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Advantage Acquires Securities of Questfire Energy Corp.

Advantage Acquires Securities of Questfire Energy Corp. 
CALGARY, ALBERTA -- (Marketwired) -- 05/02/13 -- On April 30, 2013,
Advantage Oil & Gas Ltd. (TSX:AAV)(NYSE:AAV)("Advantage") directly
acquired ownership and control of an aggregate of 1,500,000 class B
shares ("Class B Shares") of Questfire Energy Corp. ("Questfire"),
representing approximately 73% of the total issued and outstanding
Class B Shares of Questfire and approximately 10.1% of the voting
rights attached to the Class A shares of Questfire ("Class A Shares")
and Class B Shares. In addition, Advantage acquired ownership and
control of a $32,585,000 principal amount convertible senior secured
debenture due April 30, 2016 ("Debenture"), which is convertible into
Class A Shares at the 20 day volume-weighted average trading price at
the option of Advantage for a period of 30 days following the
occurrence of certain events.  
The Class B Shares and Debenture were issued to Advantage as partial
consideration for the acquisition by Questfire (the "Acquisition") of
non-core oil and gas assets from Advantage. Advantage also received
cash consideration of $40,200,432 for the Acquisition. Advantage may
from time to time dispose of some or all of the existing Class B
Shares and Debentures, or continue to hold the Class B Shares and
Debentures in the normal course of its activities, subject to
compliance with applicable laws.  
An early warning report for Advantage will be filed on SEDAR at
www.sedar.com. 
Contacts:
Advantage Oil & Gas Ltd.
Investor Relations
Toll free: 1-866-393-0393 
Advantage Oil & Gas Ltd.
700, 400 - 3rd Avenue SW
Calgary, Alberta T2P 4H2
(403) 718-8000
(403) 718-8300 (FAX)
ir@advantageog.com
www.advantageog.com