Mr. Jonathan Wright reports

NUVISTA ENERGY LTD. ANNOUNCES RECORD YEAR END 2023 RESERVES, FINANCIAL AND OPERATING RESULTS

NuVista Energy Ltd. has released record-setting reserves and strong financial and operating results for the three months and year ended Dec. 31, 2023. The results of our 2023 program underscore the quality and predictability of our asset base, and the ability of our team to generate robust returns, maintain capital discipline, and return capital to our shareholders. These achievements are underpinned by our unwavering commitment to safety and sustainability. We are entering 2024 in a financially strong position, with the flexibility to continue to execute our value-driven growth strategy and to return capital to shareholders.

Fourth Quarter and Full Year 2023 Operational and Financial Highlights

During the quarter and year ended Dec. 31, 2023, NuVista:

• Delivered our highest-ever annual average production rate of 77,185 boepd, a 12 per cent increase from 2022 and slightly exceeding the top end of our guidance range of 76,000 - 77,000 boepd. This result demonstrates the quality of our asset base despite the temporary operational outages caused by the wildfires in the Grande Prairie region of Alberta (the "Alberta wildfires") in May. Annual production consisted of 32 per cent condensate, 8 per cent NGLs, and 60 per cent natural gas, and we achieved an average of 85,924 boepd for the fourth quarter;
• Recorded annual adjusted funds flow(1) of $756.9 million ($3.50/share, basic(4)), with adjusted funds flow from the fourth quarter contributing $202.0 million ($0.95/share, basic(4));
• Generated free adjusted funds flow(2) of $210.6 million for the year ($0.97/share, basic(4)), including $70.6 million ($0.33/share, basic(4)) in the fourth quarter;
• Achieved annual net earnings of $367.7 million ($1.70/share, basic), including $89.5 million ($0.42/share, basic(4)) in the fourth quarter;
• Maintained a strong operating netback(3) at $29.06/Boe and corporate netback(3) at $26.86/Boe for the year, with fourth quarter results at $27.01/Boe and $25.55/Boe, respectively;
• Expanded on our existing natural gas diversification strategy by successfully acquiring 50 MMcf/d of net Empress delivery capacity along with TC Energy Mainline capacity to deliver to the U.S. Midwest and Central Canadian markets starting in April 2026. In 2024, our natural gas sales are over 85 per cent exposed to North American markets outside of AECO;
• Executed a successful capital expenditure(2) program, investing $500.3 million in well and facility activities including the drilling of 49 gross (48.5 net) wells and the completion of 47 gross (45.7 net) wells in our condensate rich Montney play. Inclusive of property acquisitions of $44.0 million and infrastructure disposition proceeds of $26.0 million, net capital expenditures(2) were $518.3 million in 2023. Predominately located in our core Wapiti area, the property acquisitions immediately contribute to our inventory, enhance our land configuration efficiency, and optimize the utilization of our pipelines and field facilities;
• Commissioned the new cogeneration unit at our Wembley Gas Plant, with power generation expenditures totaling $16.9 million in the fourth quarter. This project was built in partnership with our gas plant working interest partners, and five Indigenous Nations on whose traditional territories on which we operate. The five Indigenous Nations invested $20 million in support of this emissions reduction project. In return, the five Indigenous Nations are entitled to defined contractual cash flows, while NuVista will benefit from the cogeneration unit in terms of reduced operating costs and carbon emissions;
• Exited the year with $16.9 million drawn on our $450 million credit facility. Net debt(1) at year end was $183.6 million, well below our net debt soft ceiling of $350 million(5). NuVista's net debt to annualized fourth quarter adjusted funds flow(1) ratio was 0.2x;
• Repurchased and subsequently cancelled 15.3 million common shares in 2023, for an aggregate cost of $183.8 million or $12.01 per share under the terms of our current normal course issuer bid ("NCIB") program. Since the inception of our NCIB program in 2022, we have repurchased and subsequently cancelled 29.7 million common shares for an aggregate cost of $351.3 million or $11.82 per share;
• Advanced our commitment to environmental, social, and governance ("ESG") goals, with notable progress highlighted in our recently released 2022 ESG report, available on our website (see www.nvaenergy.com ). Notably, the report highlights our continued achievements in reducing methane and greenhouse gas ("GHG") emissions; and
• Was recognized as part of the TSX30 for the second consecutive year. The TSX30 recognizes the thirty top-performing companies on the Toronto Stock Exchange (TSX) over the prior three-year period (see www.tsx.com/tsx30 ). NuVista placed a very competitive second place overall.

Significant Reserves Growth

NuVista is pleased to report the results of our year end 2023 independent reserves evaluation by GLJ Ltd. ("GLJ") (the "GLJ Report"). The efficiency in growing our reserves highlights the quality of our asset base. Our proven track record of continuous improvement, combined with the substantial depth and quality of our undeveloped resources, emphasizes our ability to deliver sustained value for our shareholders in both the short and long term. Reserves replacement(1) and inventory growth are key metrics as we continue to build out infrastructure to support production levels toward 115,000 boepd.

