Strong Foundations and Financial Discipline in a Volatile Environment Investor Presentation TSX: AAV April 2020
Advantage at a Glance TSX 52-week trading range 0.98 to 2.94 6 Miles Shares Outstanding (basic) 187 million Progress Market Capitalization 300 million Glacier Enterprise Value 600 million Valhalla 2020 Guidance (1) Capital…
Top-Tier Resources and Cost Structure For A Strong Foundation High Quality Low-Cost Owned Disciplined Financial Prolific Gas Foundation Light Oil Infrastructure Management Deep inventory of high return Foundation of free cash…
Shareholder-Focused Strategy for the New Energy Market Clean Sustainable Relentless Energy Focus on Asset High Quality and Quality Liquids Cost Structure Tactical Elements Prolific Gas Foundation Focusing on Financial…
Canada Leading Jurisdiction for Responsible Energy Investment Clean A Proud Clean Energy Producer The World Needs More of Our Energy Sustainable Energy Aggregate Independent ESG Scores High Quality Liquids Prolific Gas…
Environmental Leadership and Sustainability Clean Sustainable Advantage is an Environmental, Social and Governance (ESG) leader Energy Natural gas is the best way to reduce global CO2 emissions by displacing coal High Advantage…
Low Cost Structure Defines The Competitive Advantage Clean Sustainable 40 Energy Finance & Other High 35 G&A Quality Liquids 30 Operating & Transport Royalties Prolific 25 Gas Foundation /boe 20 Low-cost Owned 15…
Balanced Commodities Profile, Poised For Flexibility & Efficient Growth Clean State of the art emissions engineering Sustainable Energy 6 miles Progress High Liquids growth limited only by markets Quality Liquids Prolific…
Advantage Montney Multizone Oil, Liquids and Gas Throughout Clean Sustainable Energy High Quality Liquids Prolific Wembley Gas Valhalla liquids primary target Foundation appraisal targets Low-cost Glacier liquids zones…
Development Update Post Light Oil Discovery at Progress Clean Sustainable Kelt Oil Wells Up to 153,000 bbls CTD Tourmaline Oil Wells Up to 152,000 bbls CTD Pipeline connected to Glacier plant; Energy 13-31 Montney D1 (2017) up to…
Pipestone/Wembley/Valhalla Oil and Liquids Development Clean Sustainable Wembley: predictable, top tier Energy Recently completed D3 Well 30% liquids (IP30) results across the fairway (150-300 High bbls/mmcf) Quality Liquids…
Liquids-Rich Middle Montney at Glacier Stepping Up Clean Sustainable Energy Q1 2019 10 Well Middle Montney Early development was in Upper and Lower Pad Average Final Rate 422 bbls/d per Well (73 bbls/mmcf) Montney; ultra-low cost…
Strategic Infrastructure Control, Flexible Pipeline Access Clean Sustainable 400 mmcf/d + 6,800 bbl/d capacity Glacier Plant; Energy TCPL Groundbirch 120 mmcf/d surplus capacity available Lateral High BC AB Advantage Glacier 45…
Natural Gas Transportation Portfolio Clean Sustainable Energy High 27 MMcf/d of TC Prairies Mainline to Nov 2032 Quality Liquids Prolific Gas Foundation Low-cost Owned Infrastructure Up to 48 MMcf/d of net Empress…
Area Overview Shifting to Middle Montney Liquids Deep Liquids-Rich Inventory (1)(2)(3) Booked Undeveloped Unbooked Upside Progress Glacier TOTAL future location inventory 1,400 to 1,500 743 Valhalla 89 301 Pipestone/ 199 25…
Advisory Oil and Gas Information Barrels of oil equivalent (boe) and thousand cubic feet of natural gas equivalent (mcfe) may be misleading, particularly if used in isolation. Boe and mcfe conversion ratios have been calculated using…
Advantage Contact Information Investor Relations 1.866.393.0393 iradvantageog.com www.advantageog.com Listed on TSX: AAV Advantage Oil & Gas Ltd. Suite 2200, 440 2nd Avenue SW Calgary, Alberta T2P 5E9 Main: 403.718.8000…