Mr. Jonathan Wright reports

NUVISTA ENERGY LTD. PROVIDES UPDATE ON WILDFIRES AND PRODUCTION GUIDANCE

As previously announced, NuVista Energy Ltd.'s production was temporarily impacted by the wildfires in the Grande Prairie region of Alberta. Specifically, several of NuVista's fields were shut in on May 5 as a precautionary measure to ensure the protection of the company's people, the public and NuVista's assets in the vicinity of the wildfires.

As a result of improving conditions, NuVista was able to gradually restart its operations commencing the week of May 22. NuVista's production has now reached a new record of approximately 80,000 Boe/d (barrels of oil equivalent per day). NuVista's production guidance for the second quarter of 2023 is approximately 71,000 Boe/d, including the overall impact of the wildfires of approximately 11,000 Boe/d. Over the second half of 2023, the company anticipates an additional impact of approximately 1,000 Boe/d due to capital project schedule delays associated with the wildfires. As a result, the company has revised its full year production guidance range to 76,000 to 79,000 Boe/d. NuVista's capital execution plans remain unchanged with a net capital expenditures guidance range of $425-million to $450-million.

The company is not aware of material damage to any company or third party assets and infrastructure in the area impacted by the Alberta wildfires. NuVista thanks its field staff, its mid-stream partners, and the local fire authorities for their swift and professional response to this situation, and NuVista's 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.