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 www.sedar.com  and 
www.advantageog.com. 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 Site:www.advantageog.com
E-mail:ir@advantageog.com
 
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