Aurado Energy Announces Management Changes

Aurado Energy reports that at the Board Meeting on May 19, Anthonie C. Van Ekris, Chairman of the Board, proposed Bernard de Combret to be appointed to the Board of Directors of the Company and to succeed him as non-executive Chairman of the Board, effective immediately. The Board unanimously approved this proposal, subject to the approval of the Toronto Stock Exchange. Anthony Van Ekris will remain a Director. Mr de Combret, former Deputy Chairman of the Executive Committee of Total, has held senior executive positions in the oil industry during 25 past years. Since 2002, he is an international independent consultant and sits on the Board of several companies. The Company further reports the following changes to management, to become effective as of June 1, 2004:

David Robinson, Vice Chairman and Chief Executive Officer, will be replaced as Chief Executive Officer by Mirko Wojcik, who is currently Executive Vice President of Aurado. Mr. Wojcik will also take on the role as President. Mr. Robinson will retain his position on the Board of Directors. Ian Baron, President and Chief Operating Officer, is stepping down and Henk Jelsma, who is currently VP Operations for the Company, will replace him as acting Chief Operating Officer. Mr. Baron will not seek re-election to the Board of Directors at the next Annual General Meeting.

Mr. Robinson and Mr. Baron are resigning in order to pursue other petroleum ventures, both public and private, that they are involved in, some of which include Aurado's majority shareholder, Vela Financial Holdings Ltd. The Board of Directors of Aurado wishes to thank Mr. Robinson and Mr. Baron for their contributions to the Company. Under their guidance as Chief Executive Officer and Chief Operating Officer respectively, Aurado completed the acquisition of its 90% interest in the Liman Block in western Kazakhstan as well as additional producing petroleum interests in Alberta, Canada, discovered the East Tegen Field within the Liman Block, and raised over $36 million in new equity.

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