18, 2017 /PRNewswire/ – Advantage Oil & Gas Ltd. (“Advantage” or the “Corporation”) is pleased to report that our 2016 operating and financial results outperformed the Corporation’s previously disclosed guidance targets. Fourth quarter production, 2016 annual production, operating costs and cash flow were at or exceeded the higher end of guidance reinforcing our industry leading efficiencies, operational expertise and the exceptional quality of Advantage’s Glacier Montney resource play. look at hereFourth quarter 2016 production was up 42% to a record 221 mmcfe/d (36,833 boe/d), representing production growth per share of 32% compared to the same period in 2015 and up from 215 mmcfe/d during the third quarter of 2016. Annual 2016 production was up 44% and 36% on a per share basis to 203 mmcfe/d (33,833 boe/d). Liquids production was up 494% on an annual basis as compared to 2015 and averaged 949 bbls/d (75% C5+) in the fourth quarter of 2016, slightly lower than the third quarter of 2016 due to Pembina Pipeline Corporation’s planned maintenance in October. The Corporation’s strategy to maintain excess Montney well productivity and to retain available processing capacity at its 100% owned Glacier gas plant provided operational flexibility to capitalize on strengthening gas prices and to offset TransCanada Pipeline Limited’s (“TCPL”) sales gas transportation restrictions during the fourth quarter of 2016. Operating costs in the fourth quarter of 2016 were reduced by 37% to a record low of $0.22/mcfe ($1.32/boe) and reduced on an annual basis by 25% to $0.27/mcfe ($1.62/boe) compared to the same periods of 2015. This outstanding achievement was made possible by Advantage’s continued focus on operational excellence and through the dedicated efforts of our Montney team. Strong cash flow growth resulted in $39 million of surplus cash (funds from operations less capital expenditures) during 2016. During the fourth quarter of 2016 Advantage’s operating netback of $2.83/mcfe ($16.98/boe) generated a 73% increase in cash flow to $55 million and a 58% increase in cash flow per share to $0.30 as compared to the same quarter of 2015.
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