Aurora Completes Eagle Ford Acquisition

Source: www.gulfoilandgas.com 3/29/2013, Location: North America

Aurora Oil & Gas Limited (Aurora) is pleased to advise that it has completed its previously announced acquisition of a 100% working interest in approximately 2,700 acres in the Eagle Ford shale, including 11 producing wells and associated interests in field infrastructure and related assets for approximately US$117.5 million in cash. The acquired assets are located in two consolidated blocks either adjacent or very approximate to Aurora’s other Sugarkane Field interests, in the liquids-rich area of the Eagle Ford shale trend in South Texas.

The acquisition increases Aurora's net acreage in the Eagle Ford by over 14% to approximately 21,800 net acres and significantly adds to Aurora’s future net well inventory. Aurora has assumed operations on the acquired acreage and expects to commence drilling there in the second half of 2013.

Aurora Executive Chairman Jon Stewart commented: “This acquisition, being our third in the past 12 months, highlights Aurora’s ability to add to its considerable organic growth at the Sugarkane Field through value driven high quality Eagle Ford transactions. Strategically, this operated position offers additional flexibility in capital allocation and production growth. The recently completed US$300 million unsecured fixed coupon debt issuance and an undrawn US$200 million secured revolver facility means we are very well funded for both our operated and non-operated drilling programs.”

Aurora CEO Douglas E. Brooks added: “Acquiring these assets provides Aurora greater flexibility in the overall development of its asset portfolio. It adds materially to current production but more over includes growth opportunities in reserves through higher density well drilling. Aurora has recruited Houston based staff experienced in operations who will execute our plans and of course have the benefit of the significant knowledge acquired in all related phases of development from our participation in more than 250 wells to date in the Sugarkane field.”br>
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