Advantage Announces Monthly Distribution
12 Fevereiro 2009 - 9:52PM
PR Newswire (US)
(TSX: AVN.UN, NYSE: AAV) CALGARY, Feb. 12 /PRNewswire-FirstCall/ --
As a result of continuing weakness in crude oil and natural gas
prices, the Board of Directors of Advantage Energy Income Fund
("Advantage" or the "Fund") has approved a reduction in the cash
distribution for the month of February 2009 to $0.04 per Unit from
the current $0.08 per Unit. The reduced cash distribution will
improve Advantage's balance sheet and preserve cash flow for our
ongoing capital program. Advantage has also increased commodity
hedging in 2009 to 56% of our net natural gas production at an
average floor price of Cdn $8.09 per mcf and 46% of our net crude
oil production at an average floor price of Cdn $69.38 per barrel.
For 2010, 49% of our net natural gas production is now hedged at
Cdn $7.46 per mcf and 26% of our net crude oil production is hedged
at an average floor price of Cdn $67.83 per barrel. Complete
commodity hedging details are available on our website. The
distribution will be payable on March 16, 2009 to Unitholders of
record at the close of business on February 27, 2009. The
ex-distribution date is February 25, 2009. Advantage has
approximately 143.8 million Units outstanding. The Cdn $0.04 per
Unit is equivalent to approximately US $0.03 per Unit if converted
using a Canadian/US dollar exchange rate of 1.25. The US dollar
equivalent distribution will be based upon the actual Canadian/US
exchange rate applied on the payment date and will be net of any
Canadian withholding taxes that may apply. Advisory The information
in this press release contains certain forward-looking statements.
These statements relate to future events or our future performance.
All statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", "predict", "potential", "targeting", "intend",
"could", "might", "should", "believe", "would" and similar
expressions. These statements involve substantial known and unknown
risks and uncertainties, certain of which are beyond Advantage's
control, including: the impact of general economic conditions;
industry conditions; changes in laws and regulations including the
adoption of new environmental laws and regulations and changes in
how they are interpreted and enforced; fluctuations in commodity
prices and foreign exchange and interest rates; stock market
volatility and market valuations; volatility in market prices for
oil and natural gas; liabilities inherent in oil and natural gas
operations; uncertainties associated with estimating oil and
natural gas reserves; competition for, among other things, capital,
acquisitions, of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; changes in
income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry and income trusts; geological,
technical, drilling and processing problems and other difficulties
in producing petroleum reserves; and obtaining required approvals
of regulatory authorities. Advantage's actual results, performance
or achievement could differ materially from those expressed in, or
implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do, what benefits that Advantage will derive from them. Except
as required by law, Advantage undertakes no obligation to publicly
update or revise any forward-looking statements. DATASOURCE:
Advantage Energy Income Fund CONTACT: Investor Relations, Toll
free: 1-866-393-0393, Advantage Energy Income Fund, 700, 400 - 3rd
Avenue SW, Calgary, Alberta, T2P 4H2, Phone: (403) 718-8000, Fax:
(403) 718-8300, Web Site: http://www.advantageincome.com/, E-mail:
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