Advantage Provides Summary of Previously Announced Glacier Montney Resource Estimates

 Advantage Provides Summary of Previously Announced Glacier Montney Resource
                                  Estimates

PR Newswire

CALGARY, Sept. 30, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, Sept. 30, 2013 /PRNewswire/ - The Alberta Securities Commission has
requested that Advantage Oil & Gas Ltd. ("Advantage" or the "Company") present
its reserves and resource estimates contained in the press releases dated May
21, 2013 and July 15, 2013 (the "Press Releases") without providing a
summation of the individual estimates of reserves, contingent resources and
prospective resources. The individual estimates of volumes of reserves and
resources effective as of March 31, 2013 as presented in the previous Press
Releases are unchanged.

The evaluation  of  Advantage's  Glacier Montney  resources  was  prepared  by 
Sproule  Associates  Ltd.  ("Sproule"),   an  independent  qualified   reserve 
evaluator, with  an  effective  date  of March31,  2013  in  accordance  with 
National  Instrument  51-101  -  Standards  of  Disclosure  for  Oil  and  Gas 
Activities and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook").

The following  three  tables  summarize  the  results  of  Sproule's  resource 
assessment of Advantage's Glacier Montney resources as at March 31, 2013:

Resource Categories (AAV Working Interest, Best Estimate, Raw) ^(1)  Tcf
Total Petroleum Initially In Place (TPIIP)                          16.03
Discovered Petroleum Initially in Place (DPIIP) ^(2)                13.98
Undiscovered Petroleum Initially in Place (UPIIP) ^(3)              2.05

DPIIP (AAV Working Interest, Sales) ^(2)   Low      Best     High
                                         Estimate Estimate Estimate
Natural Gas                                                 
Cumulative Production (Tcf) ^ (4)         0.100    0.100    0.100
Reserves (Tcf) ^(5)                       0.927    1.526    1.770
Contingent Resources (Tcf)                2.316    3.540    4.898
Unrecoverable DPIIP (Tcf)                 9.574    7.751    6.149
Natural Gas Liquids                                         
Cumulative Production (mbbls) ^ (4)         -        -        -
Reserves (mbbls) ^ (5)                    5,949    11,071   12,732
Contingent Resources (mbbls) ^            72,472  110,274  152,013
Unrecoverable DPIIP (mbbls)              225,654  182,730  139,330

UPIIP (AAV Working Interest, Sales) ^(3)   Low      Best     High
                                         Estimate Estimate Estimate
Natural Gas                                                 
Prospective Resources (Tcf)               0.342    0.556    0.776
Unrecoverable UPIIP (Tcf)                 1.561    1.347    1.127
Natural Gas Liquids                                         
Prospective Resources (mbbls)             7,381    11,691   16,274
Unrecoverable UPIIP (mbbls)               25,558   21,248   16,665

Notes to above tables:
(1) See Appendix A for the definitions from the COGE Handbook of the
         various resource categories used herein.
(2) There is no certainty that it will be commercially viable to produce
         any portion of the DPIIP.
(3) There is no certainty that any portion of the UPIIP will be
         discovered. If discovered, there is no certainty that it will be
         commercially viable to produce any portion of the UPIIP.
(4) The cumulative production represents the actual total historic
         production from Advantage's Glacier Montney resources and as such is
         not a Low, Best or High Estimate.
(5) For reserves, the Low Estimate is proved reserves, the Best Estimate
         is proved plus probable reserves and the High Estimate is proved plus
         probable plus possible reserves. Possible reserves are those
         additional reserves that are less certain to be recovered than
         probable reserves. There is a 10% probability that the quantities
         actually recovered will equal or exceed the sum of proved plus
         probable plus possible reserves.

In the July  15, 2013  press release, Advantage  announced the  results of  an 
addendum to the evaluation prepared by Sproule, in which Sproule estimated the
future  net  revenue  associated   with  Advantage's  Glacier  Best   Estimate 
contingent resources. As  a result  of Sproule's  estimate of  the future  net 
revenue, all of Advantage's  petroleum and natural  gas Montney Best  Estimate 
contingent resources at  Glacier were  considered economic  based on  forecast 
commodity prices, capital  costs and  operating costs  as at  March 31,  2013. 
Sproule estimated that the before tax net present value of future net  revenue 
of Advantage's  petroleum and  natural gas  Montney Best  Estimate  contingent 
resources was $3,215 million discounted  at 10% and $1,642 million  discounted 
at 15%.

