Business
Advantage Announces 2nd Quarter Results 2009
(TSX: AAV, NYSE: AAV) CALGARY, Aug. 13 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corp...
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\n\n\n(TSX: AAV, NYSE: AAV)\n\n\nCALGARY, Aug. 13 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the\n"Corporation") is pleased to announce the unaudited operating and financial\nresults of Advantage Energy Income Fund (the "Fund") for the second quarter\nended June 30, 2009. On July 9, 2009, the Fund, Advantage and holders of trust\nunits of the Fund completed a plan of arrangement (the "Arrangement") which\nresulted in the reorganization of the Fund into the Corporation. As a result\nof the Arrangement, the Fund was dissolved and ceased to be a reporting\nissuer, and the Corporation became a reporting issuer. As at June 30, 2009,\nthe Fund still existed and was a reporting issuer, and accordingly, prepared\nfinancial statements and accompanying management's discussion and analysis for\nthe period then ended. All future financial statements and management's\ndiscussion and analysis of the continuing legal entity will be in the name of\nAdvantage Oil & Gas Ltd.\n\n\nFinancial and Operating Highlights\n\n Three Three Six Six\n months months months months\n ended ended ended ended\n June 30, June 30, June 30, June 30,\n 2009 2008 2009 2008\n-------------------------------------------------------------------------\nFinancial ($000, except\n as otherwise indicated)\n\nRevenue before\n royalties(1) $ 114,659 $ 208,868 $ 237,609 $ 397,373\n per Trust Unit(2) $ 0.79 $ 1.51 $ 1.65 $ 2.88\n per boe $ 40.59 $ 71.69 $ 42.59 $ 67.03\nFunds from operations $ 51,590 $ 103,754 $ 107,181 $ 198,372\n per Trust Unit(3) $ 0.35 $ 0.74 $ 0.73 $ 1.42\n per boe $ 18.26 $ 35.62 $ 19.21 $ 33.46\nDistributions declared $ - $ 50,364 $ 17,266 $ 100,385\n per Trust Unit(3) $ - $ 0.36 $ 0.12 $ 0.72\nExpenditures on\n property and equipment $ 15,719 $ 21,632 $ 68,362 $ 88,535\nWorking capital\n deficit(4) $ 131,913 $ 42,201 $ 131,913 $ 42,201\nBank indebtedness $ 644,100 $ 547,946 $ 644,100 $ 547,946\nConvertible debentures\n (face value) $ 184,489 $ 224,587 $ 184,489 $ 224,587\nTrust Units outstanding\n at end of period (000) 145,198 140,271 145,198 140,271\nBasic weighted average\n Trust Units (000) 144,681 138,612 144,189 138,105\n\nOperating\nDaily Production\n Natural gas (mcf/d) 124,990 123,104 121,498 124,109\n Crude oil and NGLs\n (bbls/d) 10,212 11,498 10,575 11,890\n Total boe/d at 6:1 31,044 32,01...