00:05:36 EDT Tue 14 May 2024
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NuVista Energy Ltd
Symbol NVA
Shares Issued 217,394,037
Close 2023-05-23 C$ 11.66
Market Cap C$ 2,534,814,471
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NuVista restarts operations in Alberta at 65,000 boe/d

2023-05-23 09:03 ET - News Release

Mr. Jonathan Wright reports

NUVISTA ENERGY LTD. PROVIDES UPDATE ON WILDFIRE IMPACT IN GRANDE PRAIRIE OPERATIONS

NuVista Energy Ltd. has provided an update on the continuing wildfire situation in the Grande Prairie area. As previously advised, several of the company's fields were shut in on May 5 as a precautionary measure to ensure the protection of NuVista's people, the public and the company's assets in the vicinity of the wildfires. In addition, NuVistas's third party mid-stream partners have had to do the same, with the collective status changing frequently through the period since May 5. Fires have remained in the range of five kilometres to 10 km away, but with access roads blocked, personnel have been monitoring from safe locations. Winds and humidity have been more favourable in the last few days, and meaningful rainfall has reached the area, which is hoped to help stabilize the situation.

The temporary production impact has averaged approximately 35,000 boe/d (barrels of oil equivalent per day) from May 5 to May 22. With more favourable winds and weather, the company was able to restart most operations over the prior weekend, with daily production currently increased to approximately 65,000 boe/d. If rain and favourable winds occur as forecast, NuVista expects to restore full production levels of approximately 80,000 boe/d or more, as soon as the situation stabilizes fully. The company will provide quarterly production guidance at that time. NuVista is not aware of material damage to any company or third party assets and infrastructure in the area.

NuVista thanks its field staff, mid-stream partners and the local fire authorities for their swift and professional response to this situation, and its thoughts remain with any impacted community members.

About NuVista Energy Ltd.

NuVista is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of Alberta. NuVista's primary focus is on the scalable and repeatable condensate-rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep basin. This play has the potential to create significant shareholder value due to the high-value condensate volumes associated with the natural gas production and the large scope of this resource play.

We seek Safe Harbor.

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