Last Update: 11/14/2008 4:54:00 PM
Aurora Oil & Gas Corporation Announces Management Changes
TRAVERSE CITY, Mich., Nov 14, 2008 /PRNewswire-FirstCall via COMTEX/ -- Aurora Oil & Gas Corporation (AOG) today announced recent changes to its management team.
Effective immediately, Mr. John E. McDevitt has resigned as President and Chief Operating Officer. Mr. McDevitt joined Aurora in January 2008, to assist with refinancing efforts and provide direction to the Company's operational efforts. Due to family-related concerns, Mr. McDevitt will leave his position on the management team. He will continue to serve on the Company's Board of Directors.
Mr. William W. Deneau, Chief Executive Officer, commented, "John stepped into his role at a time when the Company needed his enthusiasm, guidance and strategic direction. He painstakingly represented Aurora in the midst of challenging global financial conditions. Over the last several months, our direction has evolved from a focus on refinancing to de-leveraging via asset sales. We have agreed that this is an opportune time for John to exit, and introduce new leadership to complete the execution of our new strategic direction."
Mr. Gilbert A. Smith, currently serving as Vice President of Land and Business Development, has been appointed to the position of President. Mr. Smith joined Aurora in February 2008, bringing nearly 40 years of domestic and international oil and gas industry experience, specializing in land administration, asset transactions, and contract negotiation. His prior organizations include CDX Gas, Phillips Petroleum, and Oryx Energy Company.
Mr. Deneau commented, "Gil is perfectly suited for the next phase of our business cycle, specifically, optimizing our portfolio of assets. During his short tenure with Aurora, Gil has proved his ability to manage our enterprise by combining his industry experience and business acumen to make him an incredibly effective leader in our organization. We are pleased to have him continue his efforts with Aurora in this important role."
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 and the New Albany shale of Indiana and Kentucky.
Cautionary Note on Forward-Looking Statements
Statements regarding future events, beliefs or results, including efforts to de-leverage and optimize the asset portfolio 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 are more fully described in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this release 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.
SOURCE Aurora Oil & Gas Corporation
