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Advantage Announces Evaluation of Glacier's Montney Contingent Resources
(TSX: AAV, NYSE: AAV) (All reserve and resource volumes are "working interest" and "s...
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\n\n(TSX: AAV, NYSE: AAV) \n\n\n(All reserve and resource volumes are \"working interest\" and \"sales\"\n except where otherwise indicated)\n\n\nCALGARY, July 15, 2013 /CNW/ - Advantage Oil & Gas Ltd. (\"Advantage\")\n engaged Sproule Associates Ltd. (\"Sproule\") as an independent qualified\n reserve evaluator to provide an evaluation of the petroleum and natural\n gas Montney best estimate contingent resources (\"2C\") and related\n future net revenue of Advantage's Glacier property as of March 31, 2013\n (\"Sproule 2C Contingent Evaluation\") in accordance with National\n Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook\n (\"COGE Handbook\").  The evaluation utilized Sproule's price forecast as\n of March 31, 2013.\n\n\nThe Sproule 2C Contingent Evaluation is an addendum to the earlier\n Sproule reports evaluating the petroleum and natural gas Montney\n contingent resources and reserves for Glacier, which were also\n effective as of March 31, 2013. The results of these earlier reports\n were press released by Advantage on May 21, 2013.  The volumes of\n reserves and resources as reported in the Sproule 2C Contingent\n Evaluation are unchanged from those previously reported in the May 21,\n 2013 press release. The new Sproule 2C Contingent Evaluation includes\n an estimate of the future net revenue associated with Advantage's\n Glacier contingent resources, which was not included in the earlier\n reports.\n\n\nSummary\n\n\n\n\n \n\n\nCompany Working Interest Volume\n\n\n \n\n\nBefore Tax NPV, Million $\n\n\n\n\n \n\n\nSales \nGas \n(Tcf)\n\n\nNGL\n(mmbbl)\n\n\nGas \nEquivalent\n(Tcfe)\n\n\n \n\n\n0%\n\n\n10%\n\n\n15%\n\n\n\n\nReserves - 2P (1)\n\n\n1.54\n\n\n11.0\n\n\n1.61\n\n\n \n\n\n6,486\n\n\n1,723\n\n\n1,104\n\n\n\n\nResource - contingent resources 2C (2) \n\n\n3.53\n\n\n109.8\n\n\n4.18\n\n\n \n\n\n19,133\n\n\n3,092\n\n\n1,565\n\n\n\n\nTotal 2P Reserves plus 2C contingent \nresources\n\n\n5.07\n\n\n120.8\n\n\n5.79\n\n\n \n\n\n25,619\n\n\n4,815\n\n\n2,669\n\n\n\n\n\n\n\n\n\nNote: \n\n\n\n(1)\n\n\nRepresents proved plus probable reserves (\"2P\").\n\n\n\n \n\n(2)\n\n\nRepresents the best estimate of contingent resources (\"2C\").\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSproule included the following comments in their report:\n\n\n\nThe contingent resour...