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Permit 38348 - click to enlarge Permit 38349 - click to enlarge

Reserves and Undiscovered Resources

Proved and Probable Reserves (as of March 31, 2012)
Taranaki Basin, Cheal, Sidewinder Oil (bbls) Solution Gas
(mcf)		 Oil Equivalent
(boe)
Proved and Probable Reserves (1) 5,399,000 7,290,000 6,624,000
Possible Reserves 1,585,000 5,349,000 2,479,000
Total 6,984,000 12,639,000 9,103,000
 
Undiscovered Resources (2) (bbls Oil)
Taranaki Basin (3) (4) (5) Low Case Best Case High Case
Conventional Exploration 48,124,242 84,972,357 158,563,772
Subtotal 48,124,242 84,972,357 158,563,772
East Coast Basin (6) (7)      
Conventional Exploration 1,316,000,000 1,736,000,000 2,513,000,000
Unconventional Exploration 4,022,263,000 12,654,778,000 39,835,707,000
Subtotal 5,338,263,000 14,390,778,000 42,348,707,000
Total 5,386,387,242 14,475,750,357 42,507,270,772

(1) BOE Cautionary Statement - BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1bbl is based on an energy equivalency at the burner tip and does not represent a value equivalency at the wellhead.

(2) Undiscovered Hydrocarbon-In-Place (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. There is no certainty that any portion of the undiscovered resources will be discovered or that, if discovered, it will be economically viable or technically feasible to produce.

(3) Contingent Resources were estimated by Drew Cadenhead, a full-time employee of TAG Oil Ltd., who is a qualified reserves evaluator in accordance with National Instrument 51-101

(4) Original Hydrocarbon-In-place (Bbl) - Based on 6 current prospects

(5) Two prospects based on independent resource assessments by Sproule International Ltd.

(6) Based on Independent reports by qualified reserves evaluators for Trans-Orient dated September 2007 and September 2008

(7) Original Hydrocarbon-In-place (BOE) - Based on 10% of Company land base