Advantage Clarifies Phase VII Guidance Table

                 Advantage Clarifies Phase VII Guidance Table  PR Newswire  CALGARY, March 11, 2014  (TSX: AAV, NYSE: AAV)  CALGARY, March 11, 2014 /PRNewswire/ -  Advantage Oil & Gas Ltd.  ("Advantage"  or the "Corporation") corrects  our Phase VII budget  and guidance table  that  was press released earlier today with a formatting error.  The revised Phase VII Budget and  Guidance table, which corrects and  replaces  the earlier released Phase VII Budget and Guidance table, is included below:  Approved Phase VII Budget & Guidance                     12 Months ending                                                          March 31, 2015                                                         Average Production              (mmcfe/d)        134 to 139                                                         Royalty Rate                    (%)             5% to 6%                                                         Operating Costs                 ($/mcfe)         $0.25 to $0.30                                                         Capital Expenditures             ($ million)      $260 to $270                                                         Wells Drilled (net)             Dry gas         20                                     Liquids rich gas 13                                     Total           33    *Upon completion of Phase VII, production in the second quarter of 2015 is     expected to grow to 183 mmcfe/d including 900 to 1,100 bbls/d of NGLs.  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,  expected number  of future  drilling locations;  expectations as  to  reserves  life; anticipation that some  of our new  Phase VII wells  will be brought  on  production in early 2015; expected  timing of achieving Advantage's Phase  VII  production target;  expectation  of  increases in  production  resulting  from  Advantage's Glacier three  year development plan;  expected increases to  cash  flow per share;  expectations of  future debt  to cash  flow ratios;  expected  timing  for  commencement  of  Glacier  Phase  VII  program;  and  details  of  Advantage's  Glacier  Phase  VII   capital  and  operating  budget   including  expectations of average production  rates, end of  Phase VII production  rate,  royalty rates,  operating  costs, capital  expenditures  and number  of  wells  drilled. In addition,  statements relating  to "reserves"  or "resources"  are  deemed  to  be  forward-looking  statements,  as  they  involve  the   implied  assessment, based on certain estimates and assumptions that the resources  and  reserves described can be profitably produced in the future.  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  statements   involve   substantial   known  and   unknown   risks   and  uncertainties, certain of which are beyond Advantage's control, including, but not limited to: changes in  general economic, market and business  conditions;  industry  conditions;  actions  by  governmental  or  regulatory   authorities  including increasing taxes  and changes  in investment  or other  regulations;  changes in tax laws,  royalty regimes and incentive  programs relating to  the  oil and  gas industry;  the  effect of  acquisitions; Advantage's  success  at  acquisition, exploitation  and development  of reserves;  unexpected  drilling  results;  changes  in  commodity  prices,  currency  exchange  rates,  capital  expenditures, reserves or  reserves estimates and  debt service  requirements;  the occurrence of unexpected events involved  in the exploration for, and  the  operation and development of, oil  and gas properties, including hazards  such  as fire,  explosion, blowouts,  cratering,  and spills,  each of  which  could  result in substantial damage to  wells, production facilities, other  property  and the  environment  or  in  personal  injury;  changes  or  fluctuations  in  production levels; delays in anticipated timing of drilling and completion  of  wells; individual  well productivity;  competition from  other producers;  the  lack of  availability  of  qualified personnel  or  management;  credit  risk;  changes in laws and  regulations including the  adoption of new  environmental  laws and regulations and changes in how they are interpreted and enforced; our ability to comply with current and  future environmental or other laws;  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; geological, technical, drilling  and  processing problems and  other difficulties in  producing petroleum  reserves;  ability to obtain required approvals of regulatory authorities; and ability to access sufficient capital from  internal and external  sources. Many of  these  risks and  uncertainties and  additional  risk factors  are described  in  the  Corporation's Annual Information Form which is available at  and Readers are  also referred to  risk factors described  in  other documents Advantage files with Canadian securities authorities.  With respect to  forward-looking statements contained  in this press  release,  Advantage has made assumptions regarding:  conditions in general economic  and  financial markets;  effects of  regulation by  governmental agencies;  current  commodity prices and  royalty regimes; future  exchange rates; royalty  rates;  future  operating  costs;  availability  of  skilled  labor;  availability  of  drilling and related equipment; timing and amount of capital expenditures; the impact of increasing competition; the price of crude oil and natural gas; 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 crude oil  and  natural gas 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 Advantage  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.  Barrels of  oil  equivalent (boe)  and  thousand  cubic feet  of  natural  gas  equivalent (mcfe) may be  misleading, particularly if  used in isolation.  Boe  and mcfe conversion ratios have been calculated using a conversion rate of six thousand cubic feet of natural gas equivalent to one barrel of oil. A boe  and  mcfe conversion  ratio of  6 mcf:  1 bbl  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.  The following abbreviations used in this press release have the meanings set forth below:  bbls       barrels mbbls      thousand barrels mmbbls     million barrels boe        barrels of oil equivalent of natural gas, on the basis of 1               barrel of oil or NGLs for 6 thousand cubic feet of natural gas mboe       thousand barrels of oil equivalent mmboe      million barrels of oil equivalent mcf        thousand cubic feet mmcf       million cubic feet bcf        Billion cubic feet tcf        trillion cubic feet mcfe       thousand cubic feet equivalent on the basis of 6 thousand cubic               feet of natural gas for 1 barrel of oil or NGLs mmcfe/d    million cubic feet equivalent per day tcfe       trillion cubic feet equivalent  SOURCE Advantage Oil & Gas Ltd.  Contact:  Investor Relations Toll free: 1-866-393-0393  ADVANTAGE OIL & GAS LTD. 300, 440 -2^nd Avenue SW Calgary, Alberta T2P 5E9 Phone: (403) 718-8000 Fax: (403) 718-8332 Web