Aurora Correction to Commodity Pricing Table for 2013 Year End Reserves Report

PERTH, Western Australia, Feb. 4, 2014 /CNW/ - Aurora Oil & Gas Limited ("Aurora") (ASX: AUT) (TSX: AEF) provides an update to its year end 2013 reserves announcement dated 3 February 2014.  An incorrect forecast commodity pricing table was inadvertently used in the announcement.  The correct forecast commodity pricing table is now presented below. The reserves estimates set out in the original announcement, and the net present values of future net revenue associated with those reserves, remain unchanged.

The forecast commodity pricing detailed in the corrected table below was used in the Ryder Scott report. The figures are then adjusted for quality and regional price variations. Further adjustments are made for the calorific value of the gas.

"FORECAST COMMODITY PRICING

Year Oil Price
 (US$/bbl) 
Gas Price
 (US$/MMbtu) 
2014 $94.49 $4.23
2015 $87.98 $4.17
2016 $83.74 $4.13
 Thereafter  $83.74 $4.13

NGL pricing has been assumed at 30% of oil pricing."

About Aurora
Aurora is an Australian and Toronto listed oil and gas company active in the over pressured liquids rich region of the Eagle Ford Shale in Texas, United States. Aurora is engaged in the development and production of oil, condensate and natural gas in Karnes, Live Oak and Atascosa counties in South Texas.  Aurora participates in over 80,200 highly contiguous gross acres in the heart of the trend, including over 22,200 net acres within the liquids rich zones of the Eagle Ford.  Aurora recently announced an approximate 14,000 net acre position in the Eaglebine play of East Texas.  No reserves have been assigned to that acreage as of this report.

Technical information contained in this report in relation to the Sugarkane field was compiled by Aurora from information sourced from its operated assets and provided by the project operator for non-operated assets and reviewed by Michael L. Verm, BSc, Chief Operating Officer of Aurora, who has had more than 30 years' experience in the practice of petroleum engineering. Mr. Verm consents to the inclusion in this report of the information in the form and context in which it appears.

Cautionary and Forward Looking Statements

Aurora presents petroleum and natural gas production and reserve volumes in barrel of oil equivalent ("BOE") amounts. For purposes of computing such units, a conversion rate of 6,000 cubic feet of natural gas to one barrel of oil equivalent (6:1) is used. The conversion ratio of 6:1 is based on an energy equivalency conversion method which is primarily applicable at the burner tip and does not represent value equivalence at the wellhead. Readers are cautioned that BOE figures may be misleading, particularly if used in isolation.

Unless otherwise stated, all evaluations of future net revenue in this release are after deduction of royalties, development costs, production costs, local taxes and well abandonment costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. 

There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Our oil and gas reserves statement for the year ended December 31, 2013, which will include complete disclosure of our oil and gas reserves and other oil and gas information in accordance with NI 51-101, will be contained within our Annual Information Form which will be available on our SEDAR profile at www.sedar.com when filed.

Statements in this press release which reflect management's expectations relating to, among other things, target dates, Aurora's expected drilling program and the ability to fund development are forward-looking statements, and can generally be identified by words such as "will", "expects", "intends", "believes", "estimates", "anticipates" or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Statements relating to "reserves" and "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that some or all of the reserves described can be profitably produced in the future. These statements are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include risks related to: exploration, development and production; oil and gas prices, markets and marketing; acquisitions and dispositions; competition; additional funding requirements; reserve and resource estimates being inherently uncertain; changes in the rate and/or location of future drilling programs on our acreage by our operator(s), incorrect assessments of the value of acquisitions and exploration and development programs; environmental concerns; availability of, and access to, drilling equipment; reliance on key personnel; title to assets; expiration of licences and leases; credit risk; hedging activities; litigation; government policy and legislative changes; unforeseen expenses; negative operating cash flow; contractual risk; and management of growth. In addition, if any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this document. Such assumptions include, but are not limited to, general economic, market and business conditions and corporate strategy. Accordingly, investors are cautioned not to place undue reliance on such statements.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Forward-looking information contained herein is made as of the date of this document and Aurora disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law.

SOURCE Aurora Oil & Gas Limited

For further information:

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Jonathan Stewart 
Executive Chairman 
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Douglas Brooks
Chief Executive Officer
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Head Office
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PO Box 20, Subiaco, WA 6904
T +61 8 9380 2700, f + 61 8 9380 2799, e info@auroraoag.com.au

Houston
Aurora USA Oil & Gas, Inc. a subsidiary of Aurora Oil & Gas Limited
1200 Smith Street, Suite 2300, Houston TX 77002-5500
T + 1 713 402 1920, f + 1 713 357 9674