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

PR Newswire

CALGARY, March 11, 2014

(TSX: AAV, NYSE: AAV)

CALGARY, March 11, 2014 /PRNewswire/ - 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 change             $1.33/mcfe or            $1.06/mcfe or
in FDC                                    $7.99/boe                  $6.36/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:

       *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.
       *Proven reserves increased by 17% to 1.03 Tcfe (172.3 mmboe) and now
         represents 61% of total Glacier 2P reserves
       *Proven developed producing reserves increased by 18% to 0.21 Tcfe
         (34.8 mmboe)
       *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

(1) Glacier's Q4 2013 realized natural gas price is $3.25/mcfe 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 Production Rate    (mmcfe/d)          183

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 + Probable        13,003     1,617,652      282,611

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, 2012           1,776     876,281      147,823
                                                           
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. 31,               7,058     991,292      172,273
2013
                                                           
                                                                    
                                   Natural Gas    Natural          Oil
                                      Liquids         Gas   Equivalent
Proved + Probable                     (mbbl)      (mmcf)      (mboe)
Opening balance Dec. 31, 2012           2,637   1,396,971      235,466
                                                           
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. 31, 2013       13,003   1,617,652      282,612

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             $2.08
Three year average FD&A costs ($/boe)        $4.86             $3.42
2013 F&D costs ($/boe)                       $5.04             $2.88
2012 F&D costs ($/boe)                       $3.27             $2.08
Three year average F&D costs ($/boe)         $4.86             $3.42
                                                     

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 Capital       152,889             272,189
($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             $4.41
Three year average FD&A costs ($/boe)          $8.58             $6.36
2013 F&D costs ($/boe)                        $10.00             $7.99
2012 F&D costs ($/boe)                         $6.88             $4.41
Three year average F&D costs ($/boe)           $8.58             $6.36

^(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.

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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