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Press release from Marketwire

Advantage Acquires Securities of Questfire Energy Corp.

Thursday, May 02, 2013

Advantage Acquires Securities of Questfire Energy Corp.

22:02 EDT Thursday, May 02, 2013

CALGARY, ALBERTA--(Marketwired - May 2, 2013) - On April 30, 2013, Advantage Oil & Gas Ltd. (TSX:AAV)(NYSE:AAV)("Advantage") directly acquired ownership and control of an aggregate of 1,500,000 class B shares ("Class B Shares") of Questfire Energy Corp. ("Questfire"), representing approximately 73% of the total issued and outstanding Class B Shares of Questfire and approximately 10.1% of the voting rights attached to the Class A shares of Questfire ("Class A Shares") and Class B Shares. In addition, Advantage acquired ownership and control of a $32,585,000 principal amount convertible senior secured debenture due April 30, 2016 ("Debenture"), which is convertible into Class A Shares at the 20 day volume-weighted average trading price at the option of Advantage for a period of 30 days following the occurrence of certain events.

The Class B Shares and Debenture were issued to Advantage as partial consideration for the acquisition by Questfire (the "Acquisition") of non-core oil and gas assets from Advantage. Advantage also received cash consideration of $40,200,432 for the Acquisition. Advantage may from time to time dispose of some or all of the existing Class B Shares and Debentures, or continue to hold the Class B Shares and Debentures in the normal course of its activities, subject to compliance with applicable laws.

An early warning report for Advantage will be filed on SEDAR at www.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Advantage Oil & Gas Ltd.
Investor Relations
Toll free: 1-866-393-0393


Advantage Oil & Gas Ltd.
700, 400 - 3rd Avenue SW
Calgary, Alberta T2P 4H2
(403) 718-8000
(403) 718-8300 (FAX)
ir@advantageog.com
www.advantageog.com

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