Mr. Brian Bagnell reports

ADVANTAGE ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID AND AUTOMATIC SHARE PURCHASE PLAN

Advantage Energy Ltd. is proceeding with, and the Toronto Stock Exchange has approved, the corporation renewing its normal course issuer bid.

Pursuant to the bid, Advantage will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 14,492,909 common shares of the corporation. The bid will commence on May 14, 2026, and will terminate on May 13, 2027, or such earlier time as the bid is completed or terminated at the option of Advantage.

The maximum number of common shares to be purchased pursuant to the bid represents 10 per cent of the public float, as of April 30, 2026. Purchases pursuant to the bid will be made on the open market through the facilities of the TSX and/or Canadian alternative trading systems. The number of common shares that can be purchased pursuant to the bid is subject to a daily maximum of 196,407 common shares (which is equal to 25 per cent of the average daily trading volume of 785,628 common shares from Nov. 1, 2025, to April 30, 2026), subject to certain exemptions pursuant to the rules of the TSX. The price that Advantage will pay for any common shares under the bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired under the bid will be cancelled.

Advantage believes that the common shares have been trading in a price range which does not adequately reflect their value in relation to the corporation's current operations and its growth prospects, and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all shareholders. The corporation has maintained a normal course issuer bid since 2022. The renewal of the bid reflects Advantage's established practice of renewing and maintaining a normal course issuer bid as part of its ongoing shareholder returns strategy.

As of the close of business on April 30, 2026, the corporation had 167,671,673 common shares issued and outstanding and a public float of 144,929,093.

Further, the corporation has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under the bid at times when the corporation would ordinarily not be permitted to purchase its securities due to self-imposed blackout periods. Under the automatic share purchase plan, the broker may repurchase common shares based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties' written agreement. Outside of these blackout periods, common shares may be purchased under the bid in accordance with management's discretion. The automatic share purchase plan has been approved by the TSX.

Under Advantage's normal course issuer bid which expires on May 13, 2026 (the expiring NCIB), the corporation received approval from the TSX to purchase for cancellation up to a maximum of 14,415,014 common shares, representing approximately 10 per cent of the 144,150,140 common shares comprising the public float as of April 30, 2025. As of April 30, 2026, the corporation had repurchased and cancelled 297,400 common shares under the expiring NCIB, at a weighted average purchase price of approximately $10.88 per common share through market purchases on the TSX and Canadian alternative trading systems.

We seek Safe Harbor.