NuVista Energy Ltd. Announces Third Quarter 2013 Results and Updated Resource Study

NuVista Energy Ltd. Announces Third Quarter 2013 Results and Updated Resource 
CALGARY, ALBERTA -- (Marketwired) -- 11/05/13 -- NuVista Energy Ltd.
("NuVista") (TSX:NVA) is pleased to announce results for the three
and nine months ended September 30, 2013 and provide an update on its
business plan. During the third quarter of 2013 NuVista was able to
advance its Wapiti Montney drilling program delivering production
growth and increased cash flow, even during a quarter of lower
natural gas prices. Development drilling project areas have now been
defined in each of our North and South Blocks of Wapiti Montney
lands. In addition, the independent resource evaluation of NuVista's
condensate-rich Wapiti Montney was recently updated showing a more
than doubling in resource while still only covering approximately
half of NuVista's landholdings in each of the B and C zones of the
Middle Montney.  
Highlights for, and subsequent to, the third quarter of 2013 are as

--  Achieved an average production rate for the third quarter of 2013 of
    18,532 Boe/d compared to 17,799 Boe/d in the second quarter of 2013 and
    14,903 Boe/d in the first quarter of 2013. Production in the third
    quarter was higher than originally anticipated due to stronger than
    expected well performance; 
--  Achieved funds from operations of $23.2 million in the third quarter of
    2013 compared to $19.0 million in the second quarter of 2013 and $11.6
    million in the first quarter of 2013; 
--  Higher value condensate production continued to increase, averaging
    2,210 Bbls/d in the third quarter of 2013 compared to 1,980 Bbls/d in
    the second quarter. Condensate volumes generated 33% of total company
    revenue, up from 31% in the second quarter; 
--  Wapiti Montney production grew to 5,890 Boe/d in the third quarter of
    2013 compared to 4,730 Boe/d in the second quarter and 1,830 Boe/d in
    the first quarter of 2013 reflecting the strong results of the 2013
    drilling program to date. Montney field netbacks averaged $26.61/Boe
    down slightly from $28.90/Boe in the second quarter, primarily due to
    lower natural gas prices. Wapiti Montney production has grown to 32% of
    total production volumes and when combined with our Wapiti up-hole sweet
production, the Wapiti core operating area accounted for 58% of total
    company production volumes in the third quarter; 
--  Established IP30 (30 day) production rates for one more North and one
    more South Block development well, brought on production an additional
    South Block development well, and drilled two delineation/step-out
--  Set new horizontal well records with respect to cost and time,
    continuing the improving trend by achieving spud-to-total depth in 24
    days and a new drill cost of $4.0 million, which is 13% below the well's
    cost estimate; 
--  Set a new record for completion cost of $2.8 million for a large volume
    18-stage slickwater fracture stimulation; 
--  Completed an update of the evaluation of NuVista's Montney resource with
    a 2.1x increase in Best Estimate Economic Contingent Resource to 2.6
    Tcfe or 425 MMBoe including a 2.3x increase in the Best Estimate
    condensate component of the Economic Contingent Resource to 102.7 MMBbl.
    The update confirms $2.35 billion of net present value discounted at 10%
    before tax, from 577 horizontal drilling locations and does not yet
    include any discovered resources in the Lower Montney; 
--  On October 29, 2013, announced the closing of a private placement and
    public offering of an aggregate of 5,129,000 common shares issued on a
    flow-through basis for gross proceeds of approximately $39.7 million;
--  Ended the third quarter with net long-term debt of $117.4 million or
    just over 1.3x net debt as a ratio of annualized third quarter cash

Wapiti Montney Progress Continues 
We continue to be very pleased with the progress made in advancing
our Wapiti Montney play and the results from our own and industry's
wells in the greater Wapiti area. Industry is drilling several
multi-well pads to the southeast and the northwest, combining with
NuVista's activity to boost the momentum of this high value play. 
