Advantage O&G Ltd.

Advantage Oil & Gas Ltd. (AAV.TO) (AAV) announces that it has engaged RBC Capital Markets to market for sale all of the Corporation's non-core assets, defined as all corporate assets excluding Advantage's core Glacier Montney natural gas asset and its 21.15 million share ownership position in Longview Oil Corp. (LNV.TO).

As previously disclosed, the Corporation will continue to execute on its middle Montney delineation program during the second half of 2012 to more broadly establish the natural gas and NGL production potential in the middle Montney across the Corporation's land base at Glacier. The Corporation expects to be in a position to engage a financial advisor and initiate a strategic alternatives process by the end of 2012 to consider among other transactions the sale of Glacier subject to completion of the ongoing middle Montney delineation.

Advantage's Board of Directors believes that undertaking the non-core asset disposition process at this time is in the best interests of the Corporation's shareholders. The Board believes that its core Glacier asset is materially undervalued in the context of the Corporation's current market valuation and that disposing of non-core assets will simplify the Corporation leading to a greater appreciation of its core Glacier asset as well as generate proceeds that may be used for debt repayment, special dividends or otherwise deployed to enhance shareholder value as the Board may determine appropriate.