Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Advantage Oil & Gas Ltd., Valuation and Financial Data 8
Advantage Oil & Gas Ltd., Share Price Performance 8
Share Price Performance, Q2, 2010-Q2, 2011 8
Advantage Oil & Gas Ltd., Key Valuation Metrics 9
Key Valuation Metrics, Q2, 2010-Q2, 2011 9
Advantage Oil & Gas Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q2, 2010-Q2, 2011 10
Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2010-Q2, 2011 11
Advantage Oil & Gas Ltd., Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q2, 2010-Q2, 2011 12
Advantage Oil & Gas Ltd., Quarterly Production Trends 13
Advantage Oil & Gas Ltd., Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q2, 2010-Q2, 2011 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011 14
Advantage Oil & Gas Ltd., Crude Oil Production 15
Total Crude Oil Production Trend, Q2, 2010-Q2, 2011 15
Crude Oil Production, By Country/Region, Q2, 2010-Q2, 2011 16
Advantage Oil & Gas Ltd., Natural Gas Production 17
Total Natural Gas Production Trend, Q2, 2010-Q2, 2011 17
Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011 18
Advantage Oil & Gas Ltd., Valuation and Financial Data 19
Share Price Performance, 2006-2010 19
Key Valuation Metrics, 2006-2010 20
Advantage Oil & Gas Ltd., Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010 23
Total Crude Oil and Natural Gas Reserve Changes, 2006-2010 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2006-2010 26
Crude Oil Production and Reserves By Country/Region, 2006-2010 27
Crude Oil/Liquids Reserve Changes, 2006-2010 29
Natural Gas Production and Reserve 30
Natural Gas Production and Reserve Trend, 2006-2010 30
Natural Gas Production and Reserves, By Country/Region, 2006-2010 31
Natural Gas Reserve Changes, 2006-2010 33
Total Crude Oil and Natural Gas Reserves Life Index 34
Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010 35
Advantage Oil & Gas Ltd., E&P Costs Trends 37
Allocation of the Upstream Capital Expenditure 37
Upstream Capital Expenditure, 2006-2010 37
Acquisition Costs By Country/Region, 2006-2010 38
Oil and Gas Cost Per boe, $/boe 40
Oil and Gas Cost Per boe, $/boe, 2006-2010 40
Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010 42
Advantage Oil & Gas Ltd., Reserve Replacement Ratio 45
Oil and Gas Production Replacement Ratio 45
Oil and Gas Production Replacement Ratio, 2006-2010 45
Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010 47
Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Trend 51
Oil and Gas Revenue and Expenses 51
Oil and Gas Revenue and Expenses, 2006-2010 51
Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010 52
Oil and Gas Revenue and Expenses, Per boe 57
Oil and Gas Revenue and Expenses, By boe, 2006-2010 57
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010 58
Oil and Gas Performance Metrics 62
Advantage Oil & Gas Ltd., Land Holdings and Well Data 63
Developed and Undeveloped Acreage 63
Gross and Net Developed and Undeveloped Acreage, 2006-2010 63
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006-2010 64
Well Statistics 67
Producible Oil and Gas Well, 2006-2010 67
Producible Oil and Gas Well, By Country/Region, 2006-2010 68
Exploration and Development Wells Drilled, 2006-2010 72
Exploration and Development Wells Drilled, By Country/Region, 2006-2010 73
Recent Developments 74
Jul 04, 2011: Advantage Oil & Gas Approves Capital And Operating Budget 74
May 12, 2011: Advantage Oil & Gas Reports Q1 2011 Results 75
Mar 22, 2011: Advantage Oil & Gas Reports 2010 Results 77
Nov 11, 2010: Advantage Oil & Gas Reports Total Revenues Of CAD76.75 Million In Q3 2010 77
Aug 12, 2010: Advantage Oil & Gas Reports Total Revenues Of CAD73.91 Million In Q2 2010 77
May 13, 2010: Advantage Oil & Gas Reports Net Income Of CAD13.15 million In Q1 2010 77
Apr 19, 2010: Advantage Oil & Gas' Glacier Production Exceeds 50 Mmcf/d With Commissioning Of New Gas Plant 78
Appendix 80
Methodology 80
Coverage 80
Secondary Research 80
Primary Research 80
Data Information Sources 81
Company Source 81
SEC/Other Regulatory Filings 81
Other Sources 81
Expert Panel Validation 81
Data Definition 81
Oil and Gas Reserves 81
Units of Measure 81
About the Publisher 82
Disclosure 82
Disclaimer 82List of Tables
Table 1: Advantage Oil & Gas Ltd., Share Price Performance, Q2, 2010-Q2, 2011 8
Table 2: Advantage Oil & Gas Ltd., Key Valuation Metrics, Q2, 2010-Q2, 2011 9
Table 3: Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2010-Q2, 2011 10
Table 4: Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2010-Q2, 2011 11
Table 5: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, Q2, 2010-Q2, 2011 12
Table 6: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production, Q2, 2010-Q2, 2011 13
Table 7: Advantage Oil & Gas Ltd., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011 14
