NuVista Energy Ltd. Provides Update on Wildfires and Production Guidance

CALGARY, Alberta , June 05, 2023 (GLOBE NEWSWIRE) -- As previously announced, NuVista Energy Ltd.’s (TSX:NVA, "NVA" or "NuVista") production was temporarily impacted by the wildfires in the Grande Prairie region of Alberta. Specifically, 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.

As a result of improving conditions, we were able to gradually restart our operations commencing the week of May 22^nd. NuVista’s production has now reached a new record of approximately 80,000 Boe/d. Our 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, we anticipate an additional impact of approximately 1,000 Boe/d due to capital project schedule delays associated with the wildfires. As a result, we have revised our full year production guidance range to 76,000 - 79,000 Boe/d. Our capital execution plans remain unchanged with a net capital expenditures⁽¹⁾ guidance range of $425 - $450 million.

We are not aware of material damage to any company or third party assets and infrastructure in the area impacted by the Alberta wildfires. 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.

^Note:

^{(1)   "Net capital expenditures" is a non-GAAP financial measure that does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled "Specified Financial Measures" in NuVista's MD&A for the three months ended March 31, 2023 for historical information on net capital expenditures, which information is incorporated by reference into this press release and can be found on NuVista's SEDAR profile at www.sedar.com.}

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.