In the South Block, we have increased our internal typecurve
condensate yield from 45 Bbls/MMcf to 75 Bbls/MMcf given the higher
yield observed in our six producers. This increased well performance
and producing wellcount certainty has enabled us to define a
development project area between the six wells on production and have
planned approximately 75% of our 2014 activity to be development
wells in this area which can ultimately support well over 100
development wells in the Middle Montney zone alone. We look forward
to the South Block development project drilling in 2014 as we have
now progressed into pad drilling, and expect to see continued cost
reduction progress with a number of two to four well pads in late
2013 and through 2014.  
Planning and construction for new South Block infrastructure is
progressing well. The first phase of this increase in capacity
involves NuVista's construction of a 100% owned South Block
compressor station and Keyera's construction of the new pipeline to
Keyera's Simonette plant with additional capacity starting at 35
MMcf/d of raw natural gas by mid-2014. Both our compressor station
and the Keyera pipeline are progressing well with all regulatory
licensing approved, site preparation beginning, and major long lead
equipment and materials ordered. The second phase of South Block
growth involves an expansion of our compressor station and some
equipment installation at Keyera's Simonette plant by the fourth
quarter of 2014 adding additional capacity of 30 MMcf/d at that time.
As previously disclosed, this project allows NuVista significant room
for growth, reduced Montney operating and transportation costs in the
range of 25% to 33% by 2015, and firm access for Montney C3+ volumes
for fractionation and marketing at Keyera Fort Saskatchewan. The
NuVista South Block compressor station has been sized for 80 MMcf/d
with 100 Bbls/MMcf total condensate yield, or a total of 8,000 Bbls/d
of condensate production - truly lifting our growth path to another
In the North Block, we are encouraged by the production performance
of the seven wells on stream to date, but plan to spend only
approximately 10% of our 2014 capital there as we maintain our 2014
focus upon the South Block. With a typecurve condensate yield of 45
Bbls/MMcf and the areal coverage and producing certainty of the seven
wells drilled, we have defined a North Block development drilling
project area across these wells which can ultimately support well
over 100 wells in the Middle Montney zone alone. 
On the land delineation front, we have tested two significant
step-out wells in the quarter. Both wells had encouraging tests with
similar rates and recoveries to other tested wells in the area and
are anticipated to be placed on production in the coming months. We
are encouraged by the inclusion of these wells in the contingent
resource report. 
Access to markets and fractionation for natural gas liquids products
continues to be a challenge for our industry. It is critical that
volumes can move smoothly and efficiently to market to facilitate
play growth. In this regard, NuVista is very well positioned to meet
the industry challenges for the transportation, processing and
marketing of Wapiti Montney products through a variety of firm
which have been set in place including: 

--  Raw gas in 2013 has and will access processing at SemCAMS K3 and CNRL
    Gold Creek plants; 
--  Significant growth volumes for 2014 and 2015 will access processing by
    adding the Keyera Simonette pipeline and gas plant processing, with
    facilities already under construction; 
--  All condensate volumes will be transported by pipeline and truck to the
    local Alberta market for 2013, with virtually all volumes expected to be
    pipeline delivered by late 2014; and 
--  For 2013 and beyond, propane and butane volumes are being transported on
    the Pembina Peace Pipeline with primarily firm commitments to Fort
    Saskatchewan, where they will be fractionated and delivered to market
    under firm service contracts with Keyera at Fort Saskatchewan. 

Commodity hedging is a key component of NuVista's financial risk
management initiatives. There has been much attention recently
directed to the TransCanada Eastern Mainline toll changes, and
concern about the corresponding impact on AECO natural gas prices.
For the fourth quarter of 2013, NuVista has fixed a floor AECO price
of $3.39/Mcf on approximately 50% of its net forecast production, and
has changed the floating price exposure through AECO/NYMEX basis
hedges on a further 44% of net production volumes from an AECO price
to a NYMEX price less US$0.58/MMbtu. Also for the fourth quarter of
2013, NuVista has fixed a WTI crude oil floor price of $94.68/Bbl on
57% of its net forecast oil and liquids production forecast. This
strong price assurance continues through 2014. For 2014, NuVista has
fixed a floor AECO price of $3.41/Mcf on approximately 31% of its net
forecast production, and has changed the floating price exposure
through AECO/NYMEX basis hedges on a further 47% of net production
volumes from an AECO price to a NYMEX price less US$0.57/MMbtu. Also
for 2014, NuVista has fixed a WTI crude oil floor price of $94.72/Bbl
on approximately 56% of its net forecast oil and liquids production. 