Sproule evaluated  the  economics  of  Advantage's  Best  Estimate  contingent 
resources based on a development scenario that was provided by Advantage.  The 
development plan included  the drilling of  1,120 future contingent  locations 
with a total undiscounted capital  expenditure of $8.3 billion which  includes 
the necessary  facilities  and infrastructure  costs.  For the  evaluation  of 
proved  plus  probable  reserves,  the  development  plan  assumed  a  maximum 
production rate of 200  mmcf/d is reached in  2015 and maintained until  2026. 
The proved  plus probable  reserves evaluation  included the  drilling of  313 
future undeveloped locations with a total undiscounted capital expenditure  of 
$1.9 billion. In estimating the Glacier contingent resources, Sproule assumed
based on Advantage's development plan  that gas plant capacity would  increase 
over and above the  proved plus probable reserves  forecast by 100 mmcf/d  per 
year of raw gas starting in 2015 to  a total throughput of 600 mmcf/d raw  gas 
by 2018. The 600 mmcf/d raw  facility throughput capacity was then  maintained 
to the year 2032 by drilling wells as required.

The crude oil and natural gas  pricing assumptions used for the estimate  were 
prepared by Sproule effective  March 31, 2013.  These forecasts were  adjusted 
for  reserve  quality,  transportation  charges  and  the  provision  of   any 
applicable sales contracts. Sproule's price  assumptions as at March 31,  2013 
used over the next seven years are summarized in the table below:

                    WTI     Edmonton Alberta AECO-C   Henry Hub   Exchange
Year     Crude Oil         Light     Natural Gas Natural Gas       Rate
              ($US/bbl)    Crude Oil   ($Cdn/mmbtu) ($US/mmbtu) ($US/$Cdn)
                          ($Cdn/bbl)
2013         92.85        87.92           3.52        3.87      0.999
2014         90.51        85.58           3.80        4.14      0.999
2015         87.69        87.75           3.95        4.30      0.999
2016         93.22        93.30           4.66        5.00      0.999
2017         96.96        97.03           5.32        5.66      0.999
2018         98.41        98.49           5.40        5.74      0.999
2019         99.89        99.96           5.49        5.83      0.999

For information relating to the contingencies that prevent the  classification 
of the contingent resources as reserves and significant positive and  negative 
factors relevant to the estimates please  see the prior Press Releases,  which 
are  available  on   SEDAR  at  www.sedar.com   and  Advantage's  website   at 
www.advantageog.com.

Appendix A — Reserve and Resource Definitions

Reserves are estimated remaining quantities of oil and natural gas and related
substances anticipated to  be recoverable  from known accumulations,  as of  a 
given date, based  on the  analysis of drilling,  geological, geophysical  and 
engineering data; the  use of established  technology; and specified  economic 
conditions, which are  generally accepted as  being reasonable. Reserves  are 
classified according to the degree of certainty associated with the  estimates 
as follows:

    Proved Reserves are those reserves that can be estimated with a high
  degree of certainty to be recoverable. It is likely that the actual
    remaining quantities recovered will exceed the estimated proved reserves.
  
    Probable Reserves are those additional reserves that are less certain to
  be recovered than proved reserves. It is equally likely that the actual
    remaining quantities recovered will be greater or less than the sum of the
    estimated proved plus probable reserves.
  
    Possible Reserves are those additional reserves that are less certain to
  be recovered than probable reserves. It is unlikely that the actual
    remaining quantities recovered will exceed the sum of the estimated proved
    plus probable plus possible reserves.

Resources encompasses all petroleum quantities  that originally existed on  or 
within the  earth's  crust  in naturally  occurring  accumulations,  including 
Discovered and Undiscovered  (recoverable and  unrecoverable) plus  quantities 
already  produced.  "Total  resources"  is  equivalent  to  "Total   Petroleum 
Initially-In-Place". Resources are classified in the following categories:

    Total Petroleum Initially-In-Place ("TPIIP") is that quantity of petroleum
    that is estimated to exist originally in naturally occurring
  accumulations. It includes that quantity of petroleum that is estimated,
    as of a given date, to be contained in known accumulations, prior to
    production, plus those estimated quantities in accumulations yet to be
    discovered.
  
