Company Information for Aurora Oil & Gas Limited

ASX-AUT

www.auroraoag.com.au

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ASX; AUT

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Company Statement

Aurora Oil & Gas Limited is an Australian Stock Exchange listed company (ASX: AUT) and London Stock Exchange AIM (ticker:ELP) focussed on oil and gas exploration and production in North America.

The initial plan for the development of the Company’s oil and gas interests is focussed on the US where large markets and existing infrastructure provides the opportunity for attractive economic returns. We consider that the US oil and gas opportunities for our company are significant and we continue to review many prospects.

Since commencing operations Aurora has established a significant portfolio of US oil and gas interests that includes exploration, development and production. The background to and status of these projects is outlined herein.

The Company is well funded for its existing activities and is well positioned to pursue new oil and gas opportunities.

Aurora Oil & Gas' principal objective is to become a successful oil and gas exploration and production company characterised and committed to:

Applying the Company's funds in an efficient manner and providing above average and sustainable returns through both capital appreciation and the payment of dividends when in a position to do so;
Adopting high standards of occupational health and safety, environmental management and ethics; and
Fostering and maintaining a culture of ownership, care, professional excellence and respect from employees.

Operations and Technology

Sugarkane Gas & Condensate Field
Aurora Oil & Gas has established a substantial landholding position within the exciting Sugarkane Field, Texas, providing the Company with an exceptional opportunity to develop a potential multi trillion cubic feet equivalent (tcfe) gas and condensate resource.

Aurora holds interests in three project areas within the Sugarkane Field; the Sugarloaf Area (20%), Longhorn Area (50%) and Ipanema Area (80%).

Further drilling activity is ongoing outside of existing AMIs and a number of
large industry players have acquired acreage positions along the Eagle Ford
trend.

Sugarkane Field delineated by 8 historical and 14 modern wells.
Four wells drilled in Sugarloaf AMI
Ten wells drilled in Sugarkane AMI – another underway
Recent wells cover an area of 56 km2 – consistent reservoir and hydrocarbons from all penetrations.
Production history from both the Austin Chalk and Eagle Ford shale is being established from existing wells.
Very high Condensate ratios of 100 to 300 bbl/mmscf observed.
Significant progress in establishing optimum drilling and completion design.

AUT net interest 391 bcf & 72mmbbl (NSAI) - greater than 1.0 Tcfe

Flour Bluff Development Project
The Flour Bluff Gas Project is a substantial gas project involving the redevelopment of an old giant gas field complex at Flour Bluff, on the outskirts of Corpus Christi, Gulf Coast Texas on 10,400 acres of leasehold land. This field has seen in excess of 1.3 TCF of production from 40 separate reservoirs at shallow and moderate depths above 2,400 metres. These shallow reservoirs are now largely depleted, but significant reserves are present in virtually undeveloped deeper reservoirs between 2,750 to 3,600 metres depth. It is these reserves that are being targeted in the redevelopment of Flour Bluff. Existing extensive project infrastructure can be used for immediate delivery of production to customers.

North Belridge Project
In 2006 Aurora reached agreement to acquire an interest in the North Belridge Oil Field, which has estimated potential P50 reserves of 60 million barrels of recoverable oil and 40 billion cubic feet of gas. The field is located in the prolific onshore San Joaquin basin of California, USA and is operated by Texas Crude Energy Inc (TCEI).

Aurora has the opportunity to earn a 32.5% interest in the first ten wells (24.375% Net Revenue Interest) until individual well payback and then 16.25% after payout by paying 32.5% on the first five wells and 24.375% on the next five wells. The Operator’s estimate of potential recoverable reserves from the initial 10 development wells is approximately 6 million barrels of oil.

Elixir Petroleum Limited
Aurora maintains its focus on major onshore US oil and gas opportunities but retains upside exposure to International and offshore activities through its investment in Elixir Petroleum Limited.

Aurora holds approximately 13% of Elixir Petroleum Limited following the merger of Elixir and Gawler Resources in late 2007.

Elixir Petroleum is an international E & P company and is dual listed on the ASX (ticker: EXR) and the London Stock Exchange AIM (ticker: ELP).

Board of Directors and Key Management

Jonathan Stewart	Chairman Board of Directors
Ian Lusted	Director
Michael Blakiston	Director
Graham Dowland	Director
Gren Schoch	Director

Company Address

Level 20
77 St Georges Terrace
Perth, Australia WA 6000


Telephone:	+61 8 9440 2626
Facsimile:	+61 8 9440 2699
Email:	info[at]auroraoag.com.au
Website:	http://www.auroraoag.com.au

Additional Address/Key Contact

Mailing Address:
Aurora Oil & Gas Limited
GPO Box 2530
PERTH WA 6001

Capital

Fully diluted; 226.1m

Most Recent Statement

11/03/10 - Appendix 3B Option Exercise
03/03/10 - Investor Presentation
03/03/10 - Sugarloaf Operational Update
25/02/10 - Becoming a substantial holder
22/02/10 - Appendix 3B Option Exercise
22/02/10 - Change of Director`s Interest Notice x 3

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