Tag Oil Sets Normal Course Issuer Bid; Shares Add 2% Today

Tag Oil Ltd (TAO.TO) is ahead more than 2% at $6.21 a share, gaining 14 cents with the exploration and production company today announcing a stock buy-back plan intending to purchase and withdraw up to 4.43 million shares of the company's stock.

In a statement, TAG executives said they believe the market price of the company's common shares may not reflect their underlying value and that the purchase of common shares for cancellation will be advantageous to all remaining shareholders.

There have not been any previous purchases under a normal course issuer bid by TAG within the past 12 months. Currently, Tag has 54.4 million shares outstanding.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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