Vancouver, B.C. - April 7, 2016 - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF) announces that its Chief Financial Officer, Chris Ferguson, has submitted his resignation to pursue other opportunities, but will continue in his respective role during a transition period to support the appointment of Barry MacNeil who will be replacing Mr. Ferguson on an interim basis.

Mr. MacNeil is a qualified Chartered Professional Accountant who has more than 20 years of accounting experience in public and private practice. He has worked as a corporate accountant for a group of companies involved in sales and services of mining equipment to the international mining industry and a lumber company with export sales to Japan, Europe and Australia, and has been a director and officer of certain public companies operating in the oil and gas sector, including Trans-Orient Petroleum Ltd. Mr. MacNeil is also currently the Chief Financial Officer of Coronado Resources Ltd. (TSXV: CRD), and McorpCX, Inc. (TSXV: MCX), and acts as Corporate Controller for TAG Oil Ltd.

Toby Pierce, CEO commented, 'All of us from TAG Oil would like to thank Chris for his efforts and wish him all the best in his future endeavours at his new employer. Given that we have a very strong accounting and finance team based in both New Zealand and Canada, I'm confident that TAG remains in an excellent position with our existing team.'

TAG Oil Ltd.

TAG Oil Ltd. (http://www.tagoil.com/) is a development-stage Australasian focussed oil and gas production and exploration company with extensive operations and production infrastructure in the Taranaki Basin region of New Zealand. As one of New Zealand's leading operators, TAG is positioned for reserve-based growth with high impact exploration upside in the lightly explored Taranaki discovery fairway. As a low cost, high netback oil and gas producer, TAG is debt-free and reinvests its cash flow into development opportunities and exploration drilling along trend with the Company's existing production.

For further information:

Ashley Garnot, General Manager
Phone: 1-604-682-6496
Email: [email protected]
Website: http://www.tagoil.com/
Blog: http://www.tagoil.com/media-center/tag-oil-blog/

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 be generally, but not always, be identified by words such as 'expects', 'plans', 'anticipates', 'intends', 'estimates', 'forecasts', 'guidance', 'schedules', 'prepares', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. All estimates and statements with respect to operations are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties including, without limitation: risks associated with oil and gas exploration, development, exploitation and production, geological risks, marketing and transportation, availability of adequate funding, volatility of commodity prices, environmental risks, competition from other producers, and changes in the regulatory and taxation environment. Actual results may vary materially from the information provided in this release, and there is no representation by TAG Oil that the actual results realized in the future would 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 NI 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.