(TSX: AAV, NYSE: AAV) CALGARY, April 30, 2013 /PRNewswire/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") (TSX: AAV) (NYSE: AAV) is pleased to announce the closing of the previously announced transaction with Questfire Energy Corp. ("Questfire") (a TSX-V listed company) for the sale of substantially all of Advantage's remaining non-core assets. The consideration received by Advantage consisted of $40.2 million of cash, a $32.6 million Convertible Senior Secured Questfire Debenture (the "Questfire Debenture") and 1.5 million Class B Shares of Questfire (the "Class B Shares"). The net cash proceeds from this transaction will be used to reduce outstanding bank indebtedness. Advantage retains an option to appoint two board members to the Board of Directors of Questfire. Advantage's credit facilities have been revised to $230 million with the next annual review extended to June 2014. Pro-forma bank debt at March 31, 2013 is approximately $125 million resulting in an undrawn credit facility of $105 million (bank indebtedness of approximately $165 million as at March 31, 2013 reduced for cash consideration received from the sale of non-core assets to Questfire). Our credit facilities have also been amended to extend the duration of commodity hedging for up to four years and increase the permitted production available to hedge. Advantage is allowed to hedge up to 65% of total estimated crude oil and natural gas production on an annual basis over the first three years and 50% over the fourth year. Advantage is now a pure play company focused on our signature Glacier Montney property. Advantage's other major assets now includes our 45% interest in Longview Oil Corp. and the Questfire Debenture and Class B Shares.