at $ 6.45 near midday Thursday on the Toronto Stock Exchange.

Local news from metronews.ca/vancouver

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