Advantage Announces 2010 Year End Financial Results Glacier Production Exceeding 100 mmcf/d

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[{"type":"text","content":"\n\n\n Mar. 22, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n(TSX: AAV, NYSE: AAV)\n\n\nCALGARY, ALBERTA, March 22, 2011 /CNW/ - Advantage Oil & Gas Ltd.\n ("Advantage" or the "Corporation") is pleased to announce the financial\n and operating results for the year ended December 31, 2010 and Glacier\n production now exceeding 100 mmcf/d.\n\n\nProduction Growth, Hedging and Reduced Costs Deliver Solid Financial and\n Operating Results\n\n\n\nProduction for the fourth quarter of 2010 averaged 24,308 boe/d, an\n increase of 18% as compared to the fourth quarter of 2009, after\n adjusting for non-core asset dispositions. Advantage's daily production\n for 2010 exited at approximately 25,000 boe/d, exceeding our guidance\n of 24,000 boe/d due to stronger than expected well performance at\n Glacier. The Glacier gas plant expansion is now completed with\n production exceeding 100 mmcf/d and corporate production at\n approximately 30,000 boe/d.\n\n\nFunds from operations for the fourth quarter of 2010 increased 6% to\n $40.7 million or $0.25 per share, as compared to the $38.5 million or\n $0.23 per share for the third quarter of 2010. For the year ended\n December 31, 2010, funds from operations was $175.1 million or $1.07\n per share, a decrease from $197.7 million or $1.29 per share during\n 2009 attributed primarily to asset dispositions completed during the\n last two years.\n\n\nFor the three months and year ended December 31, 2010, our hedging\n program co...

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