Advantage Oil and Gas Ltd. (TSX: AAV, NYSE: AAV) is an intermediate oil and natural gas corporation with properties located in Western Canada. The Company's head office is located in Calgary, Alberta, Canada.

Advantage recently converted from a royalty trust to a growth oriented corporation with a specific focus on developing the Company's significant Montney natural gas resource play at Glacier, Alberta. With an estimated drilling inventory of over 500 horizontal well locations at Glacier and total project capital expenditures that could exceed $2.5 billion, significant reserves and production growth is anticipated to grow shareholder value. In support of project development at Glacier, cash flow is obtained from a focused asset base consisting of long life oil and natural gas assets that have a reserve life index of 17.6 years with production of approximately 23,000 boe per day weighted 65% to natural gas and 35% to oil and natural gas liquids.

Advantage is well positioned with financial flexibility, multi-year commodity price hedging and a highly experienced management team and staff to extract value from our large inventory of attractive internal opportunities and to capitalize on any external opportunities in the oil and gas sector.

QUICK LINKS

• 2010 Annual General and Special Meeting Information
• Glacier Information