All references in this Interim Report are to United States dollars (“$”) unless otherwise indicated.
Aurora Oil & Gas Limited (Aurora) is pleased to announce its financial and operating results for the three months ended March 31, 2011.
Overview
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 74,800 highly contiguous gross acres in the heart of the trend, including over 15,760 net acres within the liquids rich zones of the Eagle Ford. Aurora is funded for and expects to participate in approximately 60 new development wells during 2011.
Quarter Highlights
- Average net production, for the quarter increased to 1,050 boe/d (787 boe/d after royalties).
- Production as at 24 April 2011 had increased to approximately 2,200 boe/d (1,660 boe/d after royalties).
- Revenue increased to $7 million.
- Net income increased to $3.7 million.
- 14 wells drilled of which 3 wells completed, 4 wells being drilled at quarter end.
- 18 wells on production at quarter end of which 9 are post farmout wells.
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