Mr. Toby Pierce reports

TAG OIL ANNOUNCES UPSIZED $11 MILLION BOUGHT-DEAL PUBLIC OFFERING

TAG Oil Ltd. has upsized its previously announced bought-deal public offering to $11,000,048 in aggregate gross proceeds. The company has entered into a revised agreement with Research Capital Corp., as the lead underwriter and sole book runner, on behalf of a syndicate of underwriters, including Echelon Wealth Partners Inc., Canaccord Genuity Corp. and Haywood Securities Inc., to purchase, as principal on a bought-deal basis, 18,965,600 common shares of the company at a price of 58 cents per common share.

The company intends to grant the underwriters an option, exercisable in whole or in part, at the sole discretion of the underwriters, at any time, from time to time, for a period of 30 days from and including the closing of the offering, to purchase from the company up to an additional 15 per cent of the common shares sold under the offering, on the same terms and conditions of the offering, to cover overallotments, if any, and for market stabilization purposes.

The net proceeds of the offering will be used to accelerate a multiwell horizontal drilling program of the Abu Roash F reservoir in the Badr oil field, located in the Western Desert of Egypt (with the first horizontal well expected to spud in early August, 2023), pursue potential strategic acquisition opportunities in Egypt, and the broader Middle East and North Africa region, and for general working capital purposes.

The closing of the offering is expected to occur on or about the week of Aug. 21, 2023, or such later or earlier date as the underwriters and the company may determine, and is subject to the company receiving all necessary regulatory and TSX Venture Exchange approvals, including the approval to list the common shares.

The common shares will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Quebec, pursuant to National Instrument 44-101 -- Short Form Prospectus Distributions, and, with the consent of the company, may be offered in the United States on a private placement basis, pursuant to an appropriate exemption from the registration requirements under applicable U.S. law, and outside of Canada and the United States on a private placement or equivalent basis.

About TAG Oil Ltd.

TAG Oil is a Canadian-based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

We seek Safe Harbor.