Advantage Announces Appointment of Stephen E. Balog to the Board of Directors

    CALGARY, Aug. 16 /CNW/ - Advantage Energy Income Fund ("Advantage" or the
"Fund") (AVN.UN - TSX, AAV -NYSE) is pleased to announce that Stephen E. Balog
has been appointed to the board of directors of Advantage's wholly owned
subsidiary, Advantage Oil & Gas Ltd. Mr. Balog, a senior oil and gas executive
and professional engineer, has 35 years of diversified experience and a proven
operations track record in leading large scale oil and gas development and
exploitation projects. Mr. Balog has strong people, operations management and
technical skills combined with excellent industry knowledge and business
contacts. Since November of 2001, Mr. Balog has been the President, Chief
Operating Officer and Director of Tasman Exploration Ltd. where he is
responsible for, among other things, production, drilling, completions,
facilities, reserves management and evaluation of acquisitions/mergers.
    Mr. Balog presently serves on the Alberta Securities Commission Reserve
Advisory Committee and served as Deputy Chairman and Committee Member of the
Standing Reserves Committee which drafted and implemented use of the COGE
    Advantage is confident that Mr. Balog will be an asset to the Fund and
looks forward to his input at both the Board level and on the Independent
Reserves Evaluation Committee.


    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 involvesubstantial 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.

    %SEDAR: 00016522E          %CIK: 0001259995

For further information:

For further information: Investor Relations, Toll free: 1-866-393-0393,
ADVANTAGE ENERGY INCOME FUND, 3100, 150 - 6th Avenue SW, Calgary, Alberta T2P
3Y7, Phone: (403) 261-8810, Fax: (403) 262-0723, Web Site:, E-mail:

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