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CALGARY, Oct. 31, 2019 /CNW/ – Advantage Oil & Gas Ltd. (“Advantage” or the “Corporation”) is pleased to announce solid third quarter 2019 results and the fifth consecutive quarter of increasing liquids production. Development is proceeding as planned on Advantage’s significant Montney oil and liquids assets, and exposure to light oil and condensate revenue continues to increase. The Corporation’s measured delineation program also resulted in the discovery of a light oil pool on our 50 net section Progress land block in the third quarter of 2019 (see Advantage press release dated September 3, 2019). With this discovery, the Progress asset has become Advantage’s fourth liquids development asset, further strengthening our portfolio of high-quality resource. Advantage now holds a total of 210 net sections of Montney/Doig rights at Glacier, Valhalla, Progress and Pipestone/Wembley. During the third quarter of 2019, liquids production increased to 3,142 bbls/d, up 74% year-over-year and 22% versus second quarter of 2019. Liquids accounted for 23% of revenue in the third quarter of 2019, on-track to the Corporation’s target of approximately 50% of revenue from liquids in 2021. Consistent with our previously stated production management strategy, Advantage shut-in significant volumes of AECO-exposed dry natural gas during extremely […]
