Advantage Announces Increase in Credit Facility to $400 Million

       Advantage Announces Increase in Credit Facility to $400 Million  PR Newswire  CALGARY, May 29, 2014  (TSX: AAV, NYSE: AAV)  CALGARY, May 29, 2014 /PRNewswire/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") announced today that its lenders have increased the Corporation's borrowing base from $300 million to $400 million following the completion of their annual review.  Significant growth in Glacier's  proven developed producing reserves  combined  with the  recent production  increase to  approximately 135  mmcfe/d were  key  factors in the borrowing base expansion.  The borrowing base increase  strengthens Advantage's financial flexibility  in  support of the Corporation's three  year development plan targeted to  deliver  100% production per share growth  and 190% cash flow  per share growth. As  at  March 31, 2014, Advantage's bank indebtedness was approximately $84.7  million  which results in an available credit facility of $315 million.  Our current Phase VII  capital development program at  Glacier is targeted  to  increase production  to 183  mmcfe/d in  June 2015.  The Phase  VII  drilling  program is underway with seven of 33 planned wells rig released to date.  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; and the Corporation's 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,  transporting  and  marketing  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 27,  2014,  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. 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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