NuVista Receives TSX Approval for the Renewal of its Normal Course Issuer Bid

CALGARY, Alberta, June 14, 2023 (GLOBE NEWSWIRE) -- NuVista Energy Ltd. (TSX:NVA, "NVA" or the "Corporation") announces that the Toronto Stock Exchange (the "TSX") has approved the renewal of the Corporation's normal course issuer bid (the "2023 NCIB").

Normal Course Issuer Bid Renewal

Pursuant to the 2023 NCIB, NuVista may purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 16,793,779 common shares of the Corporation. The 2023 NCIB will become effective on June 16, 2023 and will terminate on June 15, 2024 or such earlier time as the 2023 NCIB is completed or terminated at the option of NuVista.

NuVista's intention to continue its share buyback program is consistent with its strategy of capital return to shareholders. The Corporation continues to believe that the best method for return of capital to shareholders is initially to repurchase shares under a normal course issuer bid. However, the Corporation will re-evaluate the uses of its free adjusted funds flow through 2023 as its growth plans proceed. This evaluation will consider commodity prices, the economic and tax environment, share price and will include all options including continued disciplined growth to facility capacity of 105,000 Boe/d, share repurchases, prudent targeted acquisitions or infrastructure purchases, and dividend payments.

The maximum number of common shares to be purchased pursuant to the 2023 NCIB represents 10% of the public float, as of June 2, 2023. Purchases pursuant to the 2023 NCIB will be made on the open market through the facilities of the TSX and/or Canadian alternative trading systems. The number of common shares that can be purchased pursuant to the 2023 NCIB is subject to a daily maximum of 150,506 common shares (which is equal to 25% of the average daily trading volume of 602,027 from December 1, 2022 to May 31, 2023) with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. The price that NuVista will pay for any common shares under the 2023 NCIB will be the prevailing market price on the TSX at the time of such purchase. A copy of the Form 12 Notice of Intention to Make a Normal Course Issuer Bid filed by the Corporation with the TSX can be obtained from the Corporation upon request without charge. In addition, under the Corporