Advantage Announces New Sustainability Report

Press Release

CALGARY, AB, Nov. 7, 2023 – Advantage Energy Ltd. (“Advantage”, the “Corporation”, “us”, “we” or “our”) is pleased to announce the publication of our new Sustainability Report (the “Report”) which is available on our website at www.advantageog.com. The Report reflects key sustainability and operational metrics and achievements for the 2022 reporting year, outlining the progress we’ve made in advancing our environmental, social, and governance priorities.

Sustainability Highlights

• Combined Scope 1 and 2 emission intensity of 0.016 tCO₂e, an 8% decrease from 2021
• Methane intensity of 0.035 tCO₂e, a 10% decrease from 2021
• A total of 16,785 tCO₂e captured and sequestered in 2022, with over 83,500 tCO₂e captured and sequestered since 2015
• Established Entropy Inc., a subsidiary of Advantage, as a global leader in modular carbon capture, and secured a $300 million investment commitment from Brookfield Renewable to expand globally. Advantage anticipates its emissions intensity will continue to decrease with the deployment of Entropy’s proprietary carbon capture technology, with a current focus on North American projects.
• Proactive liability management spending exceeded our mandatory regulatory requirements by 375%
• Liability Management Rating (“LMR”) of 28.4, amongst the highest of any established companies in our industry
• Comprehensive Health and Safety Program, receiving a Certificate of Recognition (“COR”) audit score of 99% in 2022, where we have consistently achieved a score greater than 97% over the last six years
• Implementation of Indigenous Scholarship Program, with five scholarships awarded
• Investment in our communities through donations to various charities, programs, advocacy initiatives, and organizations
• Investment in our staff, increase in employment, increase in gender balance, and continued low turnover

Advantage’s sustainability reporting is aligned with the internationally recognized reporting methodologies, including Sustainability Accounting Standards Board (“SASB”), Global Reporting Initiative (“GRI”) Standards, and Task Force on Climate-Related Financial Disclosures (“TCFD”).

The following term used in this press release has the meaning set forth below: tCO₂e Tonnes of carbon dioxide equivalent

ILR4