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Advantage Announces New Natural Gas Commodity Price Hedges

          Advantage Announces New Natural Gas Commodity Price Hedges

PR Newswire

CALGARY, April 8, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, April 8, 2013 /PRNewswire/ - Advantage Oil & Gas Ltd. ("Advantage" or
the "Corporation") announces that it has entered into new natural gas
commodity price hedges for 2014 to 2016. These hedges will provide cash flow
stability to support our capital program that will focus on doubling
production at Glacier to 200 mmcf/d by Q1 2015. Advantage has now hedged the
following average production volumes at the corresponding averages prices for
the periods as follows:

                                               
Period                Average Volume              Average Price
                                  Hedged                         $Cdn. AECO
2013 Year             29,224 mcf/d               $3.31/mcf
2014 Year             47,391 mcf/d               $3.79/mcf
2015 Year             45,021 mcf/d               $3.91/mcf
2016 Q1               42,652 mcf/d               $3.90/mcf
                                             

Below is a list of the new derivative contracts entered into by Advantage:

                                                           
Description of                                            Average Price
Derivative                    Term               Volume           $Cdn. AECO
Natural gas - AECO                                          
                       April 2014 to       18,956      
    Fixed price            March 2015           mcf/d            $3.82/mcf
                       April 2015 to       18,956      
    Fixed price            March 2016           mcf/d            $3.90/mcf
                       April 2015 to                   
    Fixed price            March 2016        9,478 mcf/d         $3.90/mcf
                       April 2015 to       14,217      
    Fixed price            March 2016           mcf/d            $3.91/mcf
                                                   

A detailed list of all individual derivative contracts as at April 8, 2013 is
available on our website at www.advantageog.com.

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  "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 
management's intent to focus on  doubling production throughput at Glacier  to 
200  mmcf/d  by  Q1  2015,  management's  belief  that  the  Glacier  property 
demonstrates economic growth potential and  scalability despite low gas  price 
environment, expected plans and  timing of drilling  and completion of  wells, 
expected  increases  and  rates  of  production,  expected  plans  to   expand 
facilities  and  projections  with  respect  to  individual  wells,   regions, 
properties or projects.

These  statements   involve   substantial   known  and   unknown   risks   and 
uncertainties, certain of which are beyond Advantage's control, including: the
impact of general  economic conditions; industry  conditions; changes in  laws 
and  regulations  including  the  adoption  of  new  environmental  laws   and 
regulations and changes in how they are interpreted and enforced; fluctuations
in commodity  prices and  foreign exchange  and interest  rates; stock  market 
volatility and  market valuations;  volatility in  market prices  for oil  and 
natural  gas;  liabilities  inherent  in  oil  and  natural  gas   operations; 
uncertainties  associated  with  estimating  oil  and  natural  gas  reserves; 
competition for,  among  other  things,  capital,  acquisitions  of  reserves, 
undeveloped lands and skilled personnel; incorrect assessments of the value of
acquisitions; changes in income tax laws or changes in tax laws and  incentive 
programs relating to the oil and  gas industry and income trusts;  geological, 
technical,  drilling  and  processing  problems  and  other  difficulties   in 
producing petroleum reserves; and  obtaining required approvals of  regulatory 
authorities. Advantage's actual decisions, activities, results, performance or
achievement could differ materially  from those expressed  in, or implied  by, 
such forward-looking statements and, accordingly,  no assurances can be  given 
that any  of the  events anticipated  by the  forward-looking statements  will 
transpire or occur or, if  any of them do,  what benefits that Advantage  will 
derive  from  them.  Except  as  required  by  law,  Advantage  undertakes  no 
obligation to publicly  update or revise  any forward-looking statements.  For 
additional risk factors in respect of Advantage and its business, please refer
to its Annual  Information Form  dated March 26,  2013 which  is available  on 
SEDAR at www.sedar.com and www.advantageog.com.

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
 
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