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Aurora Oil & Gas Ltd, Interim Report for First Quarter 2012

Operational Highlights

During the reporting period there were a number of operational highlights including:

- An updated reserves estimate to December 31, 2011 was generated by Ryder Scott Company L.P. (“Ryder Scott”). Ryder Scott allocated Aurora total gross proved (1P) reserves of 80.4 mmboe and 92.0 mmboe of proved plus probable (2P) reserves. This represents a 450% increase in 1P reserves and 209% increase in 2P reserves from Aurora’s reserves estimate as at December 31, 2010. These figures are comprised of over 75% liquids on an oil equivalent basis.

- At the end of the reporting period there were 90 gross wells on production, including 6 farmout wells, 113 gross wells having been drilled and 11 new wells underway, compared to 18 wells on production, including 9 farmout wells, as at March 31, 2011.

- Aurora’s total gross production for the quarter to March 31, 2012 was 446,891 mmscf of rich gas, 277,785 bbls of light/medium oil and 86,459 bbls of condensate and NGL’s.

- Average gross Aurora production rates for the quarter to March 31, 2012 were 4,820 boe/d including NGL’s, and net average production, after royalties including NGL’s, was 3,500 boe/d. This represents an increase of 11% over the previous quarter.

- Aurora’s average daily production rate during the month of March 2012 was 5,343 boe/d gross and 3,886 boe/d net, after royalties including NGLs.

- The retrospective installation of production tubing in existing wells was largely completed by February 2012, with a total of 35 wells involved.

- The installation of centralised facilities on our acreage continues, with 6 out of a total of 9 planned facilities now operational and a further 3 scheduled to be completed during the second quarter of 2012. New and existing wells are being tied into these facilities in an incremental fashion. The operator has also made a number of improvements and additions to the existing facilities to improve efficiency and performance.


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