Announcement • Apr 11
Advantage Energy Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Advantage Energy Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Apr 03
Advantage Energy Ltd., Annual General Meeting, May 07, 2026 Advantage Energy Ltd., Annual General Meeting, May 07, 2026. Location: alberta, calgary Canada Announcement • Oct 09
Advantage Energy Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Advantage Energy Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Jul 16
Advantage Energy Ltd. to Report Q2, 2025 Results on Aug 06, 2025 Advantage Energy Ltd. announced that they will report Q2, 2025 results on Aug 06, 2025 Announcement • May 07
Advantage Energy Ltd. Announces Board Changes Advantage Energy Ltd. announced at annual general meeting held on May 6, 2025, approved appointment of Katherine L. Minyard as director of the company. Andy J. Mah did not stand for re-election at the Meeting and accordingly retired from the Board at its conclusion. Announcement • Apr 25
Advantage Energy Ltd. to Report Q1, 2025 Results on May 01, 2025 Advantage Energy Ltd. announced that they will report Q1, 2025 results on May 01, 2025 Announcement • Apr 01
Advantage Energy Ltd., Annual General Meeting, May 06, 2025 Advantage Energy Ltd., Annual General Meeting, May 06, 2025. Location: alberta, calgary Canada Announcement • Mar 07
Advantage Energy Ltd. Announces Board and Committee Changes Advantage Energy Ltd. announced that effective March 6, 2025, two new independent members, Messrs. Lawrence Massaro and Daniel Farb, have been appointed to the Board. The following is a brief biography of each of these new directors. Lawrence Massaro: Lawrence Massaro, known as Larry, was the Chief Executive Officer of Silverado Oil & Gas LLC from 2019 to 2022. Prior thereto, Mr. Massaro was the Chief Financial Officer and Executive Vice President of Newfield Exploration Co. from 2011 to 2019. Prior to joining Newfield, Mr. Massaro was the Head of Acquisitions and Divestitures at JP Morgan from 2005 to 2011. Mr. Massaro holds a Master of Business Administration from Southern Methodist University and a Bachelor of Science in Petroleum Engineering from Texas A&M University. Daniel Farb: Daniel Farb is an experienced investor and is currently the Managing Member of Mill Pond Capital. He has worked with Mill Pond Capital since 2021 and Highfields Capital from 2001 to 2021, where he was Managing Director from 2001 to 2019. Prior to Highfields Capital, he worked at Goldman, Sachs & Co. in the Mergers & Acquisition and Principal Investment Groups. Mr. Farb served as a director of Pharmacyte Biotech Inc. in 2022 and served as a director of MEG Energy Corp. from 2017 to 2018. Mr. Farb is a graduate from Harvard Business School, where he was a Baker and Loeb Scholar and holds a Bachelor of Commerce in Finance from McGill University. Messrs. Massaro and Farb will also join the special committee of independent directors of Advantage (the "Special Committee") announced on February 28, 2025, and such committee has been reconstituted to be comprised of Messrs. Norman MacDonald (Chair), David Smith, Lawrence Massaro and Daniel Farb. The Agreement also provides that Advantage will include an additional independent director to be nominated by Kimmeridge on the list of nominee directors to be set forth in Advantage's management proxy circular for the 2025 AGM. Advantage also announced that Ms. Janine McArdle has retired from the Board. Announcement • Mar 01
Advantage Energy Ltd. to Report Q4, 2024 Results on Mar 04, 2025 Advantage Energy Ltd. announced that they will report Q4, 2024 results on Mar 04, 2025 Announcement • Feb 26
Advantage Energy Ltd. Announces Board Changes Advantage Energy Ltd. announced that as part of its ongoing Board of Directors (the "Board") renewal process, Mr. Stephen Balog, the current Chair of the Board and director of the Corporation will be retiring from the Board at the Corporation's next annual general meeting of shareholders. Replacing Mr. Balog as Chair of the Board will be Mr. John Festival, who has been a director of Advantage since March 12, 2024. Mr. Festival has a distinguished career in the Canadian energy industry with over 35 years of experience. Mr. Festival has held multiple senior executive positions, including President and Chief Executive Officer of BlackRock Ventures Inc. from 1999 to 2006 and President and Chief Executive Officer of BlackPearl Resources Inc. from 2009 to 2019. Mr. Festival is currently the President and Chief Executive Officer of Broadview Energy Ltd., a private oil and gas company focused on heavy oil development, and he serves on the boards of Athabasca Oil Corporation and Cardinal Energy Ltd. New Risk • Jan 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (22% accrual ratio). Minor Risks High level of debt (46% net debt to equity). Profit margins are more than 30% lower than last year (9.3% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CA$10.41, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 5x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$18.33 per share. Announcement • Dec 12
