TRAVERSE CITY, Mich., Feb. 18 /PRNewswire-FirstCall/ -- Aurora Oil & Gas Corporation (NYSE Alternext US: AOG) today announced that it has entered into a forbearance agreement, effective February 12, 2009, to its senior secured credit facility with BNP Paribas and the syndicate of associated senior secured lenders. The previous forbearance agreement expired on August 15, 2008. Since that time, the Company continued to communicate with the lending syndicate, providing weekly updates on Company activities, or more in-depth presentations as deemed appropriate. Under the terms of the new forbearance agreement, the Company will pledge to the lenders substantially all of the Company's assets not previously pledged to the lenders, as well as provide other non-financial concessions. The lenders agree to forbear from acting on certain designated defaults until after April 30, 2009. For further details regarding the terms of the forbearance agreement, see the Company's Form 8-K filed on February 18, 2009. Mr. William W. Deneau, Chief Executive Officer, commented, "With this new forbearance, we now have a foundation which will govern the ongoing relationship between Aurora and its lenders. On that platform, we can begin to collaboratively develop a restructuring plan that attempts to satisfy our many stakeholders." About Aurora Oil & Gas Corporation Aurora Oil & Gas Corporation is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production, with its primary operations in the Antrim Shale of Michigan, the New Albany Shale of Indiana and Kentucky. Cautionary Note on Forward-Looking Statements Statements regarding future events, occurrences, circumstances, activities, performance, outcomes, beliefs and results, including future plans and objectives, anticipated operational enhancements, possibility of restructuring existing debt obligations, anticipated capital availability, plans for future partnerships, and satisfactory resolution to Aurora's situation with its lenders are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although we believe that the forward-looking statements described are based on reasonable assumptions, we can give no assurance that they will prove accurate. Important factors that could cause our actual results to differ materially from those included in the forward-looking statements include the timing and extent of changes in commodity prices for oil and gas, drilling and operating risks, the availability of drilling rigs, changes in laws or government regulations, unforeseen engineering and mechanical or technological difficulties in drilling the wells, operating hazards, weather-related delays, the loss of existing credit facilities, availability of capital, and other risks more fully described in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this release, including any forecasts and estimates, are based on management's outlook only as of the date of this release and we undertake no obligation to update or revise these forward-looking statements, whether as a result of subsequent developments or otherwise. Join our email distribution list: http://www.b2i.us/irpass.asp?BzID=1419&to=ea&s=0 Contact: Aurora Oil & Gas Corporation Jeffrey W. Deneau, Investor Relations (231) 941-0073 http://www.auroraogc.com/ DATASOURCE: Aurora Oil & Gas Corporation CONTACT: Jeffrey W. Deneau, Investor Relations, Aurora Oil & Gas Corporation, +1-231-941-0073 Web Site: http://www.auroraogc.com/

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