Our 2023 reserves report includes the following key accomplishments:

• Reported Proved Developed Producing ("PDP") reserves of 161.9 MMBoe, a year-over-year increase of 14 per cent, or a 20 per cent increase on a per share basis;
• Recorded Total Proved plus Probable ("TP+PA") reserves of 643.0 MMBoe, a year-over-year increase of 6 per cent, or a 12 per cent increase on a per share basis, attributed to the continued success in our multi-layer Montney development, including newly booked Lower Montney locations in Gold Creek;
• Replaced 168 per cent and 237 per cent of 2023 production on a PDP and TP+PA basis, respectively, which is reflected in the continued growth of our undeveloped inventory of locations;
• Delivered PDP Finding and Development Costs ("F&D")(1) that exceeded our expectations despite an inflationary environment, at $10.54/Boe, due to strong well performance and execution;
• TP+PA F&D was $12.59/Boe, driven by an expected increase in Future Development Capital to account for infrastructure to accommodate growth to 115,000 boepd and a 6 per cent increase in undeveloped well costs to reflect 2023 actuals. Three-year average TP+PA F&D is $10.30/Boe;
• Achieved a PDP recycle ratio(1) of 2.8x based on our 2023 operating netback(1);
• Total wells increased by 47 to 353, while the total undeveloped drilling locations increased by 68 to 1180, which reflects over 25 years of development at the current pace(3); andPDP, TP, and TP+PA before-tax net present value, discounted at 10 per cent (NPV10)(2), are $9.68, $19.52, and $27.03 per share, respectively, at Dec. 31, 2023, reflecting the exceptional current and future underlying value of our assets.

The detailed summary of our year end 2023 reserves disclosure and other oil and gas information is included below, and further information will be included in our Annual Information Form which will be filed on or before March 29, 2024 on SEDAR+ at www.sedarplus.ca.

Excellence in Operations

Operations through the end of 2023 and now into the first two months of 2024 continue to exceed our expectations. The consistency in our service providers has been one of the keys to the continued improvements we are seeing across all aspects of our field operations. Our two drilling rigs finished tandem-drilling a six-well pad in Elmworth and are now drilling a 4-well pad in Pipestone and a 4-well pad in Gold Creek. Completion operations are also progressing very well and we expect six additional pads to come on-stream this year. Despite the severe cold experienced in late January, continued performance improvements and some continued savings on the materials side have allowed us to meet budgeted well costs year to date.

Infrastructure debottlenecking and expansion projects are progressing well in 2024 at both NuVista and third-party facilities. In the Wapiti area an expansion of the NuVista Elmworth Compressor Station is ongoing through the first half of 2024 with a start up planned for early in the third quarter. Additionally, a debottleneck project is being executed at the third-party Pembina Gas Infrastructure (PGI) Wapiti gas plant in the first quarter. These projects will enhance corporate facility capacity, in stages, to over 95,000 boepd. Concurrently, in the Pipestone North area, construction is well underway at the third-party CSV Midstream Albright gas plant with anticipated start up in late 2024 or early 2025. Once online NuVista's facility capacity is expected to reach a corporate total of approximately 105,000 boepd.

Cycle time improvements have been impressive. Since our 2019-2020 program we have reduced the average number of days from the start of drilling to the on-stream date by 54 per cent. This has significant impact to the rate of return for projects that reach payout in less than one year.

One of the most significant performance highlights continues to be the 6-well pad at Gold Creek that was brought on-stream in the fourth quarter of 2023. Notably, this is our first fully co-developed pad in Gold Creek, including 3 wells from the Middle Montney layer plus 3 wells from the emerging Lower Montney layer. In February, this pad reached its IP90 milestone of 1,570 boepd on average per well, including 50 per cent condensate, which represents nearly 90 per cent more condensate produced over its IP90 compared to the Gold Creek historical average well result. A strong production result combined with continued progress in execution which created record NuVista drilling performance on this pad, is forecast to result in a first year capital efficiency of less than $8,000 per flowing Boe - a leading result for the area.

Balance Sheet Strength and Return of Capital to Shareholders

We ended the year in a position of low debt and significant financial flexibility. At Dec. 31, 2023, our net debt was $183.6 million, well below our soft ceiling of approximately $350 million. We were minimally drawn on our $450 million covenant-based credit facility, at $16.9 million, with a net debt to annualized fourth quarter adjusted funds flow ratio of 0.2x. The net debt ceiling ensures that based on current production levels, our net debt to adjusted funds flow ratio remains at or below 1.0x in a stress test price environment of US$45/Bbl WTI oil and US$2.00/MMBtu NYMEX natural gas.

We remain focused on our disciplined and value-adding growth strategy, and providing significant shareholder returns. We continue to believe that the best method for return of capital to shareholders is initially to repurchase shares, however we will continue to re-evaluate over the next year as our growth plan proceeds. This evaluation will consider commodity prices, the economic and tax environment, and will include all options including share repurchases and dividend payments.

