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CALGARY , Sept. 3, 2019 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce a significant Montney light oil pool has been discovered and appraised at Progress, Alberta , on the Corporation's 47 net section block of 100% owned lands. This discovery elevates the Progress asset to be a primary element of the Corporation's near-term liquids development program. Advantage has drilled four successful Montney wells to date at Progress, with the most recent located at 16-36-76-10W6 demonstrating average production test rates over 2,100 boe/d (62% liquids).
Marketing gains were $16 million in the second quarter of 2019, including $7 million from long-term market diversification gains (outside of AECO) and $9 million from hedging gains. In June, Advantage further strengthened its market diversification portfolio by adding a total of 76 mmcf/d of firm NGTL capacity to Empress , which begins in November 2020 and increases in 2021. With this additional service, Advantage's exposure to AECO is expected to be negligible by 2021 based on our current production outlook.
On a per-share basis, the Calgary, Alberta-based company said it had a loss of 4 cents. Losses, adjusted for non-recurring costs, came to 2 cents per share. The oil and gas company posted revenue of $44.3 ...
Certain information regarding Advantage set forth in this press release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "intend", "believe", "should", "anticipate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. Many factors could cause Advantage's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Advantage.
Advantage Announces Record Third Quarter 2018 & Three Year Plan to Accelerate Glacier / Pipestone Area Condensate & Light Oil Growth