Advantage Energy Ltd. Provides Production Guidance for 2025 Advantage Energy Ltd. Provided Production Guidance for 2025. For the year, company expects production to be approximately 80,000 boe/d to 83,000 boe/d. Announcement • Oct 08
Advantage Energy Ltd. Provides Production Guidance for 2024 Advantage Energy Ltd. Provided Production Guidance for 2024. For the year, company expected production to be approximately 70,000 boe/d. The outlook for 2025 production remains unchanged. Announcement • Sep 03
Advantage Energy Ltd. Appoints David G. Smith to its Board of Directors Advantage Energy Ltd. announced the appointment of David G. Smith to the Board of Directors, effective September 1, 2024. Mr. Smith has 40 years of experience in the western Canadian oil and gas industry including an extensive career at Keyera Corp. where he played a key role in leading the development and growth of Keyera over twenty years to become one of the largest mid-stream operators in Canada. He served as President and CEO of Keyera from 2015 to 2020 and prior thereto was President & Chief Operating Officer, Executive Vice-President-Liquids Business Unit, and Executive Vice-President & CFO. Prior to joining Keyera, Mr. Smith held progressively more senior finance roles at Gulf Canada Resources Limited and Imperial Oil. Mr. Smith is currently a director of Wajax Corporation, Advisory Board Chair of BluMaple Capital Partners, Board Chair of Arts Commons and a director of United Way of Calgary. He previously served as a director of Crew Energy Inc. until retiring in 2021. Recent Insider Transactions • Jul 13
Independent Director recently bought CA$238k worth of stock On the 10th of July, Jill Angevine bought around 24k shares on-market at roughly CA$9.91 per share. This transaction amounted to 67% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$2.2m more in shares than they bought in the last 12 months. Announcement • Jul 12
Advantage Energy Ltd. to Report Q3, 2024 Results on Oct 24, 2024 Advantage Energy Ltd. announced that they will report Q3, 2024 results on Oct 24, 2024 Announcement • Jul 09
Advantage Energy Ltd. Provides Updated Guidance for the Year 2024 and Updated Outlook for the Year 2025 and Beyond Advantage Energy Ltd. provided updated guidance for the year 2024 and updated outlook for the year 2025 and beyond. For the year 2024, production guidance for 2024 has been revised to between 70,000 and 73,000 boe/d; however, the reduction is entirely from natural gas and there is no change to liquids guidance (13% of corporate production). Production from the recently acquired assets outperformed expectations during the second quarter of 2024, averaging approximately 15,000 boe/d (42 mmcf/d natural gas, 7,160 bbls/d oil, and 910 bbls/d NGLs).For the year 2025 and beyond, production growth is expected to be 16%. The reduced gas drilling program in 2024 is not expected to have a material impact to 2025 production. Announcement • Jun 25
Advantage Energy Ltd. (TSX:AAV) completed the acquisition of Charlie Lake and Montney assets from Longshore Resources Ltd. Advantage Energy Ltd. (TSX:AAV) agreed to acquire Charlie Lake and Montney assets from Longshore Resources Ltd. for approximately CAD 450 million on June 10, 2024. A cash consideration of approximately CAD 450 million is subject to closing adjustments. The Acquisition will be funded through a combination of common equity, convertible debentures and an upsized credit facility. The Corporation has entered into an agreement with a syndicate of underwriters to raise gross proceeds of approximately CAD 65 million of subscription receipts and approximately CAD 130 million of extendible convertible unsecured subordinated debentures on a bought deal basis, with TD Securities Inc. and Scotiabank as joint bookrunners. The Corporation has also entered a debt commitment letter, led by Scotiabank and jointly underwritten with National Bank of Canada and RBC Capital Markets, for a committed and upsized approximately CAD 650 million revolving credit facility. Advantage Energy will deposit escrow amount of CAD 1.5 million to Lawson Lundell LLP. The Acquisition is expected to close by the end of June 2024 , pending closing conditions, including the receipt of necessary regulatory approvals. TD Securities is acting as exclusive financial advisor on the Acquisition. Scotiabank is acting as strategic advisor on the Acquisition. Burnet, Duckworth & Palmer LLP is acting as legal counsel to Advantage with respect to the Acquisition, the revised credit facilities and the Offering. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as U.S. legal counsel to Advantage with respect to the Offering. Blake, Cassels & Graydon LLP is acting as Canadian legal counsel to the Underwriters with respect to the Offering. National Bank Financial and RBC Capital Markets acted as financial advisors to the vendor.
