Advantage Announces Increase in Credit Facility to $400 Million

(TSX: AAV, NYSE: AAV) 
CALGARY, May 29, 2014 /CNW/ - 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. 
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: 
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CO: Advantage Oil & Gas Ltd.
ST: Alberta
NI: OIL  
-0- May/29/2014 21:56 GMT
 
 
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