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Advantage Oil Gaining on Subsidiary Spinout, Expanded Resource Reserves

Advantage Oil & Gas Ltd. (AAV.TO,AAV) shares are up more than 11% today after the company disclosed plans to spin out its oil assets in Alberta and Saskatchewan into a stand-alone company to be known as Longview Oil Corp.

Advantage also is getting a boost after saying its 2010 capital program added 26.4 mln barrels of oil equivilents of proven and probable reserves, largely at its Glacier properties.

Advantage will focus on gas projects, although it will own a 67% stake in Longview. Shares of the new company are slated to trade on the Toronto Stock Exchange.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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