Advantage Announces Closing of Non-Core Asset Disposition to Questfire and a Revised Credit Facility

 Advantage Announces Closing of Non-Core Asset Disposition to Questfire and a
                           Revised Credit Facility

PR Newswire

CALGARY, April 30, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, April 30, 2013 /PRNewswire/ - Advantage Oil & Gas Ltd. ("Advantage"
or the "Corporation") (TSX: AAV) (NYSE: AAV) is pleased to announce the
closing of the previously announced transaction with Questfire Energy Corp.
("Questfire") (a TSX-V listed company) for the sale of substantially all of
Advantage's remaining non-core assets. The consideration received by Advantage
consisted of $40.2 million of cash, a $32.6 million Convertible Senior Secured
Questfire Debenture (the "Questfire Debenture") and 1.5 million Class B Shares
of Questfire (the "Class B Shares"). The net cash proceeds from this
transaction will be used to reduce outstanding bank indebtedness. Advantage
retains an option to appoint two board members to the Board of Directors of
Questfire.

Advantage's credit facilities have been revised to $230 million with the  next 
annual review extended to June 2014. Pro-forma bank debt at March 31, 2013  is 
approximately $125 million  resulting in  an undrawn credit  facility of  $105 
million (bank indebtedness of approximately $165 million as at March 31,  2013 
reduced for cash consideration  received from the sale  of non-core assets  to 
Questfire). Our  credit  facilities  have  also been  amended  to  extend  the 
duration of commodity hedging for up to four years and increase the  permitted 
production available to  hedge. Advantage  is allowed to  hedge up  to 65%  of 
total estimated crude oil and natural  gas production on an annual basis  over 
the first three years and 50% over the fourth year.

Advantage is now a pure play company focused on our signature Glacier  Montney 
property. Advantage's  other major  assets now  includes our  45% interest  in 
Longview Oil Corp. and the Questfire Debenture and Class B Shares.

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,
the expected use of proceeds from non-core property dispositions.

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.

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; the intended use of the net proceeds of
any disposition of non-core assets might  change if the board of directors  of 
Advantage determines that it  would be in the  best interests of Advantage  to 
deploy the proceeds for  some other purpose; failure  to realize the  benefits 
from or complete a transaction pursuant to the strategic alternative  process; 
industry  conditions;  actions  by  governmental  or  regulatory   authorities 
including increasing  taxes,  changes  in  investment  or  other  regulations; 
changes in tax laws,  royalty regimes and incentive  programs relating to  the 
oil and gas  industry; Advantage's  success at  acquisition, exploitation  and 
development of  reserves; unexpected  drilling results,  changes in  commodity 
prices, currency exchange  rates, capital expenditures,  reserves or  reserves 
estimates and debt service requirements;  the occurrence of unexpected  events 
involved in the exploration for, and the operation and development of, oil and
gas properties;  hazards such  as fire,  explosion, blowouts,  cratering,  and 
spills, each of which could result in substantial damage to wells,  production 
facilities, other property and the environment or in personal injury;  changes 
or fluctuations in production levels; competition from other producers; credit
risk; individual well productivity; 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; 
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; 
geological, technical, drilling and processing problems and other difficulties
in producing petroleum  reserves; 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; effects of regulation by  governmental 
agencies; current commodity prices and royalty regimes; future exchange rates;
royalty  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 - 3^rd Avenue SW
Calgary, Alberta
T2P 4H2
Phone: (403) 718-8000
Fax: (403) 718-8300
Web Site:www.advantageog.com
E-mail:ir@advantageog.com