Advantage Announces CEO Transition and Appointment of Interim CEO

Executive Summary

• Michael Belenkie has stepped down as President, Chief Executive Officer, and director of Advantage Energy Ltd., effective June 15, 2026.
• John Festival has been appointed as Interim CEO and Chair of the Board to ensure leadership continuity while the Board searches for a permanent replacement.
• The company emphasized strong operational performance, highlighting the completion of the Progress Gas Plant and expectations for record production levels in the second half of 2026.

Key Details

• Outgoing Executive: Michael Belenkie stepped down from all roles (President, CEO, and Director) effective immediately.
• Interim Leadership: John Festival appointed as Interim CEO and Chair of the Board.
• Board Action: The Board will initiate a comprehensive search process to identify a permanent CEO.
• Operational Context: Progress Gas Plant is now complete; production is targeted to reach record levels in H2 2026.
• Strategic Priorities: Continued focus on operational excellence, disciplined capital allocation, and returning capital to shareholders during the transition period.
• Interim CEO Background: Mr. Festival brings over 35 years of western Canadian energy experience, previously serving as President & CEO of BlackRock Ventures Inc. (1999–2006) and BlackPearl Resources Inc. (2009–2019), and currently sits on the boards of Athabasca Oil Corporation and Cardinal Energy Ltd.

Notable Quotes

• John Festival, Interim CEO & Chair of the Board: "Advantage's business is performing well and continues to deliver strong results. With the Progress Gas Plant now complete and production set to reach record levels in the second half of the year, we are entering a period of meaningful free cash flow generation, excellent capital efficiency, and strong operational momentum, driven by an exceptional team. Our commitment to operational excellence, disciplined capital allocation, and return of capital to shareholders is unchanged. My focus is continuity of execution while the Board identifies the right permanent leader for the Corporation. The Board will conduct a comprehensive search process to identify that individual. I look forward to working closely with our executive team during this transition. On behalf of the Board, I want to thank Michael for his leadership and contributions to Advantage and wish him well in his next chapter."