Update to Wapiti Montney Contingent Resource Evaluation 
NuVista is also pleased to announce the results of the update to its
independent resource evaluation of NuVista's condensate-rich Wapiti
Montney asset. GLJ Petroleum Consultants Ltd. ("GLJ") has updated its
evaluation of the Discovered Petroleum Initially-In-Place ("DPIIP")
and the Economic Contingent Resources ("ECR") associated with the
in-place petroleum. The evaluation was performed in accordance with
National Instrument 51-101 - Standards of Disclosure for Oil and Gas
Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation
Handbook ("COGE Handbook") and is effective October 31, 2013. 
This evaluation shows a large increase in the DPIIP and ECR of the
Montney play, in particular, new resource recognized as a result of
our drilling activity in the B zone of the Middle Montney formation.
GLJ's Best Estimate of the total DPIIP has more than doubled to 5.6
Tcf and GLJ's Best Estimate of the ECR is 2.6 Tcfe or 425 MMBoe.
DPIIP and ECR has now been recognized on 55,000 net acres in the
Montney C and 64,000 net acres in the Montney B, leaving
approximately half of NuVista's total acreage yet to be assigned
contingent resource in the Middle Montney B and C zones. The
evaluation does not yet include any discovered resources in the Lower
Montney zone. Step-out and delineation drilling will continue in
GLJ's Best Estimate of the condensate component of the ECR has
increased to 102.7 MMBoe or 24% of the ECR on a Boe basis. The total
NGL component including propane, butane, and condensate has now
reached 140.4 MMBoe in the Best Estimate case. Based on GLJ's October
1, 2013 forecast prices, the before-tax net present value, discounted
at 10%, associated with the Best Estimate of the ECR is $2.35 billion
compared to $1.25 billion at September 1, 2012. It is expected that
significant value remains to be unlocked as NuVista continues to
delineate its landholdings and resources are converted to reserves
and production.  
DPIIP is typically broken down into four components including
Cumulative Production, Reserves, Contingent Resources and
Unrecoverable DPIIP. The following table presents a breakdown of the
DPIIP associated with NuVista's Montney properties into the component

                 Discovered Petroleum Initially-In-Place(1)                 
Cumulative Production(2)                           1.2 MMBoe      0.007 Tcfe
Reserves (Proved + Probable)(2,3)                   29 MMBoe      0.174 Tcfe
Economic Contingent Resources (Best                                         
 Estimate)(4,5)                                    425 MMBoe      2.550 Tcfe
Unrecoverable DPIIP(6)                             478 MMBoe       2.869 Tcf
DPIIP (Best Estimate)(7)                           934 MMBoe       5.603 Tcf
(1)   All estimates of resources and reserves in the above table represent  
      NuVista's gross resources, reserves or production before the deduction
      of any royalties and without including any royalty interests of       
      NuVista. There is no certainty that it will be commercially viable to 
      produce any portion of the resources. The resource estimates presented
      above use the resource categories set out in the COGE Handbook. See   
      "Reserves and Resource Disclosure".                                   
(2)   The Cumulative Production numbers represent production to October 31, 
      2013 whereas the Proved plus Probable Reserves numbers are as of      
      December 31, 2012. From December 31, 2012 to October 31, 2013, total  
      Cumulative Production from NuVista's Montney properties in the reserve
      report was approximately 0.003 Tcfe. For further information regarding
      the previously reported reserves numbers, see NuVista's Annual        
      Information Form dated March 28, 2013.                                
