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DVANT ADVANTAGE ENERGY LTD . Advantage Announces Third Quarter 2021 Financial and Operating Results ( TSX : AAV ) Calgary , Alberta , October 28 , 2021 Advantage Energy Ltd. ( " Advantage " or the “ Corporation " ) is pleased to report its third quarter 2021 results including record production , record free cash flow ( a ) and accelerated debt reduction . Operational performance of our summer development program exceeded expectations , with many of our new wells ranking amongst the best producers in our history . With elevated commodity prices presiding through much of the quarter and excess plant capacity available for new volumes , the average payout of new wells fell to less than 7 months from the on - stream date . Operating and Financial Highlights for the Quarter • Cash provided by operating activities of $ 47.0 million • Record adjusted funds flow ( " AFF ” ) ( a ) of $ 63.4 million ( $ 0.33 per share ) • Record free cash flow ( " FCF " ) ( a ) of $ 32.0 million • • • Record total production of 50,025 boe / d ( 271.8 mmcf / d natural gas , 4,724 bbls / d liquids ) , up 13 % over Q3 2020 Liquids production of 4,724 bbls / d ( 1,038 bbls / d oil , 1,002 bbls / d condensate , and 2,684 bbls / d NGLs ) Cash used in investing activities was $ 36.9 million while net capital expenditures ( a ) were $ 31.4 million • Net debt ( a ) decreased to $ 167.9 million while net debt to AFF ( a ) ratio fell to 0.9x • Operating costs remained low at $ 2.38 / boe Operational Update • • At Glacier , a five - well pad was brought onstream and delivered an average IP30 of 10 mmcf / d per well ( post - cleanup ) . Three of Advantage's four best Glacier multi - well pads have been drilled in the last 18 months . Two wells were completed in central Valhalla , ranking as the first and seventh best wells Advantage has ever drilled , with wellhead IP30s of 2,410 boe / d ( 10.3 mmcf / d natural gas and 693 bbls / d condensate ) and 1,964 boe / d ( 9.4 mmcf / d natural gas and 426 News Release Advantage Energy Ltd. Page 1 of 9 a . Non - GAAP Measure which may not be comparable to similar non - GAAP measures used by other entities . Please see Advisory for reconciliations to the nearest measure calculated in accordance with GAAP .