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|TAG Oil Ltd.www.tagoil.com
      Corporate Office534 17th Avenue SW  
        Suite 400
        Calgary, Alberta
        T25 0B1 Canada
        ph 403-770-1934
        fx 403-770-1935
      Technical Office1067-88 Valley Road
        RD1 Wakefield 7181
        New Zealand
        ph 64-3-541-9558
        fx 64-3-541-8887 | TAG OIL LTD.(the Company)
      CODE OF ETHICS
      Introduction and Purpose
      This Code of Ethics sets out the ethical and behavioural
        standards expected of the Company's directors, officers, employees and
        contractors.
      The purpose of the Code is to underpin and support the
        Company's vision and values that govern our individual and collective
        behaviour. The vision and values set out below are an integral part of
        the Company's Code of Ethics.
      The Companys Corporate Vision
      The Company's vision is to become a successful oil and
        gas exploration corporation.
      To achieve this vision we include the following values
        in all our activities:
      responsibly explore for and develop oil and gas resources;be an industry leader and participate in industry organizations devoted
          to improving the industry;be a strong and honest competitor;be a responsible corporate citizen and contribute to our community;be respectful of the environment;deal fairly with our customers, suppliers and joint venture participants;provide a safe and rewarding work environment; anddeliver value to shareholders.Integrity and Objectivity
      We have an obligation to be straightforward, honest and
        sincere in our approach to our work and to avoid improper personal benefits
        as a result of our position.
      We have an obligation to ensure that our individual interests
        do not interfere, or appear to interfere, with the Company's interests.
        We will be impartial, intellectually and morally honest and minimize actual
        and perceived conflicts of interest. We will be fair and not allow prejudice
        or bias to override our objectivity.
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| | We will not have any undisclosed and unapproved business
        relationships, including with joint venture participants, suppliers, customers
        or competitors, that might impair, or appear to impair, the independence
        of any judgement that we may make on behalf of the Company.
      We will not pay or accept any bribe, gratuity or other
        inducements in the course of our business dealings on behalf of the Company.
      Fair Dealing, Due Care
      We will deal honestly and fairly in all our dealings
        with the Company's shareholders, joint venture participants, customers,
        suppliers, professional advisors, competitors and other stakeholders.
      We will maintain a high standard of competence, only
        undertaking work that we can expect to complete with professional competence.
        We will complete our obligations with due care and in a timely manner.
        We will carry out our work in accordance with the highest technical and
        professional standards appropriate to that work.
      We will use the utmost skill and care in our recruitment
        and employment practices, and treat all colleagues with respect and dignity.
      Use of Company Assets and Property
      We will use our best endeavours to protect the Company's
        assets and property in our control for the legitimate business purposes
        of the Company, and will not use that property for any other purpose,
        including for personal gain.
      Use of Company Information
      We will use the Company's corporate information gained
        during our relationship with the Company only in the best interests of
        the Company and not for personal gain. We will keep the Company's corporate
        information confidential, at all times. We will trade our shares on the
        Company in strict compliance with all applicable laws and where required,
        will properly and timely report such trading.
      We will ensure that the Company provides full, fair,
        accurate, timely and understandable disclosure in all reports and documents
        publicly disclosed, so that the public is properly informed and not misled
        by statements or omissions.
      Compliance with all Laws, Regulations and Rules
      We will at all times act honestly and in good faith,
        and comply with all applicable laws, including legislation, regulations,
        local by-laws and Rules (including the TSX Listing Rules) and codes of
        practice in the countries in which the Company operates or where it has
        registered issuer status. We will ensure our exploration and development
        practices not only comply with all applicable laws and regulations but
        adhere to best in class standards.
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| | Professional Behaviour, Compliance with Corporate
        Policies
      We will conduct ourselves, both at work and outside
        of business hours, in a manner consistent with the good reputation of
        the Company and refrain from any conduct that might bring discredit to
        the Company. In particular, all staff will refrain from taking any action
        that improperly influences, coerces, manipulates, or misleads the firm
        engaged in the performance of the audit of the financial statements of
        the Company (and subsidiaries).
      We will at all times behave and conduct ourselves in
        a manner that is consistent with the Company's vision and values set out
        in this Code, and will comply with all Corporate Policies.
      Compliance with Code of Ethics
      This Code forms part of every one of the Company's employee's
        conditions of employment and for all officers and directors as well. Failure
        to comply with the Code can result in disciplinary action including, where
        appropriate, dismissal. Compliance with this Code shall be taken into
        account on a regular basis when assessing individual performance. Failure
        of contractors to comply with this Code may result in termination of the
        contractors contract for services with the Company.
      If any person becomes aware of a breach, or suspected
        breach, of this Code, they must report it immediately to their manager
        and company secretary for action. If this is inappropriate or uncomfortable
        for the individual, the breach, or suspected breach, should be reported
        to another member of the senior management team and the company secretary
        for action. No action will be taken against any individual reporting a
        breach, or suspected breach, by virtue of that report. Subject to any
        legal restriction, the name of the person disclosing the information pertaining
        to breach, or suspected breach, of this Code will be kept confidential.
      CEO and Senior Financial Officers
      The Sarbanes Oxley Act 2002 (USA) encourages
        all corporations subject to SEC regulations to maintain a code of ethics
        covering senior financial officers, including the CEO. The ethical and
        behavioural standards reflected in that Act are the basic tenets of ethical
        and professional conduct adopted by the Company in this Code for all its
        staff and contractors, and as such apply equally to the CEO and CFO, and
        any other senior finance staff.
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