NuVista Energy Ltd. Announces Operational Update and Reaffirms 2016 and 2017 Guidance

CALGARY, ALBERTA--(Marketwired - Jan. 16, 2017) - NuVista Energy Ltd. ("NuVista" or the "Company") (TSX:NVA) is pleased to announce a number of updates that demonstrate successful execution of our 2016 plans and strong progress towards our 2017 and beyond plans. Our 2016 full year and fourth quarter guidance expectations have all been met or exceeded, as well results and costs continue to improve and outperform. Specific highlights include the following:

Production Update

• Field-estimated production for the fourth quarter of 2016 was approximately 24,550 Boe/d, exceeding the previously guided range of 23,500 - 24,500 Boe/d. This figure includes downtime totaling 650 Boe/d due to temporary midstream and downstream pipeline maintenance. Our 2016 full year production estimate met the lower end of the original guidance range of 24,500 - 25,500 Boe/d as expected, despite over 825 Boe/d of various planned and unplanned third party restrictions encountered throughout the year and selling 3,200 Boe/d of production associated with the W6 Sweet Cretaceous asset divestiture in June of 2016. These shortfalls were mostly offset by stronger than forecast well performance throughout the year and accelerated capital after the aforementioned asset sale; and
• In December, field estimated production exceeded 26,000 Boe/d which underpins a strong base entering 2017.

Operations Update

• We are pleased to provide five new well IP30's in the table below. We continue to be very encouraged by ongoing results.

New Well IP30 Results(1)

Well	Raw Gas	Condensate	Total Sales	CGR C5+/Raw
	(MMcf/d)	(Bbls/d)	(Boe/d)	(Bbls/MMcf)
Bilbo Typecurve(2)	5.8	435	1,361	75
Bilbo 8-25-65-6W6	11.2	1,646	3,278	146
Bilbo 12-22-65-6W6	5.8	667	1,521	115
Bilbo 13-22-65-6W6	4.1	540	1,133	132
Elmworth Typecurve(2)	7.4	333	1,559	45
Elmworth 13-33-68-8W6	10.0	585	2,145	58
Elmworth 14-33-68-8W6	8.3	274	1,586	33

(1)	Based on field-estimated production data
(2)	Typecurves are based on NuVista's internal best estimates

• Well costs are on track as we continue to find efficiencies and drill faster. NuVista's 2016 capital program cost estimate is expected to be at or below the bottom of the full year guidance range of $200 - $215 million.

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