Table 8: Advantage Oil & Gas Ltd., Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011 15
Table 9: Advantage Oil & Gas Ltd., Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011 16
Table 10: Advantage Oil & Gas Ltd., Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011 17
Table 11: Advantage Oil & Gas Ltd., Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011 18
Table 12: Advantage Oil & Gas Ltd., Share Price Performance, 2006-2010 19
Table 13: Advantage Oil & Gas Ltd., Key Valuation Metrics, 2006-2010 20
Table 14: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 22
Table 15: Advantage Oil & Gas Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010 24
Table 16: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010 25
Table 17: Advantage Oil & Gas Ltd., Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 26
Table 18: Advantage Oil & Gas Ltd., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010 28
Table 19: Advantage Oil & Gas Ltd., Crude Oil Reserve Changes, MMbbl, 2006-2010 29
Table 20: Advantage Oil & Gas Ltd., Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 30
Table 21: Advantage Oil & Gas Ltd., Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010 32
Table 22: Advantage Oil & Gas Ltd., Natural Gas Reserve Changes, Bcf, 2006-2010 33
Table 23: Advantage Oil & Gas Ltd., Oil and Gas Reserves Life Index, Years, 2006-2010 34
Table 24: Advantage Oil & Gas Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010 36
Table 25: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, $m, 2006-2010 37
Table 26: Advantage Oil & Gas Ltd., Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 39
Table 27: Advantage Oil & Gas Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 41
Table 28: Advantage Oil & Gas Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010 44
Table 29: Advantage Oil & Gas Ltd., Oil and Gas Production Replacement Ratio, %, 2006-2010 46
Table 30: Advantage Oil & Gas Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010 50
Table 31: Advantage Oil & Gas Ltd., Revenue and Expenses, $m, 2006-2010 51
Table 32: Advantage Oil & Gas Ltd., Revenue and Expenses, By Country/Region, $m, 2006-2010 56
Table 33: Advantage Oil & Gas Ltd., Oil and Gas Revenue and Expenses, $/boe, 2006-2010 57
Table 34: Advantage Oil & Gas Ltd., Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010 61
Table 35: Advantage Oil & Gas Ltd., Oil and Gas Performance Metrics, 2006-2010 62
Table 36: Advantage Oil & Gas Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010 63
Table 37: Advantage Oil & Gas Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006-2010 66
Table 38: Advantage Oil & Gas Ltd., Producible Oil and Gas Wells, 2006-2010 67
Table 39: Advantage Oil & Gas Ltd., Producible Oil and Gas Wells, By Country/Region, 2006-2010 71
Table 40: Advantage Oil & Gas Ltd., Exploratory and Developed Wells, 2006-2010 72
Table 41: Advantage Oil & Gas Ltd., Exploratory and Developed Wells, By Country/Region, 2006-2010 73List of Figures
Figure 1: Advantage Oil & Gas Ltd., Share Price Performance, CAD/Share, Q2, 2010-Q2, 2011 8
Figure 2: Advantage Oil & Gas Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2010-Q2, 2011 9
Figure 3: Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2010-Q2, 2011 10
Figure 4: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, $m, Q2, 2010-Q2, 2011 12
Figure 5: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2010-Q2, 2011 13
Figure 6: Advantage Oil & Gas Ltd., Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011 14
Figure 7: Advantage Oil & Gas Ltd., Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011 15
Figure 8: Advantage Oil & Gas Ltd., Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011 16
Figure 9: Advantage Oil & Gas Ltd., Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011 17
Figure 10: Advantage Oil & Gas Ltd., Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011 18
Figure 11: Advantage Oil & Gas Ltd., Share Price Performance, USD/Share, 2006-2010 19
Figure 12: Advantage Oil & Gas Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2006-2010 20
Figure 13: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 21
Figure 14: Advantage Oil & Gas Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010 23
Figure 15: Advantage Oil & Gas Ltd., Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010 23
Figure 16: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010 25
Figure 17: Advantage Oil & Gas Ltd., Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 26
Figure 18: Advantage Oil & Gas Ltd., Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010 27
Figure 19: Advantage Oil & Gas Ltd., Oil Production, By Country/Region, MMbbl, 2006-2010 27
Figure 20: Advantage Oil & Gas Ltd., Crude Oil Reserve Changes, MMbbl, 2010 29
