Key Developments: Advantage Oil and Gas Ltd (AAV)

AAV on New York Consolidated

27 Jan 2015
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Latest Key Developments (Source: Significant Developments)

Advantage Oil & Gas Ltd announces increase in credit facility to $400 mln
Thursday, 29 May 2014 05:56pm EDT 

Advantage Oil & Gas Ltd:Lenders have increased Corporation's borrowing base from $300 mln to $400 mln.Borrowing base increase strengthens Advantage's financial flexibility in support of Corporation's three year development plan targeted to deliver 100 pct production per share growth and 190 pct cash flow per share growth.As at March 31, Advantage's bank indebtedness was about $84.7 mln which results in available credit facility of $315 mln.  Full Article

Advantage Oil & Gas Ltd announces closing of $94.1 mln secondary offering of Longview Oil Corp common shares
Friday, 28 Feb 2014 08:23am EST 

Advantage Oil & Gas Ltd and Longview Oil Corp:Says that Advantage has closed the sale of 21,150,010 common shares of Longview owned by Advantage to a syndicate of underwriters led by RBC Capital Markets and FirstEnergy Capital Corp. and including Scotia Capital Inc, National Bank Financial Inc, CIBC World Markets Inc and TD Securities Inc.Says at a price of $4.45 per share for gross proceeds to Advantage of $94,117,544.50.Purchasers under the offering are eligible to receive the cash dividend declared by Longview on February 14, 2014 in the amount of $0.04 per share, which is payable on March 17, 2014 to shareholders of record on February 28, 2014.As a result of the offering, Advantage no longer owns or controls any Longview Shares.  Full Article

Longview Oil Corp. and Advantage Oil & Gas Ltd. announce $94.1 million Secondary Offering of Longview Common Shares
Tuesday, 4 Feb 2014 04:33pm EST 

Advantage Oil & Gas Ltd:Says it has entered into an agreement relating to the sale of 21,150,010 Common Shares of Longview owned by Advantage to a syndicate of underwriters led by RBC Capital Markets and FirstEnergy Capital Corporation at a price of $4.45 per share for gross proceeds of C$94.1 million.Says closing of the offering is anticipated to be on or about Feb. 26, 2014.Says Longview will not receive any proceeds from the sale of the Common Shares.Following closing, Advantage will not hold any Common Shares of Longview.Says all net proceeds from the offering will be received by Advantage and will immediately be used to retire a portion of Advantage's existing bank indebtedness.  Full Article

Advantage Oil & Gas Ltd Announces Increase In Credit Facilities Borrowing Base To $300 Million
Thursday, 24 Oct 2013 08:23am EDT 

Advantage Oil & Gas Ltd announced that its lenders have completed their regular semi-annual review of the credit facility borrowing base. Advantage's borrowing base will increase from $230 million to $300 million and continue to provide financial flexibility in support of future capital program requirements and general corporate purposes.  Full Article

Advantage Oil & Gas Ltd Announces Change in Management
Thursday, 1 Aug 2013 06:11pm EDT 

Advantage Oil & Gas Ltd announces that Mr. Kelly Drader has resigned as Chief Financial Officer and Director of the Corporation to focus on his role as President and Chief Executive Officer of Longview Oil Corp. Mr. Craig Blackwood, the current Vice-President, Finance of the Corporation, will assume the role of Interim Chief Financial Officer.  Full Article

Advantage Oil & Gas Ltd Announces Update On Disposition Of Non-Core Assets To Questfire Energy Corp
Thursday, 28 Mar 2013 09:17pm EDT 

Advantage Oil & Gas Ltd announced that the previously announced transaction with Questfire Energy Corp for the sale of substantially all of Advantage's remaining non-core assets consisting of approximately 5,900 boe/d of production has been modified. The transaction is now anticipated to close on or before April 30, 2013 and is subject to satisfaction of customary closing conditions. The consideration will consist of $40 million of cash, a $44 million Convertible Senior Secured Debenture (the Debenture) and 1.5 million Class B shares. All net revenues accruing as part of customary closing adjustments between the effective date of November 1, 2012 and the closing date will be paid to Advantage in cash thereby reducing the principal amount of the debenture. Advantage retains an option to appoint two board members to the Board of Directors of Questfire Energy Corp. The net cash proceeds from this transaction will be used to reduce outstanding bank indebtedness. Upon closing of the non-core asset dispositions, Advantage's major assets will consist of signature Glacier Montney property, 45% interest in Longview Oil Corp. and the Questfire Debenture. Advantage's credit facility will be revised due to the non-core asset dispositions and is currently under review.  Full Article

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