Advantage Announces Glacier 2013 Reserves Additions Replace 840% of Production, Achieves 135 mmcfe/d Phase VI Production Ahead of Schedule with Capital Spending Below Budget

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[{"type":"text","content":"\n\n\n(TSX: AAV, NYSE: AAV)\n\n\nCALGARY, March 11, 2014 /CNW/ - Advantage Oil & Gas Ltd. (\"Advantage\" or\n the \"Corporation\") is pleased to report strong year end 2013 reserve\n additions for its Montney resource property at Glacier, Alberta\n (\"Glacier\").  Proven plus probable (\"2P\") reserve additions were\n achieved at a finding and development cost of $1.33/mcfe ($7.99/boe)\n and a recycle ratio of 2.1.  Total 2P reserves are up 20% to 1.7\n trillion cubic feet (\"Tcfe\").  We are also pleased to report Glacier\n production reached our 135 mmcfe/d Phase VI target ahead of schedule\n with capital spending below budget.         \n\n\nAdvantage's year-end 2013 corporate reserves which will include the\n impact of non-core asset divestures during 2013 will be released on\n March 27, 2014 with its year-end financial and operating results.  All\n references to year end 2013 financial and operating data in this\n release are estimates and are unaudited.\n\n\nGlacier 2013 Reserve Report Summary \n\n\n\nAdvantage replaced 840% of Glacier's 2013 annual production based on\n Sproule's 2013 Glacier reserve report(1)(2).\n\n\n\nGlacier reserve additions were achieved at a proven and probable (\"2P\")\n Finding & Development (\"F&D\") cost including the change in Future\n Development Capital (\"FDC\") as follows:\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n2013\n\n\n \n\n\n \n\n\n3 Years Ended 2013\n\n\n\n\n2P F&D including change in FDC\n\n\n \n\n\n \n\n\n$1.33/mcfe or $7.99/boe\n\n\n \n\n\n \n\n\n$1.06/mcfe or $6.36/boe\n\n\n\n\n\n\n\n\n\n(1)     \n\n\nSproule Associates Ltd. (\"Sproule\") was engaged as an independent\n qualified reserve evaluator to evaluate Glacier's year-end reserves as\n of December 31, 2013 (\"Sproule 2013 Glacier reserve report\") in\n accordance with National Instrument 51-101 (\"NI 51-101\") and the\n Canadian Oil and Gas Evaluation Handbook (\"COGE Handbook\").  Reserves\n are stated on a gross (before royalties) working interest basis before\n unless otherwise indicated.\n\n\n\n\n(2)     \n\n\nOnly 12 of our 22 wells in our current Phase VI Glacier drill...

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