Aurora Reports Underwriters' Exercise of Over-Allotment Option

Aurora Oil & Gas Corporation said that the underwriters of the company's recent public offering of 24 million shares (including 8 million shares offered by a selling shareholder), which closed on November 1, 2006, have exercised in full their over-allotment option to purchase an additional 3.6 million shares of common stock from the company.

Including the over-allotment shares purchased today, the offering totaled 27.6 million shares of common stock (including 19.6 million shares offered by the Company and 8 million shares offered by a selling shareholder) at a price to the public of $3.00 per share, resulting in net proceeds to the Company of approximately $54.7 million, after deducting the underwriting discounts and commissions and the estimated offering expenses.

Aurora expects to use the net proceeds from the offering to fund exploration and development activities and for other general corporate purposes including acquisitions. Pending such use, the net proceeds will be used to repay amounts outstanding under its senior secured credit facility.

Johnson Rice & Company, LLC acted as the sole book-running manager and KeyBanc Capital Markets, a division of McDonald Investments Inc., and Morgan Keegan & Company, Inc. acted as co-managers in this offering.

Copies of the final prospectus relating to the offering may be obtained by contacting:

Johnson Rice & Company, LLC
639 Loyola Avenue, Suite 2775
New Orleans, LA 70113

Aurora Oil & Gas Corporation is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production with its main operations in the Michigan Antrim Shale and New Albany Shale of Indiana and western Kentucky.

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