(3)   The Proved plus Probable Reserves estimate is effective as of December
      31, 2012 and is based on an independent evaluation by GLJ using       
      January 1, 2013 forecast pricing. The Proved Reserves as of December  
      31, 2012 were estimated to be 0.094 Tcfe.                             
(4)   All of NuVista's Contingent Resources from its Montney properties are 
      considered economic using GLJ's October 1, 2013 forecast prices.      
(5)   The primary contingency which prevents the classification of the ECR  
      as reserves is pace and availability of funding. In addition, more    
      drilling, completion, and testing data will be required before NuVista
      can commit to the development of the ECR. Proved and Probable Reserves
      are assigned to areas in proximity to proven producing Montney wells. 
      ECR's are assigned to areas that extend beyond the limits of Reserves.
      As continued delineation drilling occurs, some resources currently    
      classified as ECR are expected to be re-classified as Reserves.       
(6)   All of the DPIIP that has not been classified as Cumulative           
      Production, Reserves or Contingent Resources may be considered        
      unrecoverable at this time. A portion of the Unrecoverable DPIIP may  
      in the future be determined to be recoverable and reclassified as     
      Contingent Resources or reserves as additional technical studies are  
      performed, commercial circumstances change or technological           
      developments occur; the remaining portion may never be recovered due  
      to the physical/chemical constraints represented by subsurface        
      interaction of fluids and reservoir rocks. The Unrecoverable DPIIP has
      been calculated by subtracting Cumulative Production, Proved plus     
      Probable Reserves and Contingent Resources from DPIIP. Since the      
      Proved plus Probable Reserves are estimated as of December 31, 2012   
      and all other numbers are as of October 31, 2013 the Unrecoverable    
      DPIIP may be greater or less that the number in the above table due to
      increases or decreases in Proved plus Probable Reserves between       
      December 31, 2012 and October 31, 2013.                               
(7)   The sum of Cumulative Production, Reserves, Contingent Resources and  
      Unrecoverable DPIIP do not add to DPIIP as Cumulative Production,     
      Reserves and Contingent Resources have been reduced to marketable     
      sales volumes that have been shrunk to account for surface loss. DPIIP
      and Unrecoverable DPIIP volumes are in-place volumes that have not    
      been reduced due to surface loss.                                     

An update to NuVista's Proved and Probable Montney reserves, which
will reflect our active 2013 Montney drilling program, will be
included within our regular annual reserves disclosure in our 2014
Annual Information Form.  
2013 and 2014 Guidance 
We are pleased to provide an update to our guidance for 2013. Average
production forecast for the year is expected to be 17,000 Boe/d to
17,400 Boe/d, slightly above the top of our previous guidance range
of 16,250 Boe/d to 17,000 Boe/d. Production for the fourth quarter is
expected to be unchanged from prior guidance at between 17,500 Boe/d
and 18,500 Boe/d as first disclosed in our March 6, 2013 press
release. Our capital spending for 2013 is anticipated to be between
$215 million and $220 million. Funds from operations for the year are
forecast to be between $70 million and $75 million based on forecast
fourth quarter 2013 AECO and NYMEX natural gas prices of $3.29/Mcf
and US$3.70/MMbtu, respectively, and a WTI crude oil price of
NuVista's Board of Directors has approved a 2014 capital budget range
of $220 million to $240 million. NuVista's 2014 business plan will
focus on South Block development project drilling and timely
completion of the two phases of infrastructure that will facilitate
2014 and future growth while prudently managing its debt levels
throughout this period of facility expansion. NuVista is targeting
fourth quarter 2013 to fourth quarter 2014 production per share
growth of approximately 15%. We have a target to divest of noncore
properties for proceeds of $25 million to $50 million in each of 2013
and 2014. We will provide more details of our 2014 business in the
coming months as we finalize our detailed capital plan and budget for
With a similar capital program in 2015, we have line of sight to
reaching 25,000 Boe/d of company production in that year.  Ultimately
the South and North Block development drilling project areas alone
are expected to support more than 200 profitable horizontal wells in
the Middle Montney zone, a proven resource base which is expected to
support 15% to 30% annual production growth rates (depending on
spending pace) in the defined development project areas through 2020
and beyond. In addition, there is significant room to expand beyond
the defined project areas when one looks at the 577 total locations
assigned in the Contingent Resources report and the many NuVista
lands where we expect to continue delineation drilling in the Middle
and Lower Montney. 
