News release via Canada NewsWire, Calgary 403-269-7605
Attention Business/Financial Editors:
Solid Drilling Results at Glacier Leads to Record Reserve Additions and
(TSX: AAV, NYSE: AAV)
CALGARY, March 8 /CNW/ - Advantage Oil and Gas Ltd. ("Advantage" or "the
Company") is pleased to announce its year end reserves as of December 31,
2009. Sproule Associates Ltd. ("Sproule") was engaged as an independent
qualified reserve evaluator to evaluate Advantage's year-end reserves in
accordance with National Instrument 51-101 and the COGE handbook (the "Sproule
Report"). Year end financial and operating information will be released on or
about March 16, 2010 and accordingly, all references to year end 2009
financial and operating data are estimates and are unaudited.
- Replaced 698% of 2009 annual production at an all-in FD&A cost of
- Capital development program added 95.9 mmboe at a F&D cost of
- Current production capability including new well tests at Glacier
exceeds 90 mmcfd.
- Glacier development on-track to reach production target of 50 mmcfd
in second quarter of 2010.
- Advantage's Net Asset Value ("NAV") per share increased 7.4% in 2009
to $15.07/share at a 10% discount factor, before tax.
Reserves Continuity Schedule - Working Interest Reserves
- The following table summarizes the changes in Advantage's proven and
probable ("P+P") reserves for the year ended December 31, 2009 and
the costs associated with these changes: