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Advantage Announces Revised 2021 Guidance, 2020 Year-End Results, and Reserves Highlights

(TSX: AAV)CALGARY, AB, Feb. 25, 2021 /CNW/ -Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce increased 2021 production guidance, reduced 2021 capital guidance, and 2020 year-end results and reserves highlights.Results from Advantage's 2020 drilling program have exceeded expectations both in costs and well performance, positively impacting our 2020 reserves, financial outlook and 2021 guidance.A  Drilling in 2020 was entirely gas-focused at Glacier, with the first wells drilled in July and brought onstream in November.Increasing 2021 production guidance range to 48,000 to 51,000 boe/d (from 47,000 to 49,000 boe/d)

Average initial well productivity at Glacier from 2020 wells increased 87% over prior programs



Only six of 13 wells drilled in 2020 were brought on-production prior to year-end, with the remainder brought on-production in early 2021 while gas prices were escalating



Improved cycle times to equip wells and deliver production to market within 3 days



Five wells drilled in Q1 2021 will be completed after spring breakup with production anticipated to begin in third quarter 2021



Frac intensity and well design will continue to be progressed through the 2021 program

Reducing 2021 capital guidance range to $115 million to $135 million (from $125 million to $150 million)
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