With every well drilled, we are learning more about our Wapiti
Montney area and growing increasingly confident and excited about the
impressive condensate-rich potential of this play, the growth
potential, and the exceptional value that is and will be created as
we increase scale and benefit from the efficiencies that come with
it. We have moved into defined development project area and pad
drilling. We have the people, the assets, the processing capacity,
and the will to continue to deliver significant results for our
shareholders. We look forward to providing our fourth quarter results
and annual reserves data in March 2014. 

Corporate Highlights                                                        
                                 Three months ended      Nine months ended  
                                      September 30,           September 30, 
($ thousands, except per                                                    
 share)                            2013        2012        2013        2012 
Oil and natural gas revenue      60,420      61,678     156,326     193,735 
Funds from operations(1)         23,161      17,187      53,773      59,394 
  Per basic share                  0.20        0.17        0.45        0.60 
  Per diluted share                0.20        0.17        0.45        0.60 
Net earnings (loss)              (2,295)    (47,600)    (13,739)   (136,158)
  Per basic share                 (0.02)      (0.48)      (0.12)      (1.37)
  Per diluted share               (0.02)      (0.48)      (0.12)      (1.37)
Adjusted net earnings                                                       
 (loss)(1)                       (2,416)    (19,692)    (15,887)    (42,257)
  Per basic share                 (0.02)      (0.20)      (0.13)      (0.45)
  Per diluted share               (0.02)      (0.20)      (0.13)      (0.45)
Total assets                                            953,145   1,212,600 
Long-term debt, net of                                                      
 adjusted working capital(1)                            117,425     314,242 
Capital expenditures             44,626      15,776     144,378      86,428 
Dispositions                          -         687      12,392       9,850 
Weighted average common                                                     
 shares outstanding                                                         
  Basic                         118,727      99,523     118,670      99,517 
  Diluted                       118,727      99,523     118,670      99,517 
  Natural gas (MMcf/d)             76.7       101.8        71.0       101.8 
  Condensate (Bbls/d)             2,210       1,659       1,731       1,348 
  Butane (Bbls/d)                   475         544         450         535 
  Propane (Bbls/d)                  802         730         709         725 
  Ethane (Bbls/d)                   715         608         820         681 
  Oil (Bbls/d)                    1,550       3,435       1,545       3,967 
    Total oil equivalent         18,532      23,936      17,092      24,217 
Average product prices (2)                                                  
  Natural gas ($/Mcf)              3.04        2.24        3.23        2.24 
  Condensate ($/Bbl)              97.92       88.83       97.08       97.04 
  Butane ($/Bbl)                  63.94       58.77       58.72       65.60 
  Propane ($/Bbl)                 27.52       18.11       23.98       24.82 
  Ethane ($/Bbl)                  11.59        3.14        8.97        7.12 
  Oil ($/Bbl)                     94.45       74.43       80.44       73.22 
Operating expenses                                                          
  Natural gas and natural                                                   
   gas liquids ($/Mcfe)            1.75        1.64        1.82        1.68 
  Oil ($/Bbl)                     21.24       17.93       21.86       16.68 
    Total oil equivalent                                                    
     ($/Boe)                      11.37       11.00       11.90       11.14 
Operating netback ($/Boe)         17.28       11.96       16.01       13.00 
Funds from operations                                                       
 netback ($/Boe)(1)               13.59        7.80       11.52        8.95 
(1)   Funds from operations, funds from operations per share, funds from    
      operations netback, operating netback, adjusted net earnings, adjusted
      net earnings per share and adjusted working capital are not def
ined by
      GAAP in Canada and are referred to as non-GAAP measures. Funds from   
      operations are based on cash flow from operating activities as per the
      statement of cash flows before changes in non-cash working capital and
      asset retirement expenditures. Funds from operations per share is     
      calculated based on the weighted average number of common shares      
      outstanding consistent with the calculation of net earnings (loss) per
      share. Funds from operations netback equals the total of revenues     
      including realized commodity derivative gains/losses less royalties,  
      transportation, operating, general and administrative, restricted     
      stock units, interest expenses and cash taxes calculated on a Boe     
      basis. Adjusted net earnings equals net earnings excluding after tax  
      unrealized gains (losses) on commodity derivatives, impairments and   
      gains (losses) on property divestments. Operating netback equals the  
      total of revenues including realized commodity derivative gains/losses
      less royalties, transportation and operating expenses calculated on a 
      Boe basis. Adjusted working capital excludes the current portions of  
      the commodity derivative asset or liability. Total Boe is calculated  
      by multiplying the daily production by the number of days in the      
      period. For more details on non-GAAP measures, including              
      reconciliation to GAAP measures refer to NuVista's "Management's      
      Discussion and Analysis".                                             
(2)   Product prices exclude realized gains/losses on commodity derivatives.

