News Releases

Advantage Announces Monthly Distribution & Hedging Update

    (TSX: AVN.UN, NYSE: AAV)

    CALGARY, Feb. 14 /CNW/ - Advantage Energy Income Fund ("Advantage" or
"the Fund") announces that the cash distribution for the month of February
will be $0.15 per Unit. The distribution represents an annualized yield of
14.4% based on the February 13, 2007 closing price of $12.54 per Unit.
    The distribution will be payable on March 15, 2007 to Unitholders of
record at the close of business on February 28, 2007. The ex-distribution date
is February 26, 2007. The cash distribution is based on approximately
113.9 million Units outstanding.
    The CDN$0.15 per Unit is equivalent to approximately US$0.13 per Unit if
converted using a Canadian/US dollar exchange rate of 1.17. The US dollar
equivalent distribution will be based upon the actual Canadian/US exchange
rate applied on the payment date and will be net of any Canadian withholding
taxes that may apply.
    Advantage has also entered additional hedging to help protect cash flows
in 2007 and early 2008. Overall, 48% of our net gas production is now hedged
for the 2007 calendar year at a floor of $7.55/mcf. For the first quarter of
2007, Advantage has secured 58% of our net gas production at an $8.42/mcf
floor price. For the summer months, 54% of our net gas production is hedged at
a floor of $7.08/mcf. The Fund has further hedged approximately 11% of net gas
production for the 2007-2008 winter at a floor price of $8.44/mcf. With
regards to crude oil, Advantage has currently hedged 14% of its 2007 net crude
oil production at an average floor price of US$65.00/bbl. A detailed listing
of our various hedges is included on our website at www.advantageincome.com.

    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.

    %SEDAR: 00016522E          %CIK: 0001259995



For further information:
For further information: Investor Relations, Toll free: (866) 393-0393;
Advantage Energy Income Fund, 3100, 150 - 6th Avenue SW, Calgary, Alberta, T2P
3Y7, Phone: (403) 261-8810, Fax: (403) 262-0723, Web Site: 
www.advantageincome.com, E-mail: advantage@advantageincome.com