Last updated on April 16, 2014 at 4:54 EDT

Advantage Announces the Formation of a Special Committee

February 27, 2013


CALGARY, Feb. 26, 2013 /PRNewswire/ – Advantage Oil & Gas Ltd. (“Advantage” or the “Corporation“) announces that it has formed a special committee of independent
directors (the “Special Committee“) comprised of Mr. Steven Sharpe, as Chairman and Messrs. Stephen Balog
and Ronald McIntosh, to oversee the strategic alternatives review
process with the assistance of its advisors, FirstEnergy Capital Corp.
and RBC Capital Markets.  The Special Committee is working with its
advisors to consider strategic alternatives that will enhance and
maximize value for all shareholders.

The Special Committee’s advisors are currently compiling information in
respect of the Corporation to be provided to interested parties and to
be placed in a virtual data room which will be created in connection
with the process.  This information will include Advantage’s December
31, 2012 year-end independent reserve report, an updated independent
reserve report to reflect wells drilled since December 31, 2012 and an
updated independent Glacier resource assessment report that
incorporates well results and core analysis completed by the
Corporation.  All of the reports are being prepared by Sproule
Associates Limited and Advantage intends to press release the results
of such reports as they become available.

Following the creation of a virtual data room and completion of the
necessary informational materials, the advisors to the Special
Committee will contact a broad spectrum of parties to solicit interest
in a possible sale or other strategic transaction with the
Corporation.  The Corporation cautions that there are no assurances or
guarantees that this process will result in an acceptable transaction.

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 “forecast”, “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 benefits that could or may accrue to the Corporation from the
strategic alternatives review process. Advantage’s actual decisions,
activities, results, performance or achievement could differ materially
from those expressed in, or implied by, such forward-looking
statements. These statements involve substantial known and unknown
risks and uncertainties, certain of which are beyond Advantage’s
control, including, but not limited to: failure to achieve the
anticipated benefits from the strategic alternatives review process;
the impact of general economic conditions; actions by governmental or
regulatory authorities; changes in commodity prices, currency exchange
rates, interest rates capital expenditures, reserves or reserves
estimates and debt service requirements; the occurrence of unexpected
events and liabilities from the exploration for, and the operation and
development of, oil and gas properties; changes or fluctuations in
production levels; stock market volatility and volatility in market
prices for oil and natural gas; uncertainties associated with
estimating oil and natural gas reserves; competition for, among other
things, capital, acquisitions of reserves, undeveloped lands and
skilled personnel; obtaining 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, among other things: conditions in
general economic and financial markets; commodity prices; effects of
regulation by governmental agencies; future exchange rates; future
operating costs; availability of skilled labor; availability of
drilling and related equipment; timing and amount of capital
expenditures; and the impact of increasing competition. 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.

SOURCE Advantage Oil & Gas Ltd.

Source: PR Newswire