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July 15, 2013
18:58 EDTAAVAdvantage Oil & Gas announces evaluation of Montney resources
Advantage Oil & Gas engaged Sproule Associates as an independent qualified reserve evaluator to provide an evaluation of the petroleum and natural gas Montney best estimate contingent resources and related future net revenue of Advantage's Glacier property as of March 31. In it's report, Sproule found the contingent resources at Glacier are all considered to be Economic Contingent Resources based on the forecast commodity prices, capital costs and operating costs as at March 31. The contiguous land position, operational control and extensive delineation drilling to date across layers 1, 2, 3, 4 and 5 have positioned the Glacier asset such that the pace of full scale development could easily be accelerated if additional capital was invested in area development. Sproule said the main contingencies to be overcome to turn these contingent resources into reserves at Glacier are continued horizontal multi-stage frac development drilling to prove up areas and layers that have not been developed yet, capital access to advance the development plan, and expansion of infrastructure to facilitate full scale development.
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