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Advantage Announces Significant Increase in Reserves & Contingent Resources and Updates Guidance & Strategic Alternatives Process
(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\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, May 21, 2013 /CNW/ -\n\n\n\n\n\nHighlights:\n\n\n\nTotal Petroleum Initially in Place (\"TPIIP\") at Glacier increased to\n 16.0 Tcf\n\n\n\n\n2P Reserves plus 2C Contingent Resources increased to 5.9 Tcfe\n\n\n2C Contingent Resources increased to 4.20 Tcfe; 72% of which is\n contained in the liquids rich Middle Montney intervals that are\n approximately 150 meters thick\n\n\n\n\n2P Reserves grew to 1.61 Tcfe which includes 11 million barrels of NGLs\n\n\n\n\n\n\nOur Special Committee's financial advisors will immediately commence a\n broad marketing effort to solicit interest in a sale of the Corporation\n or other strategic transaction to maximize value for all shareholders.\n The updated independent Reserve Report reflecting wells drilled and\n completed since December 31, 2012 and the updated independent Glacier\n Resource Assessment Report will be available to interested parties in\n the virtual data room.\n\n\n\n\nThe management of Advantage Oil & Gas Ltd. has prepared the following\n production model which shows that our Glacier property can support a\n production plateau of 580 mmcf/d for a period of approximately 18 years\n based on the total 2P Reserves and 2C Contingent Resources.\n\n\n\nhttp://files.newswire.ca/1241/AAV-Chart.pdf\n\n\n\n\n\nContingent Resource Assessment \n\n\n(Summary tables and resources definitions are included in Appendix A &\n C)\n\n\nAdvantage Oil & Gas Ltd. (\"Advantage\" or the \"Corporation\") is pleased\n to announce its updated Reserve Report and updated Glacier Contingent\n Resource Assessment which were prepared by Sproule Associates Ltd.\n (\"Sproule\") with an effective date of March 31, 2013 (see page 5\n \"Independent Reserve Evaluator\").  Changes in Contingent Resources are\n compared against our previous Glacier Contingent Resource Assessment\n dated February 29, 2012 which includes reserves from December 31, 2011.\n The terms 'interval' and 'layer' in this release and in Sproule's\n reports have the same meaning.\n\n\n\nGross TPIIP at Glacier increased by 69% to 17.06 Tcf. On a working\n interest basis, TPIIP is 16.03 Tcf which contains 337.1 million barrels\n of NGLs.\n\n\n\n\n2P Reserves plus 2C Contin...