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On November 30, 2021, Advantage's Credit Facilities were renewed with no changes to the borrowing base of $350 million.ДЄs previously announced, Andy Mah will retire from his role of Chief Executive Officer on December 31, and Michael Belenkie (currently President and Chief Operating Office) will assume the role of President and CEO. Advantage has hedged 2,000 bbls/d of liquids for the fourth quarter of 2021 at an average price of US$49.14/bbl and noВ liquids hedging for 2022. The Corporation continues to increase its hedging position in 2022 and currently has 11% of forecast natural gas production hedged at an average of US$3.52/mmbtu assuming $US/$CDN foreign exchange of $0.79. See Advisory.ДЄdvantage has hedged approximately 39% of its natural gas production for the fourth quarter of 2021. Refer to Advisory for cautionary statements regarding Advantage's budget including material assumptions and risk factors.Д¬ash Used in Investing Activities is the same as Net Capital Expenditures as no change in non-cash working capital is assumed between years and other differences are immaterial. Phase 1 of the Glacier carbon capture and storage ('CCS') project is expected to come onstream by early second quarter, with 2022 capital expected to be $7 million.ДЇorward-looking statements and information representing Management estimates.Third-party processing revenue is expected to pay out the remaining cost of the project within three years. Up to three new Progress wells are planned for 2022, and a third-party has committed to tie-in approximately 10 mmcf/d for transportation and processing through our Glacier Gas Plant.

The Progress compressor station (partially constructed in 2020 prior to the pandemic) is planned to be completed by early second quarter, at a cost of $12 million.

Advantage's total take-or-pay volumes at Wembley, including existing Tidewater service, will average 13.5 mmcf/d for 2022 before rising to 23 mmcf/d in 2023.

The Wembley oil battery will be connected to the Keyera Pipestone Processing Facility during the first quarter, increasing total third-party processing capacity to 40 mmcf/d.

At current strip pricing, production periods required to payout new wells are approximately 7 months for Glacier gas wells and 8 months for Wembley oil wells.

Half of the drilling program will focus on gas-weighted assets, and half will focus on oil-weighted assets.

Sustaining capital for 2022 is approximately $75 million and includes drilling 9 Glacier wells to replace corporate decline of 24%.

Revenue growth will be optimized by focusing on the highest rate-of-return development drilling in areas with existing facilities capacity (Glacier and Wembley).

Cash used in investing activities is planned to be between $170 million and $200 million representing a payout ratio (b) of approximately 50% (including provisions for inflation).

At NYMEX US$4/mmbtu and WTI US$70/bbl, adjusted funds flow ('AFF') (a) is expected to be $370 million.

Corporate production is expected to grow by approximately 8%, with total liquids production expected to grow by more than 25%.

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With gas prices currently elevated and robust oil prices, we expect bank indebtedness to fall to zero in the second half of 2022 with significant free cash flow available to fortify the foundations of our business. An escalating emphasis will be placed on increasing liquids revenue and making infrastructure investments that either expand third-party processing revenue or advance our net-zero 2025 target. ('Advantage' or the 'Corporation') is pleased to announce its 2022 budget.ДЄdvantage's 2022 capital program will be focused on growing adjusted funds flow per share by continuing to drill high rate-of-return targets in areas with existing infrastructure capacity.