    Discovered Petroleum Initially-In-Place ("DPIIP") is that quantity of
    petroleum that is estimated, as of a given date, to be contained in known
  accumulations prior to production. The recoverable portion of discovered
    petroleum initially in place includes production, reserves, and Contingent
    Resources; the remainder is unrecoverable.
  
    Contingent Resources are those quantities of petroleum estimated, as of a
    given date, to be potentially recoverable from known accumulations using
  established technology or technology under development but which are not
    currently considered to be commercially recoverable due to one or more
    contingencies.
  
  Economic Contingent Resources are those contingent resources that are
    currently economically recoverable.
  
    Undiscovered Petroleum Initially-In-Place ("UPIIP") is that quantity of
    petroleum that is estimated, on a given date, to be contained in
  accumulations yet to be discovered. The recoverable portion of
    undiscovered petroleum initially in place is referred to as "prospective
    resources" and the remainder as "unrecoverable."
  
    Prospective Resources are those quantities of petroleum estimated, as of a
  given date, to be potentially recoverable from undiscovered accumulations
    by application of future development projects.
  
    Unrecoverable is that portion of DPIIP and UPIIP quantities which is
    estimated, as of a given date, not to be recoverable by future development
    projects. A portion of these quantities may become recoverable in the
  future as commercial circumstances change or technological developments
    occur; the remaining portion may never be recovered due to the
    physical/chemical constraints represented by subsurface interaction of
    fluids and reservoir rocks.

Uncertainty Ranges  are  described by  the  Canadian Oil  and  Gas  Evaluation 
Handbook as  low, best,  and  high estimates  for  reserves and  resources  as 
follows:

    Low Estimate: This is considered to be a conservative estimate of the
    quantity that will actually be recovered. It is likely that the actual
  remaining quantities recovered will exceed the low estimate. If
    probabilistic methods are used, there should be at least a 90 percent
    probability (P90) that the quantities actually recovered will equal or
    exceed the low estimate.
  
    Best Estimate: This is considered to be the best estimate of the quantity
    that will actually be recovered. It is equally likely that the actual
  remaining quantities recovered will be greater or less than the best
    estimate. If probabilistic methods are used, there should be at least a 50
    percent probability (P50) that the quantities actually recovered will
    equal or exceed the best estimate.
  
    High Estimate: This is considered to be an optimistic estimate of the
    quantity that will actually be recovered. It is unlikely that the actual
  remaining quantities recovered will exceed the high estimate. If
    probabilistic methods are used, there should be at least a 10 percent
    probability (P10) that the quantities actually recovered will equal or
    exceed the high estimate.

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, but not llimited  to, 
details of  the  development plan  to  recover the  resources,  capital  costs 
associated with  the recovery  of the  resources, forecast  commodity  prices, 
estimated reserves and resources. 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  which is available  on 
SEDAR at www.sedar.com and www.advantageog.com.

Throughout this press  release the term  Tcfe (trillion of  cubic feet of  gas 
equivalent) is used.  Such term  may be  misleading, particularly  if used  in 
isolation. The conversion ratio used herein of 1 barrel per six thousand cubic
feet (1 bbl: 6 mcf) of barrels of oil to natural gas equivalent is based on an
energy equivalency conversion  method primarily applicable  at the burner  tip 
and does not  represent a value  equivalency at the  wellhead. Given that  the 
value ratio based on the current price of crude oil as compared to natural gas
is significantly different  from the  energy equivalency of  6:1, utilizing  a 
conversion on a 6:1 basis may be misleading as an indication of value. In this
press release, the abbreviations mbbls means thousands of barrels,mmcf/d means
millions cubic feet of gas per day and tcf means trillion of cubic feet.

Where any disclosure of reserves data and resources is made in this press
release that does not reflect all reserves of Advantage, the reader should
note that the estimates of reserves, future net revenue and resources for
individual properties or groups of properties may not reflect the same
confidence level as estimates of reserves and future net revenue for all
properties, due to the effects of aggregation.





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
 
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