Advantage Energy : November 2023 Investor Presentation

A Progressive Montney Producer for the New

Energy Market

Investor Presentation

November 2023

Advantage Corporate Highlights

(1)

Market Overview

Market Capitalization: $1.6 b

Enterprise Value: $1.8 b

Net Debt(2): Advantage $206.7 m Entropy $10.4 m

Shares Outstanding: 165.3 m

TSX 52-week high/low: AAV $12.19 - $6.79

2023 Guidance (3)

Strategic focus: AFF per share(2) growth

59,000 to 62,500 BOE/d

$250 m to $280 m capital spending

Outsized liquids growth

All free cash flow(2) dedicated to buybacks

Alberta

BC

Pure Play Montney Producer

Decades of top-tier inventory

Glacier Gas Plant capacity of 425 mmcf/d

Operating cost ~$0.61/mcfe

Carbon Capture and Storage Developer

Subsidiary Entropy Inc. financed by Brookfield

Developing global scale "pipeline" of projects

Post-combustion CCS project at Glacier is

first-in-kind globally

Ownership of leading solvent and process technologies to drive costs below $40/tonne

1. Advantage was recognized by the TSX as one of the top 30 issuers based on 3-yeardividend-adjusted share price performance (www.tsx.com/tsx30).

2.	See "Specified Financial Measures" in Advantage's MD&A on page 34 for the year ended December 31, 2022 and page 28 for the three and nine months ended September 30, 2023 for information relating to these measures,	2
	which information is incorporated by reference into this presentation. See "Specified Financial Measures" in the Advisory of this presentation.
3.	All 2023 Guidance excludes the financial and operating results of Entropy Inc., a subsidiary of Advantage.

Corporate Strategy - Strength Across the Board

Performance

10% annual production growth

Net debt(1) target of $170 m to $230 m(2)

Bought back ~16% of shares and

returned $320 million to shareholders(3)

Evolving Competitively

Entropy Inc. -

Modular Carbon Capture and StorageTM

Advancing liquids development

Technical enhancements delivering

superior performance

Top Tier Asset Quality

186% PDP reserve additions replaced(1),

$6.10/boe FD&A(1) cost (2022)

Well payouts(1) averaged ~5 producing

months (2022)

Infrastructure dominance facilitating

production growth & midstream revenue

Foundations in Risk Management

20% to 50% commodity hedges

Diversified gas markets and low relative

commitments

Low abandonment liability and

responsible stewardship

1. See "Specified Financial Measures" in Advantage's MD&A on page 34 for the year ended December 31, 2022 and page 28 for the three and nine months ended September 30, 2023 for information relating to these

	measures, which information is incorporated by reference into this presentation. See "Specified Financial Measures" in the Advisory of this presentation.	3
2.	Net debt target excludes Entropy Inc., a subsidiary of Advantage.
3.	Shares bought back from April 13, 2022 to September 30, 2023. Percentage of shares bought back is relative to the shares outstanding at September 30, 2023.

2023 Capital Investment Thesis Maximizes AFF Per Share(1)(2)

Glacier

16 wells (14 net)

$250 - $280

million	Valhalla and Wembley
Net Capital	9 wells (9 net)
Expenditures (1)

Phased infrastructure investments pave the path to 500+ mmcf/d operated capacity

Capital Efficiency (1)

$14,425/boe/d

24% corporate decline rate (1)

Production

59,000 to 62,500 boe/d

Net Debt (1) Target

$170 million to $230 million(3)

Maximizing AFF Per Share

Growing Processing

Revenue

~$10 million/year

Very Low Cost Structure

Operating expense ~$3.65/boe

1. See "Specified Financial Measures" in Advantage's MD&A on page 34 for the year ended December 31, 2022 and page 28 for the three and nine months ended September 30, 2023 for information relating to these measures, which information is incorporated by reference into this presentation. See "Specified Financial Measures" in the Advisory of this presentation.

2. Forward-looking information. See "Corporate Update" on page 3 in Advantage's MD&A for the year ended December 31, 2022 for an explanation of significant differences in forward-looking information and historical results.	4
Refer to the Advisory in this presentation and Advantage's news release dated December 1, 2022 including advisories in the press release for material assumptions and risk factors.
3. Net debt target excludes Entropy Inc., a subsidiary of Advantage.

Three-Year Strategic Plan: Investing in Measured Production Growth

Millions

Net Capital Expenditures (1)(2)

$400

$300

$200

$100

$0

2023

2024

2025

Production Range (2)

80,000

75,000

70,000

65,000

60,000

55,000

2023	2024	2025
	Range

1. See "Specified Financial Measures" in Advantage's MD&A on page 34 for the year ended December 31, 2022 and page 28 for the three and nine months ended September 30, 2023 for information relating to these measures, which information is incorporated by reference into this presentation. See "Specified Financial Measures" in the Advisory of this presentation.
2. Forward-lookinginformation. See "Corporate Update" on page 3 in Advantage's MD&A for the year ended December 31, 2022 for an explanation of significant differences in forward-looking information and historical results. Refer to

the Advisory in this presentation and Advantage's news release dated December 1, 2022 including advisories in the press release for material assumptions and risk factors. 2024 and 2025 are for illustration purposes only and are subject	5
to a number of factors including 2022/23 results.

