UPDATE: Aurora Oil & Gas Rises 2% As Reports Positive Preliminary Downspacing Results

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Aurora Oil & Gas Limited (AEF.TO) confirmed it is "highly encouraged" by the results to date of a downspacing pilot program within its non-operated Sugarkane Field acreage in the Eagle Ford. The results are based on 13 wells on which there has been more than 6 months production and other more recently drilled wells, all of which have been drilled at less than 80 acre (660 ft) spacing.

Highlights:

- Aurora believes early results support downspacing from 80 acre case

- Preliminary results based on the initial 13 pilot wells, plus more recently drilled wells, tested at less than 80 acre spacing

- The initial 13 wells show statistically comparable performance to 80 acre type curves

- 70 wells across Sugarkane now drilled at less than 80 acre spacing

- Program extended to include Austin Chalk horizon

- Additional production history desired prior to determining basis for development spacing across non operated Sugarkane acreage

- Aurora planning 40 acre spacing on wholly-owned operated acreage

- Aurora to provide further guidance on results in H2 2013



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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