NuVista's third quarter 2013 interim consolidated financial
statements and the accompanying Management's Discussion and Analysis
will be filed on SEDAR ( under NuVista Energy Ltd. and
can also be accessed on NuVista's website at 
The reserves and resources estimates prepared herein have been
evaluated by an independent qualified reserves evaluator in
accordance with NI 51-101 and the COGE Handbook. The reserves and
resources have been categorized accordance with the reserves and
resource definitions as set out in the COGE Handbook, which are set
out below: 
Discovered petroleum initially-in-place or DPIIP is that quantity of
petroleum that is estimated, as of a given date, to be contained in
known accumulations prior to production. The recoverable portion of
discovered petroleum initially-in-place includes Cumulative
Production, Reserves, and Contingent Resources; the remainder is
categorized as unrecoverable.  
Cumulative Production is the cumulative quantity of petroleum that
has been recovered at a given date.  
Reserves are estimated remaining quantities of petroleum anticipated
to be recoverable from known accumulations, as of a given date, based
on the analysis of drilling, geological, geophysical, and engineering
data; the use of established technology; and specified economic
conditions, which are generally accepted as being reasonable.
Reserves are further classified according to the level of certainty
associated with the estimates and may be sub-classified based on
development and production status. 
Proved Reserves are those quantities of petroleum, which, by analysis
of geoscience and engineering data, can be estimated with reasonable
certainty to be economically producible from a given date forward,
from known reservoirs and under existing economic conditions,
operating methods and government regulations.  
Probable Reserves are those additional quantities of petroleum that
are less certain to be recovered than Proved Reserves, but which,
together with Proved Reserves, are as likely as not to be recovered.  
Contingent Resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known
accumulations using established technology or technology under
development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
Contingencies may include such factors as economic, legal,
environmental, political and regulatory matters or a lack of markets.
It is also appropriate to classify as Contingent Resources the
estimated discovered recoverable quantities associated with a project
in the early evaluation stage.  
There is no certainty that it will be commercially viable to produce
any portion of the Contingent Resources or that any portion of the
volumes currently classified as Contingent Resources will be
produced. The recovery and resource estimates provided herein are
estimates. Actual Contingent Resources (and any volumes that may be
classified as Reserves) and future production from such Contingent
Resources may be greater than or less than the estimates provided
Economic Contingent Resources ("ECR") are those Contingent Resources
that are currently economically recoverable based on specific
forecasts of commodity prices and costs.  
Unrecoverable Discovered Petroleum Initially-In-Place or
Unrecoverable DPIIP is that portion of DPIIP which is estimated, as
of a given date, not to be recoverable by future development
projects. A portion of these quantities may become recoverable in the
future as commercial circumstances change or technological
developments occur; the remaining portion may never be recovered due
to the physical/chemical constraints represented by subsurface
interaction of fluids and reservoir rocks.  
