NUVISTA ENERGY LTD. SIGNIFICANTLY REDUCES 2020 CAPITAL SPENDING - Seite 2

NuVista is fortunate that we are very well hedged for 2020.  In aggregate, 60% of projected 2020 liquids production is protected at a WTI floor price of C$77.24/Bbl and 50% of projected 2020 gas production at a price of C$1.90/GJ (hedged and exported volumes converted to an AECO equivalent price).  We note that revenue impact of the recent drop in oil pricing is also partially offset by very favorable condensate differentials, an improvement in natural gas pricing fundamentals, and the U.S. dollar exchange rate.

NuVista has a simple and effective Coronavirus business continuity plan in place and operating now.  All essential staff have work-from-home technology capability, and a backup plan is in place to ensure minimum crews for safe operations in the event of sickness escalation.

Please note that our corporate presentation is being updated and will be available at www.nuvistaenergy.com on or before March 17, 2020.

Basis of presentation

Unless otherwise noted, the financial data presented has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”). The reporting and measurement currency is the Canadian dollar. Natural gas is converted to a barrel of oil equivalent (“Boe”) using six thousand cubic feet of gas to one barrel of oil. In certain circumstances natural gas liquid volumes have been converted to a thousand cubic feet equivalent (“Mcfe”) on the basis of one barrel of natural gas liquids to six thousand cubic feet of gas.  National Instrument 51-101 - "Standards of Disclosure for Oil and Gas Activities" includes condensate within the product type of natural gas liquids.  NuVista has disclosed condensate values separate from natural gas liquids herein as NuVista believes it provides a more accurate description of NuVista's operations and results therefrom.

Advisories Regarding Oil And Gas Information

Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.