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Press release from CNW Group

Advantage Announces Natural Gas Hedging Update

Friday, May 31, 2013

Advantage Announces Natural Gas Hedging Update

18:03 EDT Friday, May 31, 2013

(TSX: AAV, NYSE: AAV)

CALGARY, May 31, 2013 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce that we have increased our natural gas commodity price hedges for the period October 2013 to March 2014. Below is a list of the new derivative contracts entered into by Advantage:

      Average Price
Description of Derivative  Term  Volume  $Cdn. AECO
Natural gas - AECO      
Fixed price  October 2013 to March 2014  5,687 mcf/d  $4.01/mcf
Fixed price  October 2013 to March 2014  5,687 mcf/d  $4.01/mcf
       

A summary of the current commodity hedge positions is indicated below:

    Average Price
Period  Average Volume Hedged  $Cdn. AECO
Q2 2013 to Q1 2014  40,741 mcf/d  $3.50/mcf
Q2 2014 to Q1 2015  52,130 mcf/d  $3.82/mcf
Q2 2015 to Q1 2016  42,652 mcf/d  $3.90/mcf
     

A detailed list of all individual derivative contracts as at May 31, 2013 is available on our website at www.advantageog.com.

SOURCE: Advantage Oil & Gas Ltd.

For further information:

Investor Relations
Toll free: 1-866-393-0393

ADVANTAGE OIL & GAS LTD.

700, 400 - 3rd Avenue SW
Calgary, Alberta
T2P 4H2
Phone: (403) 718-8000
Fax: (403) 718-8300
Web Site: www.advantageog.com

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