Business
Advantage Announces Increase in Credit Facilities Borrowing Base to $300 Million
(TSX: AAV, NYSE: AAV) CALGARY , Oct. 24, 2013 /CNW/ - Advantage Oil & Gas Ltd....
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\n\n(TSX: AAV, NYSE: AAV)\n\n\nCALGARY, Oct. 24, 2013 /CNW/ - Advantage Oil & Gas Ltd. (\"Advantage\" or the \"Corporation\") announced today that its lenders have completed their regular\n semi-annual review of the credit facility borrowing base. Advantage's\n borrowing base will increase from $230 million to $300 million and\n continue to provide significant financial flexibility in support of\n future capital program requirements and general corporate purposes. The\n increase resulted from recognition of Advantage's strong third quarter\n 2013 average production at Glacier estimated at 110 mmcfe/d, increased\n proven developed producing reserves and strong natural gas commodity\n hedge positions. Advantage's bank indebtedness was approximately $140\n million as of September 30, 2013.\n\n\nOur current Phase VI capital development program at Glacier is targeted\n to increase production to 135 mmcfe/d by Q2 2014. Advantage's next\n regular annual review of its credit facility borrowing base is\n scheduled for June 2014.\n\n\nAdvisory\n\n\nThe information in this press release contains certain forward-looking\n statements, including within the meaning of the United States Private\n Securities Litigation Reform Act of 1995. These statements relate to\n future events or our future intentions or performance. All statements\n other than statements of historical fact may be forward-looking\n statements. Forward-looking statements are often, but not always,\n identified by the use of words such as \"seek\", \"anticipate\", \"plan\",\n \"continue\", \"estimate\", \"demonstrate\", \"expect\", \"may\", \"will\",\n \"project\", \"predict\", \"potential\", \"targeting\", \"intend\", \"could\",\n \"might\", \"should\", \"believe\", \"would\" and similar expressions and\n include statements relating to, among other things, the targeted\n production levels going forward; the increased borrowing base under the\n Corporation's Credit Facility; the Corporation's expectation that the\n increased borrowing base will provide significant financial flexibility in support of Advantage's future\n capital program requirements and general corporate purposes; the\n estimated bank indebtedness of Advantage as of September 30, 2013; the\n anticipated timing of the next annual review of the credit facility\n borrowing base; and the Corporation's plans t...