Advantage Acquires Securities of Questfire Energy Corp.

CALGARY, ALBERTA–(Marketwired – May 2, 2013) – On April 30, 2013, Advantage Oil & Gas Ltd. (AAV.TO)(AAV)(“Advantage”) directly acquired ownership and control of an aggregate of 1,500,000 class B shares (“Class B Shares”) of Questfire Energy Corp. (“Questfire”), representing approximately 73% of the total issued and outstanding Class B Shares of Questfire and approximately 10.1% of the voting rights attached to the Class A shares of Questfire (“Class A Shares”) and Class B Shares. In addition, Advantage acquired ownership and control of a $32,585,000 principal amount convertible senior secured debenture due April 30, 2016 (“Debenture”), which is convertible into Class A Shares at the 20 day volume-weighted average trading price at the option of Advantage for a period of 30 days following the occurrence of certain events.

The Class B Shares and Debenture were issued to Advantage as partial consideration for the acquisition by Questfire (the “Acquisition”) of non-core oil and gas assets from Advantage. Advantage also received cash consideration of $40,200,432 for the Acquisition. Advantage may from time to time dispose of some or all of the existing Class B Shares and Debentures, or continue to hold the Class B Shares and Debentures in the normal course of its activities, subject to compliance with applicable laws.

An early warning report for Advantage will be filed on SEDAR at www.sedar.com.