Advantage Energy Ltd
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(TSX: AAV)
CALGARY, AB, March 6, 2025 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") announces that effective today, two new independent members, Messrs. Lawrence Massaro and Daniel Farb, have been appointed to the Board. The following is a brief biography of each of these new directors.
Lawrence Massaro
Lawrence Massaro, known as Larry, was the Chief Executive Officer of Silverado Oil & Gas LLC from 2019 to 2022. Prior thereto, Mr. Massaro was the Chief Financial Officer and Executive Vice President of Newfield Exploration Co. from 2011 to 2019. Prior to joining Newfield, Mr. Massaro was the Head of Acquisitions and Divestitures at JP Morgan from 2005 to 2011. Mr. Massaro holds a Master of Business Administration from Southern Methodist University and a Bachelor of Science in Petroleum Engineering from Texas A&M University.
(TSX: AAV)
CALGARY, AB, March 4, 2025 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") is pleased to report 2024 year-end financial and operating results as well as reserves.
Advantage achieved exceptional results during 2024, with record production, significant liquids growth, strong reserves results, significantly improved per-share profitability, a highly accretive acquisition and successful integration of the new assets.
2024 Financial Highlights
Cash provided by operating activities of $217.5 million.Adjusted funds flow ("AFF")(a) of $250.0 million or $1.52 per share for Advantage(b).Recently acquired Charlie Lake assets increased corporate AFF(a) per share by 34% during the second half of 2024, compared to Advantage assets on a stand-alone basis.Cash used in investing activities of $697.7 million, including acquisitions and dispositions.Net capital expenditures(a) were $266.7 million for Advantage(b), excluding acquisitions and dispositions.Reduced total 2024 development capital spending by $75 million in response to lower gas prices and acquisition synergies.Net debt(a) of $625.6 million for Advantage(b), on track to achieve our net debt target in 2025.TORONTO, Feb. 28, 2025 /CNW/ - Trading resumes in:
Company: Advantage Energy Ltd.
TSX Symbol: AAV
All Issues: Yes
Resumption (ET): 8:30 AM
CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada..
SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions
TORONTO, Feb. 28, 2025 /CNW/ - The following issues have been halted by CIRO:
Company: Advantage Energy Ltd.
TSX Symbol: AAV
All Issues: Yes
Reason: Pending News
Halt Time (ET): 8:00 AM
CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
(TSX: AAV)
CALGARY, AB, Feb. 28, 2025 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") announces that on February 13, 2025, Advantage formed a special committee of independent directors (the "Special Committee") to review strategic opportunities that are in the best interests of Advantage and its shareholders and that may become available to the Corporation in 2025. The Special Committee is comprised of Messrs. Norman MacDonald (Chair), John Festival and David Smith. Advantage is cognizant of the fact that its industry is currently experiencing some headwinds, but in forming the Special Committee, it intends to position itself to take advantage of strategic opportunities that may arise during the course of 2025 as political uncertainty abates and industry conditions improve.
(TSX: AAV)
CALGARY, AB, Feb. 25, 2025 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") announces that as part of its ongoing Board of Directors (the "Board") renewal process, Mr. Stephen Balog, the current Chair of the Board and director of the Corporation will be retiring from the Board at the Corporation's next annual general meeting of shareholders.
Replacing Mr. Balog as Chair of the Board will be Mr. John Festival, who has been a director of Advantage since March 12, 2024. Mr. Festival has a distinguished career in the Canadian energy industry with over 35 years of experience. Mr. Festival has held multiple senior executive positions, including President and Chief Executive Officer of BlackRock Ventures Inc. from 1999 to 2006 and President and Chief Executive Officer of BlackPearl Resources Inc. from 2009 to 2019. Mr. Festival is currently the President and Chief Executive Officer of Broadview Energy Ltd., a private oil and gas company focused on heavy oil development, and he serves on the boards of Athabasca Oil Corporation and Cardinal Energy Ltd.
(TSX: AAV)
CALGARY, AB, Dec. 10, 2024 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") is pleased to announce its 2025 budget and provide an updated three-year plan.
Advantage's 2025 capital program continues our focus on growing adjusted funds flow ("AFF")a per share via high rate-of-return development drilling. Production is expected to increase by approximately 16% in 2025, reflecting an organic growth rate of 9% plus a full year of incremental production associated with assets acquired mid-2024. Capital efficiencies are expected to be strong due to limited facilities spending, and our reinvestment ratioa is expected to be approximately 65%. All free cash flow ("FCF") from operations will be allocated to debt reduction though a portion of the proceeds from potential non-core divestitures may be used to buy back shares.
(TSX: AAV)
CALGARY, AB, Dec. 3, 2024 /CNW/ - Advantage Energy Ltd. ("Advantage") plans to release its 2025 budget and updated three-year plan before the open of North American markets on Tuesday, December 10, 2024.
Advantage's management team will also host a virtual Investor Day on Tuesday, December 10, 2024, at 8:00 am Mountain Time (10:00 am Eastern Time).
The event will be streamed via webcast at https://app.webinar.net/eV1q8WrzmNa. If you join by webcast and would like to ask a question over the phone, please mute the webcast and dial the numbers below. Alternatively, you can submit typed questions through the webcast.
(TSX: AAV)
CALGARY, AB, Oct. 24, 2024 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") is pleased to report 2024 third quarter financial and operating results including record production, strong liquids performance, and lower operating costs.
2024 Third Quarter Financial Highlights
Cash provided by operating activities of $46.7 million.Adjusted funds flow ("AFF")(a) of $54.7 million or $0.33/share(a) for Advantage(b) and $52.3 million or $0.31/share (a) consolidated.Cash used in investing activities was $52.8 million.Net capital expenditures(a) were $54.9 million for Advantage(b) and $66.7 million consolidated.Net debt(a) of $621.9 million for Advantage(b) and $694.0 million consolidated.(TSX: AAV)
CALGARY, AB, Oct. 8, 2024 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") announces it has begun strategic production curtailments of up to 130 mmcf/d of dry gas in response to unusually low Alberta natural gas prices. Curtailments began during September and are planned to continue during the fourth quarter until such time as pricing recovers.
Consistent with our strategic priorities of maximizing free cash flow(a) and reducing net debt(a), production curtailment levels are being determined on a continuous basis to eliminate variable cash costs and defer development capital. The curtailments are primarily dry gas at Glacier, which is amongst the lowest-cost natural gas assets in North America, and will not materially impact Advantage's cash flow. Liquids production, which is currently exceeding expectations, will be unaffected. Production during the third quarter of 2024 was approximately 74,000 boe/d (368 mmcf/d natural gas, 8,100 bbls/d crude oil, and 4,600 bbls/d NGLs), including the impact of curtailments which averaged over 5,000 boe/d.
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