VANCOUVER - Junior oil and gas company Tag Oil Ltd.'s year-end loss dropped as revenue jumped 33 per cent.
VANCOUVER - Junior oil and gas company Tag Oil Ltd.'s year-end loss dropped as revenue jumped 33 per cent.
The Vancouver-based company, which operates in New Zealand, said its loss for the 12-month period ended March 31 totalled $2.6 million or 13 cents a share. That compared with a loss of $18.9 million or $1.05 cents a share in fiscal 2009.
Tag Oil (TSXV:TAO) saw its production revenue jump 33 per cent to $6.5 million from $4.9 million.
It produced 67,525 net barrels of light oil in fiscal 2010, sold at an average price of $84.50 per barrel. Tag Oil did not provide any figures from the year before.
Tag's loss included a $1.4 million writeoff related to its acquisition of Austral Pacific Energy Ltd. An inventory write down, depletion and stock-based compensation also contributed to the loss.
"Fiscal 2010 was a year of significant value creation, growth and high-level achievement in all areas of the company," said chief executive Garth Johnson in a statement released Thursday.
"More importantly, the series of transformational acquisitions completed during fiscal 2010 set the foundation for rapid growth, and has placed TAG into a new tier of emerging international companies."
Apart from the Austral acquisition, the company completed its merger with Trans-Orient Petroleum Ltd. in December, in a deal valued at about $6.8 million.
During afternoon trading on the TSX Venture market, shares of Tag Oil were unchanged at $2.55.