Best Estimate of a resource represents the best estimate of the
quantity that will actually be recovered. It is equally likely that
the actual remaining quantities recovered will be greater or less
than the best estimate. If probabilistic methods are used, there
should be at least a 50 percent probability (P50) that quantities
actually recovered will equal or exceed the best estimate. 
This news release contains the terms barrels of oil equivalent
("Boe"), millions of barrels of oil equivalent ("MMBoe") and thousand
cubic feet equivalent ("Mcfe") and trillion cubic feet equivalent
("Tcfe"). Natural gas is converted to a Boe using six thousand cubic
feet of gas to one barrel of oil. In certain circumstances natural
gas liquid volumes have been converted to a Mcfe on the basis of one
barrel of natural gas liquids to six thousand cubic feet of gas.
Boes, MMBoes, Mcfes and Tcfes may be misleading, particularly if used
in isolation. The foregoing conversion ratios are based on an energy
equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. As well,
given than the value ratio based on the current price of crude oil to
natural gas is significantly different from the 6:1 energy
equivalency ratio, using a conversion ratio on a 6:1 basis may be
misleading as an indication of value. 
Any references in this news release to initial or test production
rates are useful in confirming the presence of hydrocarbons, however,
such rates are not determinative of the rates at which such wells
will continue production and decline thereafter. Additionally, such
rates may also include recovered "load oil" fluids used in well
completion stimulation. While encouraging, readers are cautioned not
to place reliance on such rates in calculating the aggregate
production for NuVista. 
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws. The
use of any of the words "will", "expects", "believe", "plans",
"potential" and similar expressions are intended to identify
forward-looking statements. More particularly and without limitation,
this press release contains forward looking statements, including
management's as
sessment of: NuVista's future strategy, plans,
opportunities and operations; the expectations of creating
significant shareholder value from NuVista's properties and
opportunities; forecast production; production mix; drilling,
development, completion and tie-in plans and results; plans to reduce
drilling times and costs and to optimize completions; plans relating
to future access to processing facilities, transportation and
markets; expectations of future results, including future production
levels, typecurves, well economics, and operating costs, future
disposition plans, targeted debt level; the timing, allocation and
efficiency of NuVista's capital program and the results therefrom;
plans and expectations regarding facility construction and/or
expansions, the timing thereof and the benefits to be obtained
therefrom; the anticipated potential of NuVista's asset base;
forecast funds from operations; the source of funding of NuVista's
capital program; NuVista's risk management strategy; expectations
regarding future commodity prices and netbacks; industry conditions
and the timing of release of future results. By their nature,
forward-looking statements are based upon certain assumptions and are
subject to numerous risks and uncertainties, some of which are beyond
NuVista's control, including the impact of general economic
conditions, industry conditions, current and future commodity prices,
currency and interest rates, anticipated production rates, borrowing,
operating and other costs and funds from operations, the timing,
allocation and amount of capital expenditures and the results
therefrom, anticipated reserves and the imprecision of reserve
estimates, the performance of existing wells, the success obtained in
drilling new wells, the sufficiency of budgeted capital expenditures
in carrying out planned activities, access to infrastructure and
markets, competition from other industry participants, availability
of qualified personnel or services and drilling and related
equipment, stock market volatility, effects of regulation by
governmental agencies including changes in environmental regulations,
tax laws and royalties, the ability to access sufficient capital from
internal sources and bank and equity markets; and including, without
limitation, those risks considered under "Risk Factors" in our Annual
Information Form. 
Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. NuVista's actual
results, performance or achievement could differ materially from
those expressed in, or implied by, these forward-looking statements,
or if any of them do so, what benefits NuVista will derive therefrom.
NuVista has included the forward-looking statements in this press
release in order to provide readers with a more complete perspective
on NuVista's future operations and such information may not be
appropriate for other purposes. NuVista disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
NuVista Energy Ltd.
Jonathan A. Wright
President and CEO
(403) 538-8501 
NuVista Energy Ltd.
Robert F. Froese
VP, Finance and CFO
(403) 538-8530
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