PERTH, Australia, June 7, 2012 /CNW/ - Aurora Oil & Gas Limited (ASX:AUT) (TSX:AEF) is pleased to announce that it will join the S&P/ASX 100 Index after the close of markets on June 15, 2012, following recent adjustments to the S&P's/ASX indices. The S&P/ASX 100 Index (ASX:XTO) is Australia's premier large capitalisation equity index, it is comprised of 100 stocks selected by the S&P Australian Index Committee. The index provides a benchmark for large active equity fund managers whose emphasis is on having a portfolio with strong liquidity. It essentially covers large-cap and mid-cap stocks evaluated for liquidity and size.
Jonathan Stewart, Aurora's Executive Chairman and CEO, said, "Aurora's inclusion in the S&P/ASX 100 Index reflects the successful transition from exploration success to a rapidly growing international oil & gas producer."
In addition, Aurora is pleased to provide an update on current production from its acreage in the Sugarkane Field in the Eagle Ford Shale trend resulting from the accelerated 2012 development schedule on its acreage. As at May 31, 2012, there were 118 wells on production in which Aurora has an interest and Aurora's average gross production as at such date was approximately 9,000 boe/d (6,600 boe/d net). This represents a 31% increase on the previously advised average daily production in April and an 89% increase to the average production of Q1 2012.
With a current market capitalisation of approximately $A1.5 billion, a strong balance sheet and the recently announced acquisition of additional acreage in the Sugarkane Field, Aurora is positioned to maintain its strong production growth profile through 2012.
Aurora is an Australian and Toronto listed oil and gas company active exclusively in the over pressured liquids rich region of the Eagle Ford Shale in Texas, United States. The Company 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 approximately 77,000 highly contiguous gross acres in the heart of the trend, including over 17,800 net acres within the liquids rich zones of the Eagle Ford once the recently announced Sugarloaf acquisition is completed in late June.
Statements in this press release 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. 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. 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.
For further information:
Aurora Oil & Gas Limited ABN 90 008 787 988
Level 20, 77 St. Georges Terrace, Perth, WA 6000, Australia
GPO Box 2530 Perth, WA 6001, Australia
t +61 8 9440 2626, f +61 8 9440 2699, e [email protected]
Aurora Oil & Gas Ltd - Parent to Aurora USA Oil & Gas, Inc.
1111 Louisiana, Suite 4550, Houston, TX 77002 USA
t +1 713 402 1920, f +1 713 357 9674