Presently, our Board has set a target of returning approximately 75 per cent of free adjusted funds flow to shareholders through the repurchase of the Company's common shares pursuant to our current NCIB. The remaining free adjusted funds flow can be allocated towards debt reduction, land acquisitions, infrastructure repurchases, or selective mergers and acquisitions that add value for shareholders.

Environment, Social & Governance ("ESG") Highlights

In September 2023, we proudly published our 2022 ESG Report, underscoring our accomplishments in achieving specific targets and advancing ongoing projects to support our commitment to ESG objectives. Notably, in 2022, we exceeded expectations by achieving a 34 per cent reduction in CO2e emission intensity from our 2020 baseline, far surpassing our target of a 20 per cent reduction by 2025. Additionally, our methane emission intensity decreased by 86 per cent compared to our 2012 benchmark. As part of our ongoing commitment to enhance our emissions performance, the newly commissioned cogeneration unit at our Wembley Gas Plant in the Pipestone area became operational in the fourth quarter of 2023. This initiative aligns with our broader social responsibility efforts to contribute positively to the communities in which we reside and operate. Notably, the cogeneration unit received support from five Indigenous Nations, who are entitled to defined contractual cash flows, while NuVista will benefit from the cogeneration unit in terms of reduced operating costs and carbon emissions. We also progressed in a number of social and governance matters. More details are available in our 2023 management discussion and analysis and our 2022 ESG report. The 2022 ESG Report is available and can be accessed on our Company's website (see www.nuvistaenergy.com ).

Executive Staff Announcement

NuVista is pleased to announce the appointment of Michael Lawford, currently Chief Operating Officer, to President & Chief Operating Officer, effective immediately.

Mr. Lawford joined NuVista in 2012 in the role of Vice President Development, and in 2017, he was promoted to Chief Operating Officer. Mr. Lawford played a pivotal role in transforming the Company into the leading pure-play Montney producer that NuVista is recognized as today. He continues to be a central leader in advancing NuVista's strategic priorities and operational success. Mr. Lawford holds a Bachelor of Science Degree in Geology from the University of Alberta and is a member of the Association of Professional Engineers, Geologists, and Geophysicists of Alberta. Prior to joining NuVista, Mr. Lawford held various roles, including leading the North American New Plays group at a large Canadian independent oil and gas firm.

We offer our warmest congratulations to Mr. Lawford as he takes this next step in the Company's long-term succession plan. Jonathan Wright will continue in the role of Chief Executive Officer.

2024 Guidance Update

As demonstrated above, we continue to execute according to our plans, with well and facility outperformance in several areas. Production is tracking ahead of plan, and as a result we expect to land near the top of our first quarter 2024 production guidance range of 77,000 - 80,000 boepd. We expect volumes to reach over 90,000 boepd at some point in the second half of 2024.

Our outlook for the full year of 2024 still anticipates excellent well economics with sub one-year payouts, and significant free adjusted funds flow net of capital expenditures despite the temporary significant reduction in natural gas prices. As our adjusted funds flow is primarily driven by condensate pricing, we are making no changes to our capital plans at this time, which allow us to maintain the efficiencies of steady 2-drill-rig execution. We re-affirm our 2024 full year production and capital expenditure guidance ranges of 83,000 - 87,000 boepd and $500 million.

We intend to continue our track record of carefully directing free adjusted funds flow towards a prudent balance of return to shareholders and debt reduction, while investing in disciplined production growth towards 115,000 boepd. NuVista has top quality assets and a management team focused on relentless improvement. We have the necessary foundation and liquidity to continue adding significant value for our shareholders. We will continue to closely monitor and adjust to the environment in order to maximize the value of our asset base and ensure the long-term sustainability of our business. We would like to thank our staff, contractors, and suppliers for their continued dedication and delivery, and we thank our Board of Directors and our shareholders for their continued guidance and support. Please note that our corporate presentation will be available at www.nuvistaenergy.com on February 29, 2024. NuVista's audited financial statements, notes to the financial statements and management's discussion and analysis for the year ended Dec. 31, 2023, will be filed on SEDAR+ (www.sedarplus.ca) on February 29, 2024 and can also be obtained at www.nuvistaenergy.com.

Detailed Summary of Corporate Reserves Data

The following table provides summary reserve information based upon the GLJ Report using the published 3 Consultants' Average January 1, 2024 price forecast:

The following table is a summary reconciliation of the 2023 year end working interest reserves with the working interest reserves reported in the 2022 year end reserves report:

The following table summarizes the future development capital required to bring undeveloped reserves and proved plus probable undeveloped reserves on production:

The following table outlines NuVista's corporate finding, development and acquisition ("FD&A") costs in more detail:

Summary of Corporate Net Present Value Data of Future Net Revenue

The estimated net present values of future net revenue before income taxes associated with NuVista's reserves effective Dec. 31, 2023 and based on the published 3 Consultants' Average price forecast as at January 1, 2024 as set forth below, are summarized in the following table:

The following table is a summary of pricing and inflation rate assumptions based on published 3 Consultants' Average forecast prices and costs as at January 1, 2024:

We seek Safe Harbor.