Advantage Announces Increase in Credit Facilities Borrowing Base to $300 Million

Advantage Announces Increase in Credit Facilities Borrowing Base to $300 
Million 
(TSX: AAV, NYSE: AAV) 
CALGARY, Oct. 24, 2013 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the 
"Corporation") announced today that its lenders have completed their regular 
semi-annual review of the credit facility borrowing base. Advantage's 
borrowing base will increase from $230 million to $300 million and continue to 
provide significant financial flexibility in support of future capital program 
requirements and general corporate purposes. The increase resulted from 
recognition of Advantage's strong third quarter 2013 average production at 
Glacier estimated at 110 mmcfe/d, increased proven developed producing 
reserves and strong natural gas commodity hedge positions. Advantage's bank 
indebtedness was approximately $140 million as of September 30, 2013. 
Our current Phase VI capital development program at Glacier is targeted to 
increase production to 135 mmcfe/d by Q2 2014. Advantage's next regular annual 
review of its credit facility borrowing base is scheduled for June 2014. 
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 targeted production levels going forward; the increased borrowing base 
under the Corporation's Credit Facility; the Corporation's expectation that 
the increased borrowing base will provide significant financial flexibility in 
support of Advantage's future capital program requirements and general 
corporate purposes; the estimated bank indebtedness of Advantage as of 
September 30, 2013; the anticipated timing of the next annual review of the 
credit facility borrowing base; and the Corporation's plans to work on a Phase 
VII capital development program and the expected increase to production 
therefrom and the timing thereof. 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 forward-looking statements involve substantial known and unknown risks 
and uncertainties, certain of which are beyond Advantage's control, including, 
but not limited to: the impact of general economic and 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; 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; environmental risks; geological, technical, drilling and processing 
problems and other difficulties in producing petroleum reserves; unexpected 
drilling results; changes or fluctuations in production levels; failure to 
achieve anticipated production levels; delays in anticipated timing of 
drilling and completion of wells; obtaining required approvals of regulatory 
authorities; and the other risks considered under "Risk Factors" in 
Advantage's Annual Information Form dated March 26, 2013, which is available 
at www.sedar.com and www.advantageog.com. 
With respect to forward-looking statements contained in this press release, 
Advantage has made assumptions regarding: current commodity prices and royalty 
regimes; availability of skilled labour; timing and amount of capital 
expenditures; future exchange rates; the price of oil and natural gas; the 
impact of increasing competition; conditions in general economic and financial 
markets; availability of drilling and related equipment; effects of regulation 
by governmental agencies; royalty rates; future operating costs; that the 
Corporation will have sufficient cash flow, debt or equity sources or other 
financial resources required to fund its capital and operating expenditures 
and requirements as needed; that the Corporation's conduct and results of 
operations will be consistent with its expectations; that the Corporation will 
have the ability to develop the Corporation's properties in the manner 
currently contemplated; current or, where applicable, proposed assumed 
industry conditions, laws and regulations will continue in effect or as 
anticipated; and the estimates of the Corporation's production and reserves 
volumes and the assumptions related thereto (including commodity prices and 
development costs) are accurate in all material respects. 
These forward-looking statements are made as of the date of this press release 
and the Corporation 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. 
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 E-mail:ir@advantageog.com 
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CO: Advantage Oil & Gas Ltd.
ST: Alberta
NI: OIL LOAN MNA  
-0- Oct/24/2013 12:23 GMT