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Advantage Closed Glacier Gas Plant Transaction for $100M

Source: www.gulfoilandgas.com 7/2/2020, Location: North America

Advantage Oil & Gas Ltd. has successfully closed the previously announced sale of a 12.5% interest in the Glacier Gas Plant to Topaz Energy Corp. ("Topaz") and received $100 million cash proceeds (see press release dated April 13, 2020). This transaction fortifies Advantage's robust balance sheet and augments the Corporation's ability to execute value-generating capital projects and strategic opportunities. Advantage retains the remaining 87.5% interest and will continue to be operator of the Glacier Gas Plant with access to all surplus capacity during the term of a 15-year volume commitment with Topaz.

Subsequent to closing the transaction, Advantage will utilize the cash proceeds net of transaction costs to reduce bank indebtedness on the Corporation's $350 million revolving credit facility (see press release dated May 26, 2020).

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