Three-Year Strategic Plan: Maximize AFF per Share Growth

Adjusted Funds Flow per Share at Strip Pricing(1)(2)

2023	2024	2025
		Without Share Buybacks		With Share Buybacks

Millions

$600

$500

$400

$300

$200

$100

$0

2023 AFF Sensitivity(3)

US$90/bbl WTI &

US$4.00/mmbtu HH

	Free Cash Flow
US$75/bbl WTI &	Dedicated to
Shareholder Returns
US$3.00/mmbtu HH

	US$60/bbl WTI &		Capital Spending
	US$2.00/mmbtu HH		Delivering
			~9% Production
			Growth

Adjusted Funds Flow

Capital Allocation

1. AFF has been reduced by estimated cash taxes in 2025. Advantage expects it will not be subject to cash taxes until calendar 2025 due to its $1.1 billion in high-quality tax pools. AFF per share assumes all FCF dedicated to share buybacks. Assumes production growth of approximately 10% annually.
2. Strip pricing assumptions: WTI US$/bbl (2023-$77,2024-$78,2025-$73), AECO $CDN/GJ (2023-$2.73,2024-$3.11,2025-$3.66), FX $US/$CDN (2023-0.74,2024-0.74,2025-0.74), includes hedges, assumes annual net capital expenditures of $250 million to $300 million.

3. Other price assumptions include AECO/NYMEX Basis US$1.00/mmbtu, $USD/$CAD 0.74 and hedging.	6

World Class Assets, Operational Excellence, Environmental Leadership

GLACIERPROGRESS

Glacier Carbon Capture

& Storage Asset

VALHALLA

WEMBLEY

Conroy

Alberta: 226 Net

Sections

BC: 53 Net		AAV Lands
Sections		AAV Facilities

Disciplined Financial Management

Self-funded growth with free cash flow (1)

Prolific Gas Foundation

Free cash flow (1) generation with low declines and cost

High Quality Light Oil

Deep inventory of high quality resource

Clean Sustainable Energy

State of the art emissions engineering

Low-Cost Owned Infrastructure

Controlled, efficient, innovative

Invested in Alberta's Communities

Generating employment and giving back

1. See "Specified Financial Measures" in Advantage's MD&A on page 34 for the year ended December 31, 2022 for information relating to these measures, which information is incorporated by reference into this	7
presentation. See "Specified Financial Measures" in the Advisory of this presentation.

Low-Cost Structure: Key Factor in Free Cash Flow Generation

Op Exp

Royalty Exp

G&A

Int Exp

Trans Exp(1)

$/boe

$30

$25

$20

$15

$10

$5

$0

Peer

AAV

Peer

Peer

Peer

Peer

Peer

Peer

Peer

Peer

Peer

Peer

Peer

Peer

Peer

1. Transportation expense is not a typical cost as it is generally associated with accessing higher priced markets.	8
2. Source: Scotiabank, July 6, 2023. Cash costs for the quarter ended March 31, 2023.

Advantage Montney Assets - Multizone Oil, Liquids and Gas Throughout

Doig

Upper

Montney

Middle

Montney

300m

Lower

Montney

D4

D3

D2

D1

Glacier

Valhalla

Progress

Wembley

2023 Targets

Advantage Operated HZ

Belloy

Offset Operator HZ

9

Glacier Core: World-Class Free Cash Flow(1) Engine

Glacier Production Forecast2

Net Capital Expenditures1 & FCF1

Free Cash

Actuals

Net Operating Income1,2

Flow1

04-01: 1 UM, 4 D1

Growth

Net Capital Expenditures [MM$]1,2

Engine

boe/d3

Base

Cumulative Free Cash Flow [MM$]1,2

On stream Q4/23

$510MM+

2-32: Q4/23

Production

1 D4, 3 D1

2022

2023

2024

2025

2023

2024

2025

IP180 Comparison vs Peers

12.2 mmcf/d IP30

14.4 mmcf/d IP30

→

17.6 mmcf/d IP30

P10

Probability

16.5 mmcf/d IP30

Newest AAV wells

Peer 2

Peer 1

AAV

04-22:1 UM, 2 D1

P50

AAV Pipelines

Q1/24 Frac

Cumulative

Median AAV Wells

2023 Locations

Upper Montney

P90

Significantly Outperform Peers

Montney D4

Montney D1

2022 wells

Higher Well Productivity

Cum. 180 day BCF/100m

1. See "Specified Financial Measures" in Advantage's MD&A on page 34 for the year ended December 31, 2022 for information relating to these measures, which information is incorporated by reference into this presentation. See "Specified Financial Measures" in the Advisory of this presentation.
2. Forward-lookinginformation. See "Corporate Update" on page 3 in Advantage's MD&A for the year ended December 31, 2022 for an explanation of significant differences in forward-looking information and historical results. Refer to the Advisory in this presentation and Advantage's news release dated

December 1, 2022 including advisories in the press release for material assumptions and risk factors. 2024 and 2025 are for illustration purposes only and are subject to a number of factors including 2022/23 results. Economic calculations based on strip pricing assumptions: WTI US$/bbl (2023-$77, 2024-	10
$78, 2025-$73), AECO $CDN/GJ (2023-$2.73,2024-$3.11,2025-$3.66), FX $US/$CDN (2023-0.74,2024-0.74,2025-0.74).
3. Production rates are Advantage working interest sales volumes.