Aurora Oil & Gas Limited - Transaction update - Lodgement of Scheme Booklet

PERTH, Western Australia, March 24, 2014 /CNW/ - As announced to the Australian Stock Exchange on 7 February 2014, Aurora Oil & Gas Limited (ASX:AUT, TSX:AEF) (Aurora) is proposing a scheme of arrangement under which Baytex Energy Corp. will acquire, through its wholly owned subsidiary Baytex Energy Australia Pty Ltd, all of the shares in Aurora (Proposal).

Aurora has today lodged with Australian Securities Investment Commission (ASIC) a draft scheme booklet in relation to the recommended Proposal.  ASIC's review of the scheme booklet will be followed by an initial Court hearing, expected to occur during April 2014, to approve the scheme booklet and make orders convening a scheme meeting of Aurora shareholders. Once approved by the Court and registered with ASIC, the scheme booklet will be released publically, printed and dispatched to the ASX and then printed and dispatched to Aurora shareholders.  The scheme meeting is expected to take place towards the end of May 2014.  Accordingly, implementation of the scheme is anticipated to occur in the first half of June.

The dates relating to the scheme are indicative only and are subject to (among other things) the Court approval process.  Any changes to these dates will be announced.

Transaction update

Baytex has advised Aurora that notification of the proposed acquisition under the scheme has been filed with the Foreign Investments Review Board (FIRB).  The Scheme Implementation Deed between Aurora and Baytex, a copy of which was released to the Australian Stock Exchange on 7 February 2014 (SID), is subject to a number of conditions, including (among other things) the receipt of a notice of no objection from FIRB in relation to the scheme.

Aurora and Baytex continue to work collaboratively towards satisfying the remaining conditions precedent to the scheme as set out in the SID.  As far as Aurora is aware, as at the date of this announcement, there are no circumstances that have occurred which will cause any of the conditions not to be satisfied or to become incapable of satisfaction.  Aurora will continue to keep shareholders informed of the status of the satisfaction of the condition precedents and the scheme generally.

SOURCE: Aurora Oil & Gas Limited

Investors:   
Jon Stewart
Executive Chairman
Aurora Oil & Gas Ltd
Tel: [phone]

Media:
Shaun Duffy
FTI Consulting
Tel: [phone]
Mob: [phone]
[email protected]

Head Office
Level 1, 338 Barker Road, Subiaco, WA 6008, Australia
PO Box 20, Subiaco, WA 6904
T [phone], f + 61 8 9380 2799, e [email protected]

Houston
Aurora USA Oil & Gas, Inc. a subsidiary of Aurora Oil & Gas Limited
1200 Smith Street, Suite 2300, Houston TX 77002-5500
T + 1 713 402 1920, f + 1 713 357 9674