Advantage Oil & Gas Divests Alberta Gas Assets With 1,700BOE/D For C$67MM

To acquire 1,700 BOE/d in southeast Alberta.

Advantage Oil & Gas Ltd., Calgary, (NYSE, Toronto: AAV) has divested gas assets in southeastern Alberta in two transactions to unnamed buyers for C$67 million in cash.

The assets have combined production of approximately 1,700 barrels of oil equivalent per day (80% gas) and proved plus probable reserves of 6.4 million barrels of oil equivalent.

Closing for both transactions is expected by May 31.

Net proceeds from the sales will be used to repay bank debt.