International oil and gas production company TAG Oil, based in Vancouver, announced that the company’s wholly owned Australian subsidiary, Cypress Petroleum, has closed the purchase of 100% interest in Petroleum Lease 17 (“PL 17”) from privately held Southern Cross Petroleum & Exploration. PL 17 is an oil and gas production permit and high-value exploration acquisition that covers 104 km2 (25,700 acres) in the Surat Basin, one of Australia’s first producing basins. It is located in a light-oil discovery trend, and is situated approximately 20 km and on trend with the Moonie Oil Field, which has produced 25 million barrels of oil to date. PL 17 contains two undeveloped oil fields, the Bennett and Leichhardt fields, and the production permit area is largely unexplored despite the proven and significant oil and gas potential. (Source: TAG Oil)