Aurora Oil & Gas Limited - Scheme Update

 PERTH, Western Australia, May 22, 2014 /CNW/ - Aurora Oil & Gas Limited  (ASX:AUT, TSX:AEF) (Aurora) is applying to the Federal Court of Australia for  orders approving the Scheme at a hearing scheduled for Monday 26 May 2014. If  the Scheme is approved by the Court, Aurora expects to lodge the Court orders  approving the Scheme with ASIC on Tuesday 27 May 2014, so that the Scheme will  become effective on and from that date in accordance with section 411(10) of  the Corporations Act 2001 (Cth).  Transfers of shares  Once this has occurred, trading in Aurora's shares is expected to cease at  close of trade on 27 May 2014 (Perth time) on ASX and at the opening of  trading 27 May 2014 (Toronto time) on the Toronto Stock Exchange. The deadline  for shareholders to request to transfer their shares between the Australian  and Canadian Aurora Register will be 2.45pm (Perth time) on 27 May 2014.  Scheme Consideration  As set out in the Scheme Booklet, Aurora has determined that shareholders with  an address in Canada shown on the Register on the Scheme Record Date  (currently expected to be 7pm Perth time on 3 June 2014) and Canadian  Beneficial Holders (who hold their shares on the Canadian Register indirectly  through brokers or other market intermediaries) will receive the Canadian  dollar equivalent of the Scheme Consideration of AU$4.20, using an exchange  rate on the Implementation Date, currently expected to be 11 June 2014 (Perth  time), or a date that is within 5 business days of such Implementation Date,  after deducting any costs, charges or expenses associated with the conversion.  All dates are indicative only and are subject to the Court approval process,  ASX approval and the satisfaction or, where applicable, waiver of the  conditions precedent to the implementation of the Scheme.  Any changes to the  above timetable will be announced to ASX and notified on Aurora's website at  www.auroraoag.com.au.    SOURCE  Aurora Oil & Gas Limited  Investors: Jon Stewart Executive Chairman Aurora Oil & Gas  Ltd Tel: +61 8 9380 2700  Media: Shaun Duffy FTI  Consulting Tel: +61 8 9485 8888 Mob: +61 404 094 384  Shaun.Duffy@fticonsulting.com   Head Office Level 1, 338 Barker Road, Subiaco, WA 6008, Australia PO Box 20,  Subiaco, WA 6904 T +61 8 9380 2700, f + 61 8 9380 2799,  einfo@auroraoag.com.au  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   To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/22/c9407.html  CO: Aurora Oil & Gas Limited NI: OIL