Advantage Announces Natural Gas Hedging Update

                Advantage Announces Natural Gas Hedging Update

PR Newswire

CALGARY, May 31, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, May 31, 2013 /PRNewswire/ - Advantage Oil & Gas Ltd. ("Advantage" or
the "Corporation") is pleased to announce that we have increased our natural
gas commodity price hedges for the period October 2013 to March 2014. Below is
a list of the new derivative contracts entered into by Advantage:

                                                              Average Price
Description of Derivative          Term             Volume     $Cdn. AECO
Natural gas - AECO                                                   
       Fixed price         October 2013 to March   5,687 mcf/d   $4.01/mcf
                                    2014
       Fixed price         October 2013 to March   5,687 mcf/d   $4.01/mcf
                                    2014
                                                              

A summary of the current commodity hedge positions is indicated below:

                                         Average Price
      Period       Average Volume Hedged  $Cdn. AECO
Q2 2013 to Q1 2014     40,741 mcf/d        $3.50/mcf
Q2 2014 to Q1 2015     52,130 mcf/d        $3.82/mcf
Q2 2015 to Q1 2016     42,652 mcf/d        $3.90/mcf
                                         

A detailed list of all individual derivative contracts as at May 31, 2013 is
available on our website at 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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