Aurora Oil & Gas : Important Dates for the Scheme Meeting

ASX RELEASE

9 May 2014

IMPORTANT DATES FOR SCHEME MEETING

Aurora Oil & Gas Limited ("Aurora") (ASX:AUT, TSX:AEF) is pleased to provide certain updates and information in advance of the upcoming general shareholder meeting on 21 May 2014 (the "Scheme Meeting") relating to the proposed Scheme of Arrangement under which Baytex Energy Corp. proposes to acquire, through its wholly owned subsidiary Baytex Energy Australia Pty Ltd, all of the shares in Aurora (the "Scheme").

Communications to Shareholders

Aurora has commenced dispatching the attached document to all Aurora shareholders as a reminder of the important dates in respect of the upcoming Scheme Meeting. Your vote is important and we encourage you to participate. The Aurora Board of Directors continues to unanimously recommend that you vote in favour of the Scheme at the Scheme Meeting, in the absence of a superior proposal.

Proxy Vote Close Date

Shareholders are reminded proxies must be received by the registry by 9:30 am on 19 May 2014(Perth time).

Canadian Shareholders - Clarification on Important Dates

14 April 2014 is the record date for receiving notice of the Scheme Meeting. This was the date and time for determining Canadian beneficial holders of Aurora shares who must be provided with notice of the Scheme Meeting and a voting instruction form, however, this is not the voting record date. The date and time for determining eligibility to vote at the Scheme Meeting is 7pm (Perth time) 19 May 2014.

You are not precluded from voting in respect of the Scheme if you acquire Aurora shares after 14

April 2014.If you become a beneficial holder of Aurora shares after 14 April 2014, please contact your broker or intermediary for instructions on how to vote at the Scheme Meeting and to obtain a

voting instruction form.

For Canadian beneficial holders, your voting instructions must be received by the broker or intermediary by telephone, mail or facsimile by 9:30 pm on Friday, 16 May 2014 (Toronto time), one business day before the proxy deposit deadline referred to above to allow sufficient time for the broker or intermediary to collate voting instructions and vote the underlying shares by the voting record date.

Aurora information line

Shareholders can contact the Aurora information line for further information relating to the Scheme on 1800 095 654 (within Australia) or [phone] (outside Australia) Monday to Friday between 6.30am and 5.30pm (Perth time).

For further information, please contact

Jon Stewart Shaun Duffy
Executive Chairman FTI Consulting
[phone] [phone]

About Aurora

Aurora is an Australian and Toronto listed oil and gas company active in the over-pressured liquids rich region of the Eagle Ford shale in Texas, United States. Aurora is engaged in the development and production of oil, condensate and natural gas in Karnes, Live Oak and Atascosa counties in South Texas. Aurora participates in approximately 80,200 highly contiguous gross acres in the heart of the trend, including approximately 22,200 net acres within the Sugarkane Field in the over- pressured and liquids core of the Eagle Ford.

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Dear Aurora Shareholder,

You should have received the Scheme Booklet in relation to the proposed Scheme involving Baytex Energy Corp and Aurora. Under the Scheme Baytex,through its wholly owned subsidiary,Baytex Energy Australia Pty Ltd,will acquire ali ofthe shares in Aurora for $4.1O per share.

Your Directors believe the Scheme is in the best interests of Aurora Shareholders. Accordingly,they unanimously recommend you vote in favour ofthe Scheme and intend to vote the Aurora Shares they contrai in favour ofthe Scheme, in the absence of a superior proposal.

ln addition to other reasons to vote in favour of the Scheme,no superior proposai has emerged since the announcement of the proposed Scheme on 7 February 2014 and the lndependent Expert has concluded that the transaction is in the best interests of Aurora Shareholders.

The Directors advise that in the event the Scheme does not proceed and no superior proposai emerges,Aurora Shares are likely

to trade below the Scheme Consideration.

Accordingly your vote is important

ln arder for the Scheme to proceed,the Requisite Majorities of Aurora Shareholders must vote in favour ofthe Scheme. You can vote either byattending the Scheme Meeting,or by lodging a proxyvote. You may lodge a proxyvoteonlineat www.investorvote.com.au.The Scheme Booklet provides full details on page 11 for voting by proxy and in person,and contains important informatai n about the proposed acquisition.

Canadian Beneficiai Shareholders

lf you are a Canadian Beneficiai Holder on or after the notice record date,please refer to the voting instruction form sent to you. lf you did not receive this or no longer have the voting instruction form,please contaet your broker or intermediary.

What if l do not have a proxy form or require additionalinformation in relation to the Scheme? Please contact the Aurora information lineon 1800 095 654 (within Australia) or [phone] (outside Australia) between 6.30am and 5.30pm (Perth time). You can obtain a copy of the Scheme Booklet and a proxy

form by contacting Aurora's registry on 1300 455 198 (within Australia) or [phone] (outside Australia)

between 6.30am and 5.0Dpm (Perth time).

lf undelivered pleose return to:

PO Box20 SUBIACO WA 6904

POSTAGE PAID AUSTRALIA