Advantage Energy Ltd. (TSX:AAV) completed the acquisition of Charlie Lake and Montney assets from Longshore Resources Ltd. on June 24, 2024. Announcement • Jun 14
Advantage Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 65.01 million. Advantage Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 65.01 million.
Security Name: Subscription Receipts
Security Type: Common Stock
Securities Offered: 5,910,000
Price\Range: CAD 11 Announcement • Apr 28
Advantage Energy Ltd. to Report Q2, 2024 Results on Jul 25, 2024 Advantage Energy Ltd. announced that they will report Q2, 2024 results on Jul 25, 2024 Board Change • Apr 26
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director John Festival was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 05
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director John Festival was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 03
Advantage Energy Ltd., Annual General Meeting, May 14, 2024 Advantage Energy Ltd., Annual General Meeting, May 14, 2024. Announcement • Mar 13
Advantage Energy Ltd. Announces Board Changes Advantage Energy Ltd. announced the appointment of John Festival to its Board of Directors (the "Board"), effective March 12, 2024. Mr. Festival has over 35 years of experience in the energy industry and has held multiple senior executive positions, including President & CEO of BlackRock Ventures Inc. from 1999 to 2006 and President & CEO of BlackPearl Resources Inc. from 2009 to 2019. Mr. Festival is currently the President & CEO of Broadview Energy Ltd., a private oil and gas company focused on heavy oil development, and he serves on the boards of Athabasca Oil Corporation, Cardinal Energy Ltd., and i3 Energy PLC. Advantage is also announcing the retirement of Paul G. Haggis from its Board of Directors. Mr. Haggis joined the Board in 2008 and helped guide Advantage through periods of major transition, including its conversion from an income trust to a corporation in 2009 and its tactical shift to become a pure-play Montney producer in 2014. His extensive strategic knowledge and financial experience has been invaluable as Advantage has grown to become an industry-leading producer of clean, reliable, and sustainable energy for Canadians. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: CA$0.61 (vs CA$1.81 in FY 2022) Full year 2023 results: EPS: CA$0.61 (down from CA$1.81 in FY 2022). Revenue: CA$535.2m (down 38% from FY 2022). Net income: CA$101.6m (down 70% from FY 2022). Profit margin: 19% (down from 40% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Oil and Gas industry in the United Kingdom. Announcement • Mar 01
Advantage Energy Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Advantage Energy Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 New Risk • Feb 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (31% net profit margin). Announcement • Jan 27
Advantage Energy Ltd. to Report Q4, 2023 Results on Mar 04, 2024 Advantage Energy Ltd. announced that they will report Q4, 2023 results on Mar 04, 2024 Announcement • Dec 01
Advantage Energy Ltd. Provides Production Guidance for the Year 2024 Advantage Energy Ltd. provided production guidance for the year 2024. For the year, the company production is expected to average between 65,000 boe/d and 68,000 boe/d and the corporate decline rate is expected to remain at approximately 24%. Recent Insider Transactions • Nov 03
Director recently sold CA$1.5m worth of stock On the 1st of November, Andy Mah sold around 150k shares on-market at roughly CA$10.10 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$2.7m more than they bought in the last 12 months. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: CA$0.17 (vs CA$0.22 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.17 (down from CA$0.22 in 3Q 2022). Revenue: CA$136.7m (down 35% from 3Q 2022). Net income: CA$28.3m (down 31% from 3Q 2022). Profit margin: 21% (up from 20% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Oil and Gas industry in the United Kingdom. Announcement • Oct 07
Advantage Energy Ltd. to Report Q3, 2023 Results on Oct 26, 2023 Advantage Energy Ltd. announced that they will report Q3, 2023 results on Oct 26, 2023 Recent Insider Transactions • Sep 08
Director recently sold CA$1.5m worth of stock On the 31st of August, Andy Mah sold around 150k shares on-market at roughly CA$9.75 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$2.3m more than they bought in the last 12 months. Announcement • Aug 27
Advantage Energy Ltd. (TSX:AAV) acquired Tommy Lakes facilities and Montney acreage from Calima Energy Limited (ASX:CE1) for AUD 11.8 million. Advantage Energy Ltd. (TSX:AAV) acquired Tommy Lakes facilities and Montney acreage from Calima Energy Limited (ASX:CE1) for AUD 11.8 million on August 25, 2023. Advantage Energy Ltd. (TSX:AAV) completed the acquisition of Tommy Lakes facilities and Montney acreage from Calima Energy Limited (ASX:CE1) on August 25, 2023. Board Change • Jun 20
