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

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

PR Newswire

CALGARY, Oct. 24, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, Oct. 24, 2013 /PRNewswire/ - 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.

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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