Mr. Craig Blackwood reports

ADVANTAGE ANNOUNCES NEW SUSTAINABILITY REPORT

Advantage Energy Ltd. has published its new sustainability report which is available on the company's website. The report reflects key sustainability and operational metrics and achievements for the 2022 reporting year, outlining the progress the company has made in advancing its environmental, social and governance priorities.

Sustainability highlights

• Combined Scope 1 and 2 emission intensity of 0.016 tCO2e (tonnes of carbon dioxide equivalent), an 8-per-cent decrease from 2021;
• Methane intensity of 0.035 tCO2e, a 10-per-cent 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 the company's mandatory regulatory requirements by 375 per cent;
• Liability management rating (LMR) of 28.4, amongst the highest of any established companies in the company's industry;
• Comprehensive health and safety program, receiving a Certificate of Recognition (COR) audit score of 99 per cent in 2022, where the company has consistently achieved a score greater than 97 per cent over the last six years;
• Implementation of Indigenous Scholarship Program, with five scholarships awarded;
• Investment in communities through donations to various charities, programs, advocacy initiatives and organizations;
• Investment in the company's 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).

Looking forward

As the company's business strategy and sustainability objectives continue to advance, the company looks forward to publicly reporting its achievements to its stakeholders. Advantage appreciates the contributions and engagement of its staff and the support of its board of directors, as the company is proud to produce low-emissions, low-cost Canadian energy for the world.

We seek Safe Harbor.