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TheStreet Open House

Advantage Announces Non-core Asset Disposition Process To Simplify Corporation And Facilitate Monetization Of Glacier

Non-core Asset Disposition

The non-core assets produced a total of approximately 6,700 boe/d (81% gas and 19% oil and NGL) during the first half of 2012 and had 34.2 mmboe of proved plus probable reserves as at December 31, 2011. A description of the key areas is as follows:

West Central Alberta

Willesden Green (Open Lake), Alberta

The Willesden Green property is located approximately 35 kilometres north of the Town of Rocky Mountain House. There are two principal areas in this property, being the Jurassic Rock Creek gas play on the east side of the property and the Cretaceous Ostracode/Glauconite oil on the north side of the property.  3D seismic is used to explore for this porosity and a number of future targets have been identified.  The Ostracode is developed in a linear sand bar and produces 39 o API oil.  This pool is being evaluated for potential water injection pressure maintenance. Additional drilling targeting both the Second White Specks and Glauconite is being evaluated.  Production from this property in the first half of 2012 averaged 696 boe/d.

The December 31, 2011 Sproule Report assigns 3.4 bcf of gross proved natural gas reserves and 505 Mbbls of gross proved crude oil and NGL reserves to the Willesden Green property. In addition, 1.6 bcf of gross probable natural gas reserves and 225 Mbbls of gross probable crude oil and NGL reserves have been assigned to this property.

Brazeau-Ferrier, Alberta

The Brazeau-Ferrier area is located between 50 and 80 kilometres west of the town of Drayton Valley. The property produces sour light oil and natural gas from Devonian aged Nisku pinnacle reefs. The majority of the production is from a non-operated 50% working interest in the Nisku C, D and E pools.  Additional gas production occurs from several non-operated Rock Creek, Basal Quartz and Notikewin pools.

In the southern part of this area Advantage has acquired 6.75 sections (100% net) for Cretaceous Belly River and Notikewin Formation natural gas.  3D seismic has been acquired and locations are being evaluated as vertical drill targets in the Belly River. The acreage is being reviewed for the potential to drill a horizontal multi-stage frac well in the Notikewin Formation.  Production from this property in the first half of 2012 averaged 572 boe/d.

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