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February 27, 2013
05:13 EDTAAVAdvantage Oil & Gas forms special committee to consider strategic alternatives
Advantage Oil & Gas announces that it has formed a special committee of independent directors to oversee the strategic alternatives review process with the assistance of its advisors, FirstEnergy Capital Corp. and RBC Capital Markets. The Special Committee is working with its advisors to consider strategic alternatives that will enhance and maximize value for all shareholders. The Special Committee's advisors are currently compiling information in respect of the corporation to be provided to interested parties and to be placed in a virtual data room which will be created in connection with the process. This information will include Advantage's December 31, 2012 year-end independent reserve report, an updated independent reserve report to reflect wells drilled since December 31, 2012 and an updated independent Glacier resource assessment report that incorporates well results and core analysis completed by the corporation. All of the reports are being prepared by Sproule Associates Limited and Advantage intends to press release the results of such reports as they become available. Following the creation of a virtual data room and completion of the necessary informational materials, the advisors to the Special Committee will contact a broad spectrum of parties to solicit interest in a possible sale or other strategic transaction with the corporation. The Corporation cautions that there are no assurances or guarantees that this process will result in an acceptable transaction.
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