Figure 21: Advantage Oil & Gas Ltd., Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 30
Figure 22: Advantage Oil & Gas Ltd., Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010 31
Figure 23: Advantage Oil & Gas Ltd., Gas Production, By Country/Region, Bcf, 2006-2010 31
Figure 24: Advantage Oil & Gas Ltd., Natural Gas Reserve Changes, Bcf, 2010 33
Figure 25: Advantage Oil & Gas Ltd., Oil and Gas Reserves Life Index, Years, 2006-2010 34
Figure 26: Advantage Oil & Gas Ltd., Gas Reserve Life Index, By Country/Region, Years, 2006-2010 35
Figure 27: Advantage Oil & Gas Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010 35
Figure 28: Advantage Oil & Gas Ltd., Oil Reserve Life Index, By Country/Region, Years, 2006-2010 36
Figure 29: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, $m, 2006-2010 37
Figure 30: Advantage Oil & Gas Ltd., Proved Acquisition Costs, By Country/Region, $m, 2006-2010 38
Figure 31: Advantage Oil & Gas Ltd., Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 38
Figure 32: Advantage Oil & Gas Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 40
Figure 33: Advantage Oil & Gas Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 42
Figure 34: Advantage Oil & Gas Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 42
Figure 35: Advantage Oil & Gas Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 43
Figure 36: Advantage Oil & Gas Ltd., Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 43
Figure 37: Advantage Oil & Gas Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010 45
Figure 38: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010 47
Figure 39: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010 47
Figure 40: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010 48
Figure 41: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010 48
Figure 42: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010 49
Figure 43: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010 49
Figure 44: Advantage Oil & Gas Ltd., Revenue and Expenses, $m, 2006-2010 51
Figure 45: Advantage Oil & Gas Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 52
Figure 46: Advantage Oil & Gas Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 52
Figure 47: Advantage Oil & Gas Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 53
Figure 48: Advantage Oil & Gas Ltd., Oil & Gas Revenue, By Country/Region, $m, 2006-2010 53
Figure 49: Advantage Oil & Gas Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 54
Figure 50: Advantage Oil & Gas Ltd., Production Costs, By Country/Region, $m, 2006-2010 54
Figure 51: Advantage Oil & Gas Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 55
Figure 52: Advantage Oil & Gas Ltd., Oil and Gas Revenue and Expenses, $/boe, 2006-2010 57
Figure 53: Advantage Oil & Gas Ltd., Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010 58
Figure 54: Advantage Oil & Gas Ltd., Lifting Cost per boe, By Country/Region, $/boe, 2006-2010 58
Figure 55: Advantage Oil & Gas Ltd., Annual Net Income per boe, By Country/Region, $/boe, 2006-2010 59
Figure 56: Advantage Oil & Gas Ltd., Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010 59
Figure 57: Advantage Oil & Gas Ltd., Total DD&A per boe, By Country/Region, $/boe, 2006-2010 60
Figure 58: Advantage Oil & Gas Ltd., Total Revenue per boe, By Country/Region, $/boe, 2006-2010 60
Figure 59: Advantage Oil & Gas Ltd., Oil and Gas Performance Metrics, 2006-2010 62
Figure 60: Advantage Oil & Gas Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2006-2010 63
Figure 61: Advantage Oil & Gas Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006-2010 64
Figure 62: Advantage Oil & Gas Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2006-2010 64
Figure 63: Advantage Oil & Gas Ltd., Total Gross Developed Acreage, By Country/Region, Acres, 2006-2010 65
Figure 64: Advantage Oil & Gas Ltd., Total Net Developed Acreage, By Country/Region, Acres, 2006-2010 65
Figure 65: Advantage Oil & Gas Ltd., Producible Oil and Gas Wells, 2006-2010 67
Figure 66: Advantage Oil & Gas Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2006-2010 68
Figure 67: Advantage Oil & Gas Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010 68
Figure 68: Advantage Oil & Gas Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2006-2010 69
Figure 69: Advantage Oil & Gas Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006-2010 69
Figure 70: Advantage Oil & Gas Ltd., Net Productive Gas Wells, By Country/Region, Number, 2006-2010 70
Figure 71: Advantage Oil & Gas Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2006-2010 70
Figure 72: Advantage Oil & Gas Ltd., Net Productive Oil Wells, By Country/Region, Number, 2006-2010 71
Figure 73: Advantage Oil & Gas Ltd., Exploratory and Developed Wells, 2006-2010 72