Aurora Oil & Gas Evaluates Strategic Alternatives

Aurora Oil & Gas says that it has retained Johnson Rice & Company, L.L.C. to assist the Board of Directors with investigating strategic alternatives for the Company.

These alternatives, among other things, may include revisions to the Company's strategic plan, asset divestitures, operating partnerships, identifying additional capital sources, or a sale, merger, or other business combination of the Company.

William W. Deneau, Chairman and CEO, commented, "With the recent announcement of our Woodford Shale acreage and our continuing activities in the Antrim Shale and New Albany Shale, it is obvious that the Company has more opportunity available than can be developed with available capital. Our primary objective is enhancing shareholder value. The retention of Johnson Rice & Company to assist our Board is a positive step in that direction."

The Company intends to disclose developments regarding the exploration of alternatives only if and when the Board of Directors has approved a specific course of action. There is no assurance that this process will result in any changes to the Company's current strategic direction.

Mr. Deneau continued, "There is no specific timeframe to complete the review and there are no constraints on options to be explored. Johnson Rice & Company will assist our Board of Directors in reviewing the strategic alternatives, while management continues to focus on executing Aurora's current strategic plan."