PERTH, Western Australia, Feb. 27, 2013 /CNW/ - Aurora Oil & Gas Limited
("Aurora") (ASX: AUT) (TSX: AEF) is pleased to announce that a
syndicate of banks have approved an increase in the borrowing base
available under its existing US$300 million senior secured revolving
credit facility (the "Facility) from US$150 million to US$275 million.
This significant increase reflects Aurora's continued operational
success and the significant increase in Aurora's proved producing
reserves during 2012. The Facility is now being used in conjunction
with operating cash flow to fund overall capital expenditure
requirements for the Sugarkane Field development in South Texas, USA
and for general corporate purposes. The increase in the level of
funding available exceeds forecast working capital requirements and
provides capacity for capital expenditure programs in excess of that
presently forecast for the Sugarkane Field.
As part of this borrowing base redetermination process, an additional 4
banks joined the lending syndicate, expanding the syndicate to 8 banks
in total, comprising US, Australian and international banks.
About Aurora
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 from the
Sugarkane Gas and Condensate field in Karnes, Live Oak and Atascosa
counties in South Texas. Aurora participates in approximately 77,000
highly contiguous gross acres in the heart of the trend, including over
19,100 net acres within the liquids rich zones of the Eagle Ford.
Cautionary and Forward Looking Statements
Statements in this press release reflect management's expectations
relating to, among other things, target dates, Aurora's expected
drilling program and the ability to fund development are
forward-looking statements, and can generally be identified by words
such as "will", "expects", "intends", "believes", "estimates",
"anticipates" or similar expressions. In addition, any statements that
refer to expectations, projections or other characterizations of future
events or circumstances are forward-looking statements. Statements
relating to "reserves" are deemed to be forward-looking statements as
they involve the implied assessment, based on certain estimates and
assumptions that some or all of the reserves described can be
profitably produced in the future. These statements are not historical
facts but instead represent management's expectations, estimates and
projections regarding future events.
Although management believes the expectations reflected in such
forward-looking statements are reasonable, forward-looking statements
are based on the opinions, assumptions and estimates of management at
the date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include risks related to:
exploration, development and production; oil and gas prices, markets
and marketing; acquisitions and dispositions; competition; additional
funding requirements; reserve estimates being inherently uncertain;
incorrect assessments of the value of acquisitions and exploration and
development programs; environmental concerns; availability of, and
access to, drilling equipment; reliance on key personnel; title to
assets; expiration of licences and leases; credit risk; hedging
activities; litigation; government policy and legislative changes;
unforeseen expenses; negative operating cash flow; contractual risk;
and management of growth. In addition, if any of the assumptions or
estimates made by management prove to be incorrect, actual results and
developments are likely to differ, and may differ materially, from
those expressed or implied by the forward-looking statements contained
in this document. Such assumptions include, but are not limited to,
general economic, market and business conditions and corporate
strategy. Accordingly, investors are cautioned not to place undue
reliance on such statements.
All of the forward-looking information in this press release is
expressly qualified by these cautionary statements. Forward-looking
information contained herein is made as of the date of this document
and Aurora disclaims any obligation to update any forward-looking
information, whether as a result of new information, future events or
results or otherwise, except as required by law.
SOURCE: Aurora Oil & Gas Limited
Level 20, 77 St. Georges Terrace, Perth, Western Australia 6000, GPO Box 2530 Perth, Western Australia 6001, T+61 8 9440 2626, F +61 8 9440 2699, E info@auroraoag.com.au, W www.auroraoag.com.au