Advantage Oil & Gas : Advantage Announces Second Quarter 2012 Results
08/08/2012| 07:48pm US/Eastern
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Press Release Page 1 of 5
Advantage Oil & Gas Ltd
Advantage Announces Second Quarter 2012 Results
Improved Financial Flexibility Supports
Middle Montney Drilling Plans
(TSX: AAV, NYSE: AAV)
CALGARY, ALBERTA, August 8, 2012 - Advantage Oil & Gas
Ltd. ("Advantage" or the
"Corporation") presents our financial and operating results
for the three and six months ended June
30, 2012. The following press release summarizes and
discusses the unconsolidated financial and operating
highlights for Advantage (excludes Longview Oil Corp).
Financial ($000, except as
Three months ended
June 30, 2012
Three months ended
June 30, 2011
Six months ended
June 30, 2012
Six months ended
June 30, 2011
otherwise indicated) $000per boe$000per boe$000per boe$000per
boe
Petroleum and natural gas sales
$ 27,312
$ 13.60
$ 61,405
$ 28.45
$ 60,737
$ 14.77
$ 141,037
$ 32.14
Royalties (2,029) (1.01) (7,837) (3.63) (4,671) (1.14)
(19,263) (4.39) Realized gain on derivatives 237 0.12 6,200
2.87 237 0.06 13,056 2.98
Operating expense (10,362) (5.16) (14,556) (6.74) (22,437)
(5.46) (37,043) (8.44)
Operating 15,158 7.55 45,212 20.95 33,866 8.23 97,787 22.29
General and administrative (1) (4,876) (2.43)
(4,752) (2.20) (8,954) (2.18) (10,933) (2.49) Finance expense
(2) (2,935) (1.46) (3,963) (1.84) (5,642) (1.37)
(10,134) (2.31) Miscellaneous income 47 0.02 110 0.05 543
0.13 135 0.03
Funds from operations 7,394 $ 3.68
36,607
$ 16.96
19,813
$ 4.81
76,855
$ 17.52
Dividends from Longview 3,588 2,945 8,005 2,945
Total
$ 10,982
$ 39,552
$ 27,818
$ 79,800
per share (3)
Expenditures on property, plant and equipment
Working capital deficit (4)
$ 0.07
$ 7,857
$ 13,615
$ 0.24
$ 6,023
$ 3,104
$ 0.17
$ 71,184
$ 13,615
$ 0.48
$ 83,018
$ 3,104
Bank indebtedness
$ 172,005
$ 103,447
$ 172,005
$ 103,447
Convertible debentures (face value) $ Shares outstanding at
end of period
86,250
$ 148,544
$ 86,250
$ 148,544
(000) 167,154 165,145 167,154 165,145
Basic weighted average shares
(000) 167,087 165,076 166,814 164,784
Operating
Daily Production
Natural gas (mcf/d) 124,041 129,123 126,996 120,184
Crude oil and NGLs (bbls/d) 1,394 2,198 1,428 4,213
Total boe/d @ 6:1 22,068 23,719 22,594 24,244
Average prices (including hedging)
Natural gas ($/mcf)
Crude oil and NGLs ($/bbl)
$ 1.65
$ 70.51
$ 4.30
$ 85.14
$ 1.83
$ 71.95
$ 4.42
$ 76.05
(1) General and administrative expense excludes non-cash G&A.
(2) Finance expense excludes non-cash accretion expense.
(3) Based on basic weighted average shares outstanding.
(4) Working capital deficit includes trade and other
receivables, prepaid expenses and deposits, trade and other
accrued liabilities, and the other liability
Press Release Page 2 of 5
Advantage Oil & Gas Ltd.
Stable Production and Low Cost Structure Continues at Glacier
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