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Advantage Announces Closing of Glacier Gas Plant Transaction for $100 Million
Advantage Announces Closing of Glacier Gas Plant Transaction for $100 Million Cana...
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\n\n\nAdvantage Announces Closing of Glacier Gas Plant Transaction for $100 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, AB, July 2, 2020\n\n\n\n(TSX: AAV)\n CALGARY, AB, July 2, 2020 /CNW/ - Advantage Oil & Gas Ltd. (\"Advantage\" or the \"Corporation\") is pleased to announce it has successfully closed the previously announced sale of a 12.5% interest in the Glacier Gas Plant to Topaz Energy Corp. (\"Topaz\") and received $100 million cash proceeds (see press release dated April 13, 2020). This transaction fortifies Advantage's robust balance sheet and augments the Corporation's ability to execute value-generating capital projects and strategic opportunities.  Advantage retains the remaining 87.5% interest and will continue to be operator of the Glacier Gas Plant with access to all surplus capacity during the term of a 15-year volume commitment with Topaz.\n\n \n \n \n \n \n \n\n \nSubsequent to closing the transaction, Advantage will utilize the cash proceeds net of transaction costs to reduce bank indebtedness on the Corporation's $350 million revolving credit facility (see press release dated May 26, 2020).\nAdvisory\nThe information in this press release contains certain forward-looking statements, including within the meaning of applicable securities laws. 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 \"anticipate\", \"continue\", \"demonstrate\", \"expect\", \"may\", \"can\", \"will\", \"believe\", \"would\" and similar expressions and include statements relating to, among other things, Advantage's strategy and development plans; that the transaction fortifies Advantage's balance sheet; and the Corporation's ability to execute value-generating capital projects and strategic opportunities. Advantage's actual decisions, activities, results, performance or achieve...