(AVN.UN - TSX, AAV - NYSE)

    CALGARY, Jan. 27 /CNW/ - Advantage Energy Income Fund ("Advantage")
announces the following appointments to the executive officer team of its
wholly-owned subsidiary and administrator, Advantage Oil & Gas Ltd. ("AOG"):-   Mr. Andy Mah, the former President and Chief Operating Officer, has
        been appointed to the position of Chief Executive Officer. Mr. Mah is
        a professional engineer with over 26 years of experience in the
        industry and has held senior management positions in several
        companies. Mr. Mah will also continue on the Board of Directors of
        AOG.

    -   Mr. Kelly Drader, the former Chief Executive Officer, has been
        appointed as President and Chief Financial Officer. Mr. Drader is a
        founder of Advantage with over 28 years of experience in the oil and
        gas industry. Mr. Drader will also continue on the Board of Directors
        of AOG.

    -   Mr. Craig Blackwood, the former Director of Finance, has been
        appointed as Vice-President, Finance; and

    -   Mr. Peter Hanrahan, the former Vice-President of Finance and Chief
        Financial Officer, has elected to resign from such positions. The
        Board of Directors of AOG thanks Mr. Hanrahan for his service to
        Advantage and wish him well in his future endeavours.Mr. Mah's engineering and operational expertise is expected to contribute
considerably to Advantage's plan to further develop and exploit the Montney
resource play on its Glacier property where approximately 50% of Advantage's
2009 capital expenditure budget has been allocated. Mr. Mah commented:
    "Advantage has substantially transformed in the last few years and is now
well positioned with a significant organic growth opportunity at our Glacier
Montney natural gas resource play. In addition, we have developed an excellent
conventional long life asset base with over 5 years of drilling inventory.
With the numerous market, industry and financial challenges ahead, we wish to
ensure that our strengths at the senior management level are optimally aligned
within the organization in an effort to maximize our operational and financial
results. I am very excited to lead Advantage and work with our very
experienced staff and management team."
    Mr. Drader's move to President and Chief Financial Officer recognizes his
exceptional financial background and industry experience which will serve
Advantage well in the challenging global economic environment and in an
industry facing depressed commodity prices.
    Mr. Blackwood is a Chartered Accountant and has been Director of Finance
with AOG since November 2004. Prior thereto, Mr. Blackwood has worked in
various financial roles and has diverse experience throughout the resource
sector. His areas of expertise include financial, accounting and taxation that
has been well demonstrated during his employment. Mr. Blackwood is expected to
be a valuable contributor to the senior management team.
    Mr. Steven Sharpe, the non-executive Chair of AOG, commented:
    "The changes to the senior executive team at Advantage puts the
organization in an even better position to address the challenges facing
income funds and royalty trusts in the oil and gas industry and, further, to
identify and exploit opportunities that arise in this environment of low
commodity prices and economic uncertainty. The promotion of Mr. Mah to Chief
Executive Officer recognizes his advancement within the organization and the
role that the operational group within Advantage will take going forward as we
focus additional capital and development efforts on our Montney resource play
at Glacier."

    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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