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:  http://www.newswire.ca/en/releases/archive/May2014/29/c7579.html  CO: Advantage Oil & Gas Ltd. ST: Alberta NI: OIL  
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