17:46:42 EDT Fri 26 Apr 2024
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NuVista Energy Ltd
Symbol NVA
Shares Issued 135,144,665
Close 2014-02-27 C$ 9.30
Market Cap C$ 1,256,845,385
Recent Sedar Documents

Globe says NuVista, others benefit from harsh winter

2014-02-28 06:25 ET - In the News

Also In the News (C-BIR) Birchcliff Energy Ltd
Also In the News (C-CQE) Cequence Energy Ltd (2)
Also In the News (C-ECA) EnCana Corp
Also In the News (C-PMT) Perpetual Energy Inc

The Globe and Mail reports in its Friday, Feb. 28, edition that harsh winter weather has been good for smaller energy producers. The Globe's Carrie Tait and Jeffrey Jones write that NuVista Energy had to tear itself apart in the lean years in order to find a stronger footing for these better days. NuVista boss Jonathan Wright sold off a third of his company amid weak gas markets in September, 2012. Dozens of companies such as NuVista went through similar restructurings or outright sales as natural gas prices languished. Even large producers such as EnCana were forced into major makeovers. Now, higher prices are bringing a payoff. Gas prices have strengthened this winter, prompting investors to wager that demand for gas to refill depleted stocks will keep a floor under prices this spring and summer. That should bolster cash flow of producers that have struggled with depressed markets. In the past six months, NuVista shares are up about 25 per cent, Cequence Energy is up 38 per cent, Perpetual Energy is up 26 per cent and Birchcliff Energy is up nearly 10 per cent. Current prices allow companies to produce gas from wells that had been shut off or drill wells targeting gas already known to be in the ground.

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