News Releases

Advantage Oil & Gas Ltd. Begins Trading on the Toronto and New York Stock Exchanges

Jul 14, 2009

    CALGARY, July 14 /CNW/ - Advantage Oil & Gas Ltd. ("AOG" or the
"Corporation") (AAV - TSX, AAV - NYSE) announced today that it's common shares
and convertible debentures will commence trading on the Toronto Stock Exchange
under the new trading symbols "AAV", "AAV.DB.C", "AAV.DB.D", "AAV.DB.E", and
"AAV.DB.G" and the Corporation's common shares will commence trading on the
New York Stock Exchange under the symbol "AAV". The trust units and
convertible debentures of the predecessor entity, Advantage Energy Income
Fund, will be delisted at this time.


    The information in this press release contains certain forward-looking
statements including, without limitation, the anticipated timing of the
listing of AOG's common shares on the Toronto Stock Exchange and New York
Stock Exchange; the listing of the convertible debentures on the Toronto Stock
Exchange and the delisting of the Fund's trust units on the New York Stock
Exchange and Toronto Stock Exchange and delisting of the convertible
debentures on the Toronto Stock Exchange. 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 AOG'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; geological,
technical, drilling and processing problems and other difficulties in
producing petroleum reserves; and obtaining required approvals of regulatory
authorities. AOG'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 AOG will derive from them. Except as
expressly required by law, AOG undertakes no obligation to publicly update or
revise any forward-looking statements.

    %CIK: 0001259995

For further information:

For further information: Investor Relations, Toll free: 1-866-393-0393,
ADVANTAGE OIL & GAS LTD., 700, 400 - 3rd Avenue SW, Calgary, Alberta, T2P 4H2,
Phone: (403) 718-8000, Fax: (403) 718-8300, Web Site:,

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