(TSX: AAV)
CALGARY, AB, Feb. 24, 2022 /CNW/ - Advantage Energy Ltd. ("Advantage" or the "Corporation") is pleased to report 2021 year-end results, reserves and an operational update.
Advantage achieved record results during 2021, while capital spending remained modest. Advantage's long history of disciplined capital deployment continued, with every well drilled since the second half of 2020 achieving payout in under one year and many achieving payout in under 5 months. The Corporation has a line-of-sight to eliminate net debt during the third quarter (based on current strip commodity prices) and intends to initiate a share buyback program in second quarter pending regulatory approval.
Advantage's affiliate Entropy Inc. continues to make progress on its previously announced financing (see News Release dated December 30, 2021) and remains on-track to close during the first quarter of 2022.
In order to maximize shareholder returns, Advantage's priority is growing adjusted funds flow per share(a) while maintaining a strong balance sheet and enhancing profitability through all phases of the commodities cycle. With commodity pricing remaining strong, production spiking, long-term demand likely to continue to grow, decades of high-quality inventory and significant existing capacity at Advantage-owned facilities, Advantage is well positioned to continue generating significant shareholder value.