(TSX: AAV, NYSE: AAV)

CALGARY, Sept. 30, 2013 /CNW/ - The Alberta Securities Commission has requested that Advantage Oil & Gas Ltd. ("Advantage" or the "Company") present its reserves and resource estimates contained in the press releases dated May 21, 2013 and July 15, 2013 (the "Press Releases") without providing a summation of the individual estimates of reserves, contingent resources and prospective resources. The individual estimates of volumes of reserves and resources effective as of March 31, 2013 as presented in the previous Press Releases are unchanged.

The evaluation of Advantage's Glacier Montney resources was prepared by Sproule Associates Ltd. ("Sproule"), an independent qualified reserve evaluator, with an effective date of March 31, 2013 in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook").

The following three tables summarize the results of Sproule's resource assessment of Advantage's Glacier Montney resources as at March 31, 2013:

In the July 15, 2013 press release, Advantage announced the results of an addendum to the evaluation prepared by Sproule, in which Sproule estimated the future net revenue associated with Advantage's Glacier Best Estimate contingent resources. As a result of Sproule's estimate of the future net revenue, all of Advantage's petroleum and natural gas Montney Best Estimate contingent resources at Glacier were considered economic based on forecast commodity prices, capital costs and operating costs as at March 31, 2013. Sproule estimated that the before tax net present value of future net revenue of Advantage's petroleum and natural gas Montney Best Estimate contingent resources was $3,215 million discounted at 10% and $1,642 million discounted at 15%.

Sproule evaluated the economics of Advantage's Best Estimate contingent resources based on a development scenario that was provided by Advantage. The development plan included the drilling of 1,120 future contingent locations with a total undiscounted capital expenditure of $8.3 billion which includes the necessary facilities and infrastructure costs. For the evaluation of proved plus probable reserves, the development plan assumed a maximum production rate of 200 mmcf/d is reached in 2015 and maintained until 2026. The proved plus probable reserves evaluation included the drilling of 313 future undeveloped locations with a total undiscounted capital expenditure of $1.9 billion.  In estimating the Glacier contingent resources, Sproule assumed based on Advantage's development plan that gas plant capacity would increase over and above the proved plus probable reserves forecast by 100 mmcf/d per year of raw gas starting in 2015 to a total throughput of 600 mmcf/d raw gas by 2018. The 600 mmcf/d raw facility throughput capacity was then maintained to the year 2032 by drilling wells as required.

The crude oil and natural gas pricing assumptions used for the estimate were prepared by Sproule effective March 31, 2013. These forecasts were adjusted for reserve quality, transportation charges and the provision of any applicable sales contracts. Sproule's price assumptions as at March 31, 2013 used over the next seven years are summarized in the table below:

For information relating to the contingencies that prevent the classification of the contingent resources as reserves and significant positive and negative factors relevant to the estimates please see the prior Press Releases, which are available on SEDAR at www.sedar.com and Advantage's website at www.advantageog.com.

Appendix A — Reserve and Resource Definitions

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable.  Reserves are classified according to the degree of certainty associated with the estimates as follows:

Resources encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced. "Total resources" is equivalent to "Total Petroleum Initially-In-Place". Resources are classified in the following categories:

Uncertainty Ranges are described by the Canadian Oil and Gas Evaluation Handbook as low, best, and high estimates for reserves and resources as follows:

Advisory

The information in this press release contains certain forward-looking statements, including within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future intentions or 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", "demonstrate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions and include statements relating to, but not llimited to, details of the development plan to recover the resources, capital costs associated with the recovery of the resources, forecast commodity prices, estimated reserves and resources.  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 decisions, activities, 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.  For additional risk factors in respect of Advantage and its business, please refer to its Annual Information Form which is available on SEDAR at www.sedar.com and www.advantageog.com.

Throughout this press release the term Tcfe (trillion of cubic feet of gas equivalent) is used. Such term may be misleading, particularly if used in isolation. The conversion ratio used herein of 1 barrel per six thousand cubic feet (1 bbl: 6 mcf) of barrels of oil to natural gas equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. In this press release, the abbreviations mbbls means thousands of barrels,mmcf/d means millions cubic feet of gas per day and tcf means trillion of cubic feet.

Where any disclosure of reserves data and resources is made in this press release that does not reflect all reserves of Advantage, the reader should note that the estimates of reserves, future net revenue and resources for individual properties or groups of properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

SOURCE Advantage Oil & Gas Ltd.