Strong Foundations and Financial Discipline in a Volatile Environment Investor Presentation TSX: AAV November 2020
Advantage at a Glance TSX 52-week trading range 0.98 to 2.94 6 Miles Shares Outstanding (basic) 188 million Market Capitalization 400 million Progress Enterprise Value 650 million Glacier 2020 Guidance (1) Valhalla…
Top-Tier Resources and Cost Structure For A Strong Foundation High Quality Low-Cost Owned Disciplined Financial Prolific Gas Foundation Light Oil Infrastructure Management Free cash generation with Deep inventory of high quality…
2021 Capital Investment Thesis (1) Glacier focused, 10 wells + Production Growth 75 million 5-10% facilities maintenance costs, Sustaining other corporate 125 - 150 Capital D/AFF From 2X 1X million Net Capital Liquidity Growth…
Low Cost Structure Defines The Competitive Advantage Clean 40 Sustainable Finance & Other Energy 35 G&A High Quality 30 Royalties Liquids Transport Prolific 25 Operating Gas Foundation 20 Low-cost Owned 15 Infrastructure…
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 A Proud Clean Energy Producer The World Needs More of Our Energy Clean Sustainable Aggregate Independent ESG Scores Energy High ESG Score High High Reserves Quality…
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…
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 Gas Foundation Low-cost Owned Infrastructure Resilient In All Cycles Disciplined Financial Advantage…
Glacier Premier Resource Play Clean Focus activity on ultra-low cost, lean gas with resilient Sustainable netbacks Energy Six new D1 wells drilled; on stream prior to year end High 09-32 three well pad; fracd 2-11 pad drilling Upper…
Pipestone/Wembley/Valhalla - Oil and Liquids-Rich Gas Clean Sustainable Energy Valhalla High Active Drilling Rig Facility running at capacity Quality Valhalla Liquids 2 well pad planned to maintain volumes Prolific 14-04 two D4…
Progress Prolific Oil and Gas Development Clean Sustainable Kelt Oil Wells Up to 153,000 bbls CTD Tourmaline Oil Wells Up to 152,000 bbls CTD 6 wells on production Energy 13-31 Montney (2017) High 16-36: Produced 286 mboe (36%…
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 27 MMcf/d of TC Prairies Energy Mainline to Nov 2032 27 MMcf/d of Great Lakes PL High transport capacity Apr 2021 to Quality Oct 2022 Liquids Prolific Gas Foundation…
Area Overview Deep Inventory of Gas, NGLs and Oil Deep 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 25 123…
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…