YF Limited Purchases Common Shares of TAG Oil Ltd.

YF Limited (“YF”) announced today that, on December 29, 2017, it acquired 293,500 common shares of TAG Oil Ltd. (“TAG”) (TSX: TAO) through the facilities of the Toronto Stock Exchange at a price of C$0.4096 per share, for total consideration of C$120,222.60.

The purchased shares, together with the 8,408,000 common shares of TAG previously held by YF, resulted in YF having beneficial ownership of approximately 10.2% of TAG’s outstanding common shares. As the result of multiple purchases of TAG common shares through the facilities of the Toronto Stock Exchange between June 6, 2018 and June 18, 2018, YF acquired a further 1,422,500 TAG common shares representing, in the aggregate, an additional 1.67% of TAG’s outstanding common shares.

These additional common shares were acquired for aggregate consideration of C$554,111.49, being an average price of C$0.3895 per common share. As a result of YF’s acquisition of the additional 1,422,500 common shares, its ownership interest increased to represent approximately 11.87% of TAG’s outstanding common shares. On June 19, 2018, YF acquired 110,500 TAG common shares through the facilities of the Toronto Stock Exchange at a price of C$0.38 per share, for total consideration of C$41,990.00. The purchased shares, together with the 10,124,000 common shares of TAG previously held by YF, resulted in YF having beneficial ownership of approximately 12.0% of TAG’s outstanding common shares. As the result of multiple further purchases of TAG common shares through the facilities of the Toronto Stock Exchange between June 20, 2018 and June 26, 2018, YF acquired a further 42,000 TAG common shares representing, in the aggregate, an additional 0.05% of TAG’s outstanding common shares. These additional common shares were acquired for aggregate consideration of C$15,915.00, being an average price of C$0.3789 per common share. As a result of YF’s acquisition of the additional 42,000 common shares, its ownership interest increased to represent approximately 12.05% of TAG’s outstanding common shares.

Prior to the December 29, 2017 transaction, YF owned 8,408,000 common shares, representing approximately 9.86% of TAG’s outstanding common shares. As a result of the December 29, 2017 transaction, YF beneficially owned 8,701,500 common shares, representing approximately 10.2% of TAG’s outstanding common shares. Following YF’s acquisition of a further 1,422,500 common shares between June 6, 2018 and June 18, 2018, YF beneficially owned 10,124,000 common shares, representing approximately 11.87% of TAG’s outstanding common shares. As a result of the June 19, 2018 transaction, YF beneficially owned 10,234,500 common shares, representing approximately 12.0% of TAG’s outstanding common shares. Following YF’s acquisition of a further 42,000 common shares between June 20, 2018 and June 26, 2018, YF beneficially owned 10,276,500 common shares, representing approximately 12.05% of TAG’s outstanding common shares.

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The common shares of TAG were acquired by YF for investment purposes. YF will continue to review the performance of and prospects for this investment and investment alternatives. YF may take actions in the future in respect of its security holdings in TAG based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of TAG common shares, whether in the open market, by privately negotiated agreement or otherwise.

YF’s head office is located at Market Square, 3rd Floor, Yamraj Building, P.O. Box 3175, Road Town, Tortola, British Virgin Islands. TAG’s head office is located at 2040-885 West Georgia Street, Vancouver, British ColumbiaV6C 3E8.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under TAG’s profile on SEDAR (www.sedar.com) containing further information respecting the foregoing matters.

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