Advantage Provides Update on Disposition of Non-Core Assets

About this update from Advantage Energy Ltd

[{"type":"text","content":"\n\n\n\n\n\n(TSX: AAV, NYSE: AAV)\n\n\nCALGARY, March 28, 2013 /CNW/ - Advantage Oil & Gas Ltd. (\"Advantage\" or\n the \"Corporation\") (TSX: AAV) (NYSE: AAV) provides the following\n update:\n\n\nNon-Core Asset Disposition to Questfire Energy Corp.\n\n\nThe previously announced transaction with Questfire Energy Corp.\n (\"Questfire\") (a TSX-V listed company) for the sale of substantially\n all of Advantage's remaining non-core assets consisting of\n approximately 5,900 boe/d of production has been modified as follows:\n\n\nThe transaction is now anticipated to close on or before April 30, 2013\n and is subject to satisfaction of customary closing conditions\n\n\nThe consideration will consist of $40 million of cash, a $44 million\n Convertible Senior Secured Debenture (the \"Debenture\") and 1.5 million\n Class B shares.  All net revenues accruing as part of customary closing\n adjustments between the effective date of November 1, 2012 and the\n closing date will be paid to Advantage in cash thereby reducing the\n principal amount of the debenture.\n\n\nAdvantage retains an option to appoint two board members to the Board of\n Directors of Questfire Energy Corp.\n\nThe net cash proceeds from this transaction will be used to reduce\n outstanding bank indebtedness.\n\nUpon closing of the non-core asset dispositions, Advantage's major\n assets will consist of our signature Glacier Montney property, our 45%\n interest in Longview Oil Corp. and the Questfire Debenture.\n\nAdvantage's credit facility will be revised due to the non-core asset\n dispositions and is currently under review.\n\n\nAdvisoryThe 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 inc...

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