Business
Advantage Announces Distribution
Advantage Announces Distribution.
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\n\n\n\n(TSX: AVN.UN, NYSE: AAV)\n\nCALGARY, July 5 /CNW/ - Advantage Energy Income Fund (\"Advantage\")\nannounces that the cash distribution for the month of July will be $0.20 per\nUnit. The reduction in the monthly distribution rate is primarily the result\nof recent weakness in natural gas prices caused by an abnormally mild winter\nin the United States which has left natural gas storage at record levels.\nCanadian spot market natural gas prices have declined from over $12.00 per mcf\nin late 2005 to current levels of under $6.00 per mcf. The revised\ndistribution level represents an annualized yield of 12.6% based on the July\n5, 2006 closing price of $18.98 per Unit.\nThe distribution will be payable on August 15, 2006 to Unitholders of\nrecord at the close of business on July 31, 2006. The ex-distribution date is\nJuly 27. The cash distribution is based on approximately 94.7 million Units\ncurrently outstanding.\nThe CDN$0.20 per Unit is equivalent to approximately US$0.18 per Unit if\nconverted using a Canadian/US dollar exchange rate of 1.11. The US dollar\nequivalent distribution will be based upon the actual Canadian/US exchange\nrate applied on the payment date and will be net of any Canadian withholding\ntaxes that may apply.\n\nAdvisory\n\nBOE's may be misleading, particularly if used in isolation. In accordance\nwith NI 51-101, a BOE conversion ratio for natural gas of 6 Mcf: 1 bbl has\nbeen used which is based on an energy equivalency conversion method primarily\napplicable at the burner tip and does not represent a value equivalency at the\nwellhead.\n\nThe information in this press release contains certain forward-looking\nstatements. These statements relate to future events or our future\nperformance. All statements other than statements of historical fact may be\nforward-looking statements. Forward-looking statements are often, but not\nalways, identified by the use of words such as \"seek\", \"anticipate\", \"plan\",\n\"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\", \"predict\",\n\"potential\", \"targeting\", \"intend\", \"could\", \"might\", \"should\", \"believe\",\n\"would\" and similar expressions. These statements involve substantial known\nand unknown risks and uncertainties, certain of which are beyond Advantage's\ncontrol, including: the impact of general economic conditions...