CALGARY, Feb. 14 /CNW/ - Advantage Energy Income Fund ("Advantage" or the
"Fund") (AVN.UN - TSX, AAV - NYSE) announced today the closing of its
previously announced bought deal financing through an underwriting syndicate
led by RBC Capital Markets as sole bookrunner and BMO Nesbitt Burns Inc. as
co-lead manager, and including CIBC World Markets Inc., National Bank
Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation,
FirstEnergy Capital Corp., Raymond James Ltd., Sprott Securities Inc. and
Tristone Capital Inc. At closing, 7,800,000 trust units (the "Units") were
issued at a price of $12.80 per Unit, for total gross proceeds of
approximately $99.8 million.
    Advantage has granted the underwriters an Over-allotment Option,
exercisable in whole or in part up to 30 days following closing, to purchase
up to an additional 1,170,000 trust units at the same offering price. If the
Over-allotment Option is fully exercised, the total gross proceeds of the
financing will be approximately $114.8 million.
    The first distribution for which purchasers of Units issued pursuant to
the offering will be eligible will be for the month of February payable on
March 15, 2007. The net proceeds of the Offering will initially be used to
repay indebtedness outstanding on October 31, 2006 and to subsequently fund
capital and general corporate expenditures.
    The Units have not been and will not be registered under the U.S.
Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements of the 1933 Act.

    Advisory

    The information in this press release contains certain forward-looking
statements. These statements relate to future events or our future
performance. All statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe",
"would" and similar expressions. These statements involve substantial known
and unknown risks and uncertainties, certain of which are beyond Advantage's
control, including: the impact of general economic conditions; industry
conditions; changes in laws and regulations including the adoption of new
environmental laws and regulations and changes in how they are interpreted and
enforced; fluctuations in commodity prices and foreign exchange and interest
rates; stock market volatility and market valuations; volatility in market
prices for oil and natural gas; liabilities inherent in oil and natural gas
operations; uncertainties associated with estimating oil and natural gas
reserves; competition for, among other things, capital, acquisitions, of
reserves, undeveloped lands and skilled personnel; incorrect assessments of
the value of acquisitions; changes in income tax laws or changes in tax laws
and incentive programs relating to the oil and gas industry and income trusts;
geological, technical, drilling and processing problems and other difficulties
in producing petroleum reserves; and obtaining required approvals of
regulatory authorities. Advantage's actual results, performance or achievement
could differ materially from those expressed in, or implied by, such
forward-looking statements and, accordingly, no assurances can be given that
any of the events anticipated by the forward-looking statements will transpire
or occur or, if any of them do, what benefits that Advantage will derive from
them. Except as required by law, Advantage undertakes no obligation to
publicly update or revise any forward-looking statements.

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