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February 6, 2013
06:08 EDTAAVAdvantage Oil & Gas announces disposition of non-core assets
Since the commencement of our non-core asset disposition process, Advantage has closed four separate sales transactions and recently signed a definitive agreement with a fifth party which, on a combined basis, constitute the sale of substantially all of our non-core assets. Four transactions representing a total of approximately 420 boe/d provided total net cash proceeds of $27.8M. Upon closing of the non-core asset dispositions, Advantage's major assets will be our signature Glacier Montney property, with production of 90 to 100 mmcf/d, operating costs of approximately $0.30/mcf and a royalty rate of 5%, and our 45% interest in Longview Oil Corp.
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