NuVista Energy Ltd. Provides Update on Wildfire Impact in Grande Prairie Operations

CALGARY, Alberta, May 23, 2023 (GLOBE NEWSWIRE) -- NuVista Energy Ltd. (TSX:NVA, "NVA" or the "Corporation") would like to provide an update on the ongoing wildfire situation in the Grande Prairie area. As previously advised, several of our fields were shut in on May 5^th as a precautionary measure to ensure the protection of our people, the public, and our assets in the vicinity of the wildfires. In addition, our third party midstream partners have had to do the same, with the collective status changing frequently through the period since May 5^th. Fires have remained in the range of 5-10 km away but with access roads blocked, personnel have been monitoring from safe locations. Winds and humidity have been more favorable 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 from May 5 – 22. With more favorable winds and weather, we were able to restart most operations over the prior weekend, with daily production currently increased to approximately 65,000 Boe/d. If rain and favorable winds occur as forecast, we expect to restore full production levels of approximately 80,000 Boe/d or more as soon as the situation stabilizes fully. We will provide quarterly production guidance at that time. We are not aware of material damage to any company or third party assets and infrastructure in the area.

We thank our field staff, our midstream partners, and the local fire authorities for their swift and professional response to this situation, and our thoughts remain with any impacted community members.

About NuVista

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. The common shares of NuVista trade on the TSX under the symbol NVA. Learn more at www.nuvistaenergy.com