Advantage Announces the Formation of a Special Committee

           Advantage Announces the Formation of a Special Committee

PR Newswire

CALGARY, Feb. 26, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, Feb. 26, 2013 /PRNewswire/ - Advantage Oil & Gas Ltd. ("Advantage" or
the "Corporation")  announces  that  it  has formed  a  special  committee  of 
independent directors  (the  "Special  Committee")  comprised  of  Mr.  Steven 
Sharpe, as Chairman and Messrs. Stephen Balog and Ronald McIntosh, to  oversee 
the strategic alternatives review process with the assistance of its advisors,
FirstEnergy Capital Corp. and RBC  Capital Markets. The Special Committee  is 
working with its advisors to consider strategic alternatives that will enhance
and maximize value for all shareholders.

The Special  Committee's  advisors  are  currently  compiling  information  in 
respect of the  Corporation to  be provided to  interested parties  and to  be 
placed in a virtual  data room which  will be created  in connection with  the 
process. This information will include Advantage's December 31, 2012 year-end
independent reserve report, an updated  independent reserve report to  reflect 
wells drilled  since  December31, 2012  and  an updated  independent  Glacier 
resource assessment report  that incorporates well  results and core  analysis 
completed by  the Corporation.  All  of the  reports  are being  prepared  by 
Sproule Associates Limited and Advantage intends to press release the  results 
of such reports as they become available.

Following the creation of a virtual data room and completion of the  necessary 
informational materials, the advisors to the Special Committee will contact  a 
broad spectrum of  parties to  solicit interest in  a possible  sale or  other 
strategic transaction  with the  Corporation. The  Corporation cautions  that 
there are no  assurances or  guarantees that this  process will  result in  an 
acceptable transaction.

Advisory
The  information  in  this  press  release  contains  certain  forward-looking 
statements,  including  within  the  meaning  of  the  United  States  Private 
Securities Litigation Reform Act  of 1995. These  statements relate to  future 
events or  our future  intentions or  performance. All  statements other  than 
statements   of   historical   fact   may   be   forward-looking   statements. 
Forward-looking statements are often, but not always, identified by the use of
words  such   as  "forecast",   "seek",  "anticipate",   "plan",   "continue", 
"estimate", "demonstrate",  "expect",  "may",  "will",  "project",  "predict", 
"potential", "targeting",  "intend",  "could", "might",  "should",  "believe", 
"would" and  similar expressions  and include  statements relating  to,  among 
other things, expected benefits  that could or may  accrue to the  Corporation 
from the strategic alternatives review process. Advantage's actual  decisions, 
activities, results, performance or  achievement could differ materially  from 
those expressed  in, or  implied by,  such forward-looking  statements.  These 
statements involve  substantial known  and  unknown risks  and  uncertainties, 
certain of which are  beyond Advantage's control,  including, but not  limited 
to:  failure  to   achieve  the  anticipated   benefits  from  the   strategic 
alternatives review  process;  the  impact  of  general  economic  conditions; 
actions by  governmental  or  regulatory  authorities;  changes  in  commodity 
prices, currency exchange rates, interest rates capital expenditures, reserves
or reserves  estimates  and  debt  service  requirements;  the  occurrence  of 
unexpected events and liabilities from the exploration for, and the  operation 
and development  of,  oil  and  gas properties;  changes  or  fluctuations  in 
production levels; stock market volatility and volatility in market prices for
oil and natural gas; uncertainties associated with estimating oil and  natural 
gas reserves; competition  for, among other  things, capital, acquisitions  of 
reserves,  undeveloped  lands  and   skilled  personnel;  obtaining   required 
approvals of regulatory authorities; and ability to access sufficient  capital 
from internal and external sources. Many of these risks and uncertainties  and 
additional risk factors are described in the Corporation's Annual  Information 
Form which is available at www.sedar.com and www.advantageog.com. Readers  are 
also referred to  risk factors  described in other  documents Advantage  files 
with  Canadian  securities  authorities.   With  respect  to   forward-looking 
statements contained in  this press  release, Advantage  has made  assumptions 
regarding, among other  things: conditions in  general economic and  financial 
markets; commodity  prices; effects  of regulation  by governmental  agencies; 
future exchange rates; future operating costs; availability of skilled  labor; 
availability of drilling and related  equipment; timing and amount of  capital 
expenditures; and the impact of increasing competition. These  forward-looking 
statements are  made  as of  the  date of  this  press release  and  Advantage 
disclaims any  intent or  obligation to  update publicly  any  forward-looking 
statements, whether as a result of  new information, future events or  results 
or otherwise, other than as required by applicable securities laws.

SOURCE Advantage Oil & Gas Ltd.

Contact:

Investor Relations
Toll free: 1-866-393-0393

ADVANTAGE OIL & GAS LTD.
700, 400 - 3rd Avenue SW
Calgary, Alberta
T2P 4H2
Phone: (403) 718-8000
Fax: (403) 718-8300
Web Site:www.advantageog.com
E-mail:ir@advantageog.com
 
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