High number of new directors Director Marie McArdle was the last director to join the board, commencing their role in 2022. Board Change • May 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Marie McArdle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Marie McArdle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Marie McArdle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 21
Insider recently bought CA$95k worth of stock On the 16th of January, John Quaife bought around 11k shares on-market at roughly CA$8.88 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth CA$100k. Despite this recent purchase, insiders have collectively sold CA$8.5m more in shares than they bought in the last 12 months. Board Change • Jan 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Marie McArdle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Marie McArdle was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Aug 25
Senior Vice President recently sold CA$573k worth of stock On the 17th of August, Neil Bokenfohr sold around 50k shares on-market at roughly CA$11.46 per share. In the last 3 months, there was an even bigger sale from another insider worth CA$1.4m. Insiders have been net sellers, collectively disposing of CA$12m more than they bought in the last 12 months. Recent Insider Transactions • Aug 17
Director recently sold CA$255k worth of stock On the 10th of August, Andy Mah sold around 23k shares on-market at roughly CA$10.95 per share. In the last 3 months, they made an even bigger sale worth CA$1.4m. Insiders have been net sellers, collectively disposing of CA$11m more than they bought in the last 12 months. Recent Insider Transactions • Aug 07
Director recently sold CA$1.4m worth of stock On the 5th of August, Andy Mah sold around 127k shares on-market at roughly CA$10.77 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$11m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 22% share price gain to CA$10.46, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 2x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 456% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$15.78 per share. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Net income: CA$164.3m (up CA$155.6m from 2Q 2021). Recent Insider Transactions • Jul 14
Independent Director recently bought CA$53k worth of stock On the 8th of July, Donald Clague bought around 6k shares on-market at roughly CA$8.76 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$9.3m more in shares than they bought in the last 12 months. Buying Opportunity • May 06
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CA$14.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: CA$0.10 (vs CA$0.002 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.10 (up from CA$0.002 loss in 1Q 2021). Revenue: CA$167.5m (up 78% from 1Q 2021). Net income: CA$19.6m (up CA$20.0m from 1Q 2021). Profit margin: 12% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 31%, compared to a 46% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 71% per year whereas the company’s share price has increased by 72% per year. Recent Insider Transactions • Apr 02
Senior Vice President recently sold CA$1.3m worth of stock On the 29th of March, Neil Bokenfohr sold around 150k shares on-market at roughly CA$8.36 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$7.4m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 16% share price gain to CA$8.01, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 196% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CA$10.28 per share. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 27% share price gain to CA$7.75, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Oil and Gas industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at CA$9.06 per share. Reported Earnings • Oct 30
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$120.0m (up 109% from 3Q 2020). Net income: CA$43.2m (up CA$64.8m from 3Q 2020). Profit margin: 36% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Recent Insider Transactions • Oct 13
CEO & Director recently sold CA$4.4m worth of stock On the 5th of October, Andy Mah sold around 700k shares on-market at roughly CA$6.27 per share. This was the largest sale by an insider in the last 3 months. Andy has been a seller over the last 12 months, reducing personal holdings by CA$6.0m. Recent Insider Transactions • Oct 08
CEO & Director recently sold CA$4.4m worth of stock On the 5th of October, Andy Mah sold around 700k shares on-market at roughly CA$6.27 per share. This was the largest sale by an insider in the last 3 months. Andy has been a seller over the last 12 months, reducing personal holdings by CA$6.0m. 
