Advantage Announces Glacier 2013 Reserves Additions Replace 840% of Production, Achieves 135 mmcfe/d Phase VI Production Ahead

 Advantage Announces Glacier 2013 Reserves Additions Replace 840% of  Production, Achieves 135 mmcfe/d Phase VI Production Ahead of Schedule with  Capital Spending Below Budget  (TSX: AAV, NYSE: AAV)  CALGARY, March 11, 2014 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the  "Corporation") is pleased to report strong year end 2013 reserve additions for  its Montney resource property at Glacier, Alberta ("Glacier").  Proven plus  probable ("2P") reserve additions were achieved at a finding and development  cost of $1.33/mcfe ($7.99/boe) and a recycle ratio of 2.1.  Total 2P reserves  are up 20% to 1.7 trillion cubic feet ("Tcfe").  We are also pleased to report  Glacier production reached our 135 mmcfe/d Phase VI target ahead of schedule  with capital spending below budget.  Advantage's year-end 2013 corporate reserves which will include the impact of  non-core asset divestures during 2013 will be released on March 27, 2014 with  its year-end financial and operating results.  All references to year end 2013  financial and operating data in this release are estimates and are unaudited.  Glacier 2013 Reserve Report Summary( )            --  Advantage replaced 840% of Glacier's 2013 annual production             based on Sproule's 2013 Glacier reserve report(1)(2).         --  Glacier reserve additions were achieved at a proven and             probable ("2P") Finding & Development ("F&D") cost including             the change in Future Development Capital ("FDC") as follows:                                                                             2013           3 Years Ended 2013     2P F&D including     $1.33/mcfe or     $1.06/mcfe or $6.36/boe     change in FDC            $7.99/boe     (1)      Sproule Associates Ltd. ("Sproule") was engaged as an              independent qualified reserve evaluator to evaluate Glacier's              year-end reserves as of December 31, 2013 ("Sproule 2013              Glacier reserve report") in accordance with National              Instrument 51-101 ("NI 51-101") and the Canadian Oil and Gas              Evaluation Handbook ("COGE Handbook").  Reserves are stated on              a gross (before royalties) working interest basis before              unless otherwise indicated.     (2)      Only 12 of our 22 wells in our current Phase VI Glacier              drilling program had well test data available for Sproule to              utilize in their December 31, 2013 reserve report.  The              remaining wells were or will be tested after December 31,              2013.                        --  Sproule's 2013 Glacier reserve report demonstrates the             continued and efficient conversion of identified natural gas             and liquids resources at Glacier into 2P reserves. In             comparison to the Sproule 2012 Glacier reserve report, the             increase in reserves are indicated below by category:       o Glacier's 2P reserves increased by 20% to 1.70 Tcfe (282.6 mmboe).         Natural gas liquids 2P reserves increased 393% to 13.0 mmbbls.       o Proven reserves increased by 17% to 1.03 Tcfe (172.3 mmboe) and now         represents 61% of total Glacier 2P reserves       o Proven developed producing reserves increased by 18% to 0.21 Tcfe         (34.8 mmboe)       o The recycle ratio associated with our Glacier 2P F&D cost based on         Advantage's Q4 2013 estimated operating netback at Glacier is         indicated in the following table:                                        Q4 2013 Glacier     Revenue            ($/mcfe) (1)              $3.25     Royalties            ($/mcfe)                $0.15     Operating Cost  ($/mcfe)                     $0.27     Glacier Operating netback ($/mcfe)           $2.83                                                            2P Recycle Ratio for 2013                     2.1x     2P Recycle Ratio for last 3 years             2.7x              Glacier's Q4 2013 realized natural gas price is $3.25/mcfe     (1)      which includes adjustments for transportation costs and heat              value.                        --  The total number of future well locations booked and the             estimated ultimate recoverable ("EUR") gas per well assigned by             Sproule in their 2013 Glacier reserve report are illustrated in             the following table:                                             Sproule              Sproule             # of Gross Horizontal       Average                 Wells Booked           EUR/well                                      Undeveloped            Developed   Undeveloped   (bcf/well)     Upper       83           169           5.4     Middle      12           57          3.7(1)     Lower       22           72            5.1     Total      117           298                  (1)      Sproule booked natural gas liquids at an average propane plus              liquids yield of 39 bbls/mmcf raw for the Middle Montney.  As              a result the average reserves/well for a Middle Montney              undeveloped location is 4.2 bcfe.                        --  A total of 415 developed and undeveloped locations are booked             in Sproule's 2013 Glacier reserve report which is an increase             of 55 locations compared to Sproule's 2012 Glacier reserve             report.  The additional locations resulted from recognition of             wells that were drilled during 2013 and undeveloped locations             which were primarily assigned in the Middle Montney on lands             offsetting new wells.          --  The average 2P EUR assignments per well were increased from 4.7             bcf/well to 5.4 bcf/well for future undeveloped Upper Montney             locations and from 5.0 bcf/well to 5.1 bcf/well for future             undeveloped Lower Montney locations. The Middle Montney future             undeveloped locations were assigned an average 2P EUR of 3.7             bcf/well, which was unchanged, compared to 2012.  This was due             to the relatively short amount of production history from the             existing six Middle Montney wells and only three new Middle             Montney wells drilled in 2013.         --  Technical revisions accounted for 25% of the 2P reserve             additions in 2013.  These revisions, which did not require any             increase to FDC, can be attributed to improved well test             results and solid production performance from wells in which             modified completion techniques were applied in 2012 and 2013.         --  Advantage estimates a total well inventory of 1,416 locations             at Glacier based on our current drilling pattern of four wells             per section in each of the five Montney development layers.              Based on the Sproule 2013 Glacier reserve report which has 415             locations booked, over 1,000 locations remained unbooked.          --  Glacier's proven reserve life index is 26.2 years and its 2P             reserve life index is 43 years based on its average fourth             quarter 2013 production rate of 108.1 mmcfe/d.         --  Sproule's 2P Glacier forecast of operating income for the five             year period of 2014 to 2018 is $1.51 billion which exceeds             Sproule's scheduled capital expenditures by $0.74 billion.             --  The 2P Net Present Value determined by Sproule increased by 49%             to $2.1 billion as at December 31, 2013 (10% discount factor on             a pre-tax basis).  Glacier Production Reaches 135 mmcfe/d Phase VI Target Ahead of Schedule with  Capital Spending Below Budget         --  Strong well results from our current drilling program and solid             long term production from existing wells contributed to             achieving Advantage's Phase VI Glacier production target of 135             mmcfe/d in early March 2014 which is approximately one month             ahead of our Phase VI Budget schedule.         --  We anticipate Q1 2014 Glacier production will average between             122 mmcfe/d to 126 mmcfe/d as a result of the higher current             production rate in March.  Minor plant outages were required             during Q1 2014 to accommodate construction work and integration             of new well facility pads.             --  Nine new wells from Advantage's Glacier Phase VI program have             been brought on production to initially ramp production to 135             mmcfe/d.  The remaining 13 new wells from our Phase VI program             are expected to provide sufficient production inventory to             maintain production at 135 mmcfe/d through to the end of 2014.             To date, all planned 22 wells in our Phase VI program have been             rig released.  New well completions and tie-ins of Phase VI             wells will continue through Q2 2014.         --  As a direct comparison to our original Glacier Phase VI capital             budget, we now forecast total Phase VI program expenditures to             be approximately $151 million which is lower than our budget by             approximately $13 million.  The reduced capital spending             resulted from lower than budgeted well costs due to             efficiencies attained through improved drilling times and more             streamlined well completion procedures.         --  The reduced capital spending amount of approximately $13             million was redirected to purchase 43.25 net sections of             additional Montney lands in Q3 2013 for $6.8 million and to             accelerate our Glacier Phase VII program with plans to drill             four new wells in March 2014.  We will continue with Phase VII             drilling through spring break-up and are scheduling new Phase             VII wells to be brought on production in early 2015 leading to             attainment of our Phase VII production target of 183 mmcfe/d in             Q2 2015.  Strong Reserve Replacement Efficiencies & Production Performance Reinforces  Advantage's Glacier Three Year Development Plan         --  Sproule's December 31, 2013 Glacier reserves report provides             additional confirmation on the quality of Advantage's Montney             asset through the achievement of strong reserve replacement             efficiencies.         --  Glacier's three year 2P F&D cost of $1.06/mcfe combined with a             three year recycle ratio of 2.7 provides a solid foundation and             track record in support of Advantage's recently announced             Glacier three year development plan (see Advantage press             release dated February 4, 2014).         --  Advantage's Glacier three year development plan is expected to             increase production per share by 100% and increase cash flow             per share by 190% with an average total debt to forward cash             flow ratio of approximately 1.5 at an average natural gas price             of Cdn $3.75/GJ.  Our financial strategy includes natural gas             commodity hedges on 44% of forecasted production at an average             price of Cdn $3.84/mcf to Q1 2016 and a strengthened balance             sheet to complement our development plan.         --  Achievement of Advantage's Glacier Phase VI production target             ahead of schedule with lower than budgeted capital expenditures             demonstrates our strong operational expertise and execution             skills which underpin our three year development plan.         --  Drilling rigs have been secured to initiate our three year             development plan which will begin with our Glacier Phase VII             program during Q2 2014.         --  The Glacier Phase VII Capital and Operating Budget was approved             by our Board of Directors on February 4, 2014 with the             following guidance:     Approved Phase VII Budget                             12 Months ending     & Guidance                                            March 31, 2015     Average Production            (mmcfe/d)               134 to 139       includes NGLs of 900 to                                     1,100 bbls/day     End of Phase VII              (mmcfe/d)               183     Production Rate         Royalty Rate                  (%)                     5% to 6%     Operating Costs                ($/mcfe)               $0.25 to $0.30     Capital Expenditures          ($ million)             $260 to $270     Wells Drilled (net)           Dry gas                  20                                   Liquids rich gas        13                                   Total                    33  Glacier Reserve Summary  Advantage engaged our independent qualified reserves evaluator Sproule to  evaluate the reserves at Glacier in accordance with NI 51-101 and the COGE  Handbook.  The following tables incorporate only the reserves assigned to the  Company's property at Glacier, Alberta.  Reserves and production information included herein is stated on a Gross  (before royalty)Working Interest basis unless noted otherwise. This summary  contains several cautionary statements that are specifically required by NI  51-101. In addition to the detailed information disclosed in this press  release, more detailed information on a net interest basis (after royalty  burdens and including royalty interests) and on a gross interest basis (before  royalty burdens and excluding royalty interests) will be included in  Advantage's Annual Information Form ("AIF") and will be available at  www.advantageog.com and www.sedar.com in the coming weeks.  Glacier Gross (before royalties) Working Interest Reserves  Summary as at December 31, 2013                                      Natural                                                                 Gas Liquids     Natural Gas     Equivalent                                       (mbbl)          (mmcf)         (mboe)     Proved                                                                      Developed Producing                  731         204,220         34,767     Developed Non-producing              243          27,648          4,851     Undeveloped                        6,084         759,424        132,655     Total Proved                       7,058         991,292        172,273     Probable                           5,945         626,360        110,338     Total Proved +                    13,003       1,617,652        282,611     Probable    Glacier Present Value of Future Net Revenue using Sproule price and cost  forecasts ((1)(2))  ($000)                                       Before Income Taxes Discounted at                                        0%            10%            15%     Proved                                                                    Developed Producing            $802,614       $466,482       $394,415     Developed Non-producing         117,124         68,895         57,977     Undeveloped                   2,585,106        682,770        391,751                                                                      Total Proved                  3,504,844      1,218,146        844,143     Probable                      3,136,407        889,960        590,598     Total Proved + Probable      $6,641,251     $2,108,106     $1,434,741     (1) Advantage's crude oil, natural gas and natural gas liquid reserves         were evaluated using Sproule's product price forecast effective         December 31, 2013 prior to the provision for income taxes,         interests, debt services charges and general and administrative         expenses. It should not be assumed that the discounted future net         revenue estimated by Sproule represents the fair market value of         the reserves.     (2) Assumes that development of Glacier will occur, without regard to         the likely availability to the Corporation of funding required for         that development.  Sproule Price Forecasts  The present value of future net revenue at December 31, 2013 was based upon  natural gas and natural gas liquids pricing assumptions prepared by Sproule  effective December 31, 2013. These forecasts are adjusted for reserve quality,  transportation charges and the provision of any applicable sales contracts.  The price assumptions used over the next seven years are summarized in the  table below:                    Alberta       Henry Hub       Edmonton       Edmonton       Edmonton       Exchange                     AECO-C                Natural Gas     Natural Gas        Propane         Butane       Pentanes           Rate                                                                                    Plus     Year      ($Cdn/mmbtu)     ($US/mmbtu)     ($Cdn/bbl)     ($Cdn/bbl)     ($Cdn/bbl)     ($US/$Cdn)     2014              4.00            4.17          45.78          69.05         103.50           0.94     2015              3.99            4.15          44.14          66.57          99.78           0.94     2016              4.00            4.17          44.30          66.81         100.14           0.94     2017              4.93            5.04          50.22          75.74         113.53           0.94     2018              5.01            5.12          50.98          76.88         115.24           0.94     2019              5.09            5.19          51.74          78.03         116.97           0.94     2020              5.18            5.27          52.52          79.20         118.72           0.94  Glacier Gross (before royalties) Working Interest Reserves Reconciliation:                                  Natural Gas       Natural            Oil                                      Liquids           Gas     Equivalent     Proved                            (mbbl)        (mmcf)         (mboe)     Opening balance Dec. 31,           1,776       876,281        147,823     2012                                                                         Extensions                         2,927        96,420         18,997     Improved recovery                      -             -              -     Infill Drilling                        -             -              -     Discoveries                            -             -              -     Economic factors                       -          (22)            (4)     Technical revisions                2,385        56,738         11,842     Acquisitions                           -             -              -     Dispositions                           -             -              -     Production                          (30)      (38,125)        (6,384)                                                                      Closing balance at Dec.            7,058       991,292        172,273     31, 2013                                                                                                                                                                               Natural Gas       Natural            Oil                                     Liquids            Gas     Equivalent     Proved + Probable                (mbbl)         (mmcf)         (mboe)     Opening balance Dec. 31,           2,637     1,396,971        235,466     2012                                                                         Extensions                         6,598       200,043         39,939     Improved recovery                      -             -              -     Infill Drilling                        -             -              -     Discoveries                            -             -              -     Economic factors                       -           (9)            (2)     Technical revisions                3,798        58,772         13,594     Acquisitions                           -             -              -     Dispositions                           -             -              -     Production                          (30)      (38,125)        (6,384)                                                                      Closing balance at Dec.           13,003     1,617,652        282,612     31, 2013   Glacier Finding, Development & Acquisitions Costs ("FD&A") ((1)(2)(3))  2013 FD&A Costs - Gross (before royalties) Working Interest Reserves excluding  Future Development Capital                                         Proved        Proved + Probable     Capital expenditures ($000)          $155,369              $155,369     Acquisitions net of dispositions            -                     -     ($000)       Total capital ($000)                $155,369               $155,369     Total mboe, end of year               172,273               282,611     Total mboe, beginning of year         147,823               235,466     Production, mboe                        6,384                 6,384     Reserve additions, mboe                30,835                53,530     2013 FD&A costs ($/boe)                 $5.04                 $2.88     2012 FD&A costs ($/boe)                 $3.27                 $2.08     Three year average FD&A costs           $4.86                 $3.42     ($/boe)       2013 F&D costs ($/boe)                  $5.04                 $2.88     2012 F&D costs ($/boe)                  $3.27                 $2.08     Three year average F&D costs            $4.86                 $3.42     ($/boe)                                                            NI 51-101 2013 FD&A Costs - Gross (before royalties) Working Interest Reserves including  Future Development Capital                                           Proved       Proved + Probable     Capital expenditures ($000)           $155,369              $155,369     Acquisitions net of dispositions             -                     -     ($000)      Net change in Future Development       152,889               272,189     Capital ($000)      Total capital ($000)                  $308,258              $427,558     Reserve additions, mboe                 30,835                53,530     2013 FD&A costs ($/boe)                 $10.00                 $7.99     2012 FD&A costs ($/boe)                  $6.88                 $4.41     Three year average FD&A costs            $8.58                 $6.36     ($/boe)       2013 F&D costs ($/boe)                  $10.00                 $7.99     2012 F&D costs ($/boe)                   $6.88                 $4.41     Three year average F&D costs             $8.58                 $6.36     ($/boe)       (1) Under NI 51-101, the methodology to be used to calculate F&D costs         includes incorporating changes in FDC required to bring the proved         undeveloped and probable reserves to production. For continuity,         Advantage has presented herein FD&A costs calculated both excluding         and including FDC. Advantage has also presented both F&D (excluding         the effects of acquisitions) and FD&A (including the effects of         acquisitions) for continuity; however, Advantage's F&D and FD&A         costs in the last three years are the same.     (2) The aggregate of the exploration and development costs incurred in         the most recent financial year and the change during that year in         estimated future development costs generally will not reflect total         finding and development costs related to reserves additions for         that year. Changes in forecast FDC occur annually as a result of         development activities, acquisition and disposition activities and         capital cost estimates that reflect Sproule's best estimate of what         it will cost to bring the proved undeveloped and probable reserves         on production.     (3) In all cases, the FD&A number is calculated by dividing the         identified capital expenditures by the applicable reserve         additions.  Boes may be misleading, particularly if used in         isolation.  A boe 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.            Reserve 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.  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; expected Q1 2014 Glacier production; expectations as to the number of  wells in Advantage's Phase VI required to provide sufficient production  inventory to maintain production at 135 mmcfe/d through to the end of 2014;  the expectation that new well completions and tie-ins of Phase VI wells will  continue through Q2 2014; forecast total capital expenditures for the Glacier  Phase VI; number of wells expected to be spud in March 2014 and that Advantage  will continue drilling through spring break-up; 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 Corporation discloses several financial measures that do not have any  standardized meaning prescribed under International Financial Reporting  Standards ("IFRS"). These financial measures include operating netbacks and  debt to cash flow ratio. Management believes that these financial measures are  useful supplemental information to analyze operating performance and provide  an indication of the results generated by the Corporation's principal business  activities. Investors should be cautioned that these measures should not be  construed as an alternative to net income or other measures of financial  performance as determined in accordance with IFRS. Advantage's method of  calculating these measures may differ from other companies, and accordingly,  they may not be comparable to similar measures used by other companies. Please  see the Corporation's most recent Management's Discussion and Analysis, which  is available at www.sedar.com and www.advantageog.com for additional  information about these financial measures, including a reconciliation of  funds from operations to cash provided by operating activities.  Where any disclosure of reserves data is made in this press release that does  not reflect all reserves of Advantage, the reader should note that the  estimates of reserves and future net revenue 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.  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.  Investor Relations Toll free: 1-866-393-0393  Advantage Oil & Gas Ltd. 300, 440 -2nd Avenue SW Calgary, Alberta T2P 5E9  Phone: (403) 718-8000 Fax: (403) 718-8332 Web  Site:www.advantageog.com E-mail:ir@advantageog.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/March2014/11/c4433.html  CO: Advantage Oil & Gas Ltd. ST: Alberta NI: OIL ERN