A Progressive Montney Producer for the New

Energy Market

Investor Presentation

TSX: AAV 52-week trading

$5.94 to $12.18

Shares Outstanding (basic)

184 million

October 2022

Market Cap / EV ($ billions)

$1.8 / $1.9

Corporate Strategy - Surge in Profitability Creating Generational Opportunity

Maintain Strong

Foundations

Free Cash Flow (1)

Beyond Expectations

Plus Moderate

Growth

  • Grow production
    10% to 15% per year
  • Focus on top tier economics
  • Target $200 million net debt (1)
  • Share buybacks
  • Progress:

Enhance Resilience

and Scale

  • Net-zeroby 2025 (2)
  • Liquids growth to balance gas weighting
  • Midstream revenue
  • Diversify into cleantech
  • Net-zero"blue gas"

1. See "Specified Financial Measures" in Advantage's MD&A on page 29 for the year ended December 31, 2021 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, 2021 for an explanation of significant differences in forward looking information and historical results. Refer

2

to the Advisory in this presentation and Advantage news releases dated November 18, 2021, December 6, 2021, February 24, 2022, April 28, 2022, July 6, 2022 and July 28, 2022 including advisories in those press releases for material

assumptions and risk factors.

Corporate Strategy - Strength Across the Board

Financial Stability

Unprecedented profitability

Debt reduction target achieved

Capital investment driving significant Adjusted Funds Flow per share(1) growth

Top Tier Asset Quality

163% PDP reserve additions replaced(1),

$5.23/boe FD&A(1) cost (2021)

Well payout(1) consistently 4 to 5

producing months

Infrastructure dominance facilitating

midstream revenue

Evolving Competitively

Entropy Inc. -

Modular Carbon Capture and StorageTM

Advancing liquids development

Technical enhancements delivering

superior performance

Foundations in Risk Management

20% to 50% commodity hedges

Diversified markets and low relative

commitments

Low abandonment liability and

responsible stewardship

1. See "Specified Financial Measures" in Advantage's MD&A on page 29 for the year ended December 31, 2021 for information relating to these measures, which information is incorporated by reference into this

3

presentation. See "Specified Financial Measures" in the Advisory of this presentation.

2022 Capital Investment Thesis Generates Significant Revenue Growth (2)

$210 - $230

million

Net Capital

Expenditures (1)

$85 million

Glacier focused program

(9 wells), maintenance

Sustaining

capital, corporate costs

Capital (1)

~$100 million

New drilling required to

Liquids & Growth

deliver growth targets

Focused Capital

(15.5 net wells)

~$35 million

Capture third-party

Cash-Generating

processing revenue, reduce

Infrastructure

cost structure, cleantech

Initiatives

investments

Capital Efficiency (1)

$12,500/boe/d

24% corporate decline rate (1)

Production

53,500-56,500 boe/d

Net Debt (1)

Target ~$200 million

Optimized AFF Growth

Per Share

Growing Processing

Revenue

≈ $9 million/year

Costs

Operating expense (1) ≈ $2.45/boe

Royalty rate (1) 12-17%

1. See "Specified Financial Measures" in Advantage's MD&A on page 29 for the year ended December 31, 2021 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.

4

2. Forward-looking information. See "Corporate Update" on page 3 in Advantage's MD&A for the year ended December 31, 2021 for an explanation of significant differences in forward looking information and historical results. Refer

to the Advisory in this presentation and Advantage news releases dated December 6, 2021, February 24, 2022, April 28, 2022, July 6, 2022 and July 28, 2022 including advisories in those press releases for material assumptions and

risk factors.

2022 Outlook: Outsized Shareholder Returns(2)

($ million)

700

600

500

400

300

200

100

0

Adjusted Funds Flow (1)(2)

Net Capital Expenditures(1)

Share Buybacks (2)

  1. See "Specified Financial Measures" in Advantage's MD&A on page 29 for the year ended December 31, 2021 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, 2021 for an explanation of significant differences in forward looking information and historical results. Refer

to the Advisory in this presentation and Advantage news releases dated December 6, 2021, February 24, 2022, April 28, 2022, July 6, 2022 and July 28, 2022 including advisories in those press releases for material assumptions and risk

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factors. NYMEX sensitivity from US$6.00/mmbtu to US$7.00/mmbtu and royalty sensitivity from 13% to 16%. Other 2022 price assumptions include WTI US$106/bbl, AECO/NYMEX Basis US$1.39/mmbtu, FX $USD/$CAD 0.79, and

hedging.

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Advantage Oil & Gas Ltd. published this content on 29 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2022 21:43:03 UTC.