/NOT FOR DISSEMINATION IN THE UNITED STATES - FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/
CALGARY, Nov. 12, 2013 /CNW/ - NuVista Energy Ltd. ("NuVista") (TSX: NVA) is
pleased to announce that it has entered into an agreement with a syndicate of
underwriters co-led by Peters & Co. Limited and RBC Capital Markets Corp., and
including CIBC World Markets Inc., FirstEnergy Capital Corp., Scotia Capital
Inc., BMO Capital Markets, TD Securities Inc. and National Bank Financial Inc.
(collectively, the "Underwriters"), pursuant to which the Underwriters have
agreed to purchase, on a bought deal basis, 11,000,000 common shares of the
Corporation (the "Common Shares") at a price of $7.10 per Common Share for
aggregate gross proceeds of approximately $78.1 million (the "Offering").
The net proceeds of the Offering will initially be used by NuVista to pay down
bank indebtedness and then to fund its remaining 2013 and 2014 Wapiti Montney
capital program. NuVista's Board of Directors has approved an increase of the
2014 capital budget to between $240 million and $260 million. NuVista
expects to maintain its current production guidance of Q4 2013 to Q4 2014
production per share growth of 15% including the effect of this Offering, or
approximately 25% absolute production growth.
The Offering is scheduled to close on or about December 3, 2013 and is subject
to customary regulatory approvals including the approval of the Toronto Stock
Exchange (the "TSX"). Following the closing of the Offering NuVista will
have approximately 134.9 million common shares outstanding.
This press release is not an offer of the Common Shares for sale in the United
States. The Common Shares have not been, and will not be, registered under the
United States Securities Act of 1933, as amended and may not be offered or
sold in the United States absent registration or an exemption from the
registration requirements thereof. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
ADVISORY REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
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 or information.
More particularly and without limitation, this press release contains forward
looking statements and information concerning: the use of proceeds of the
Offering; the expected timing of completion of the Offering; and the
satisfaction of the conditions of closing of the Offering and on the
The forward-looking statements and information in this press release are based
on certain key expectations and assumptions made by NuVista, including
prevailing commodity prices and exchange rates; applicable royalty rates and
tax laws; future well production rates; reserve and resource volumes; the
performance of existing wells; the success obtained in drilling new wells; the
sufficiency of budgeted capital expenditures in carrying out planned
activities; the availability and cost of labour and services; the satisfaction
of the conditions of closing of the Offering on the timing planned; and the
receipt, in a timely manner, of regulatory and other required approvals.
Although NuVista believes that the expectations and assumptions on which such
forward-looking statements and information are based are reasonable, undue
reliance should not be placed on the forward-looking statements and
information because NuVista can give no assurance that they will prove to be
Since forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to the risks associated with the oil and gas industry in general such
as: operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to reserves, production, costs and
expenses; health, safety and environmental risks; commodity price and exchange
rate fluctuations; marketing and transportation of petroleum and natural gas
and loss of markets; environmental risks; competition; incorrect assessment of
the value of acquisitions; failure to realize the anticipated benefits of
acquisitions; failure to satisfy conditions to closing of the Offering;
failure to obtain the necessary regulatory and other approvals, including
stock exchange approvals and on the timelines planned; risks that conditions
to closing of the Offering are not satisfied; risk that the Board of Directors
determines that it would be in the interests of NuVista to deploy the proceeds
from the Offering to some other purpose; ability to access sufficient capital
from internal and external sources; stock market volatility; and changes in
legislation, including but not limited to tax laws, royalty rates and
Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect the
operations or financial results of NuVista are included in reports on file
with applicable securities regulatory authorities and may be accessed through
the SEDAR website (www.sedar.com).
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 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.
SOURCE NuVista Energy Ltd.
Jonathan Wright President and CEO (403) 538-8501
Robert F. Froese VP, Finance and CFO (403) 538-8530
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-0- Nov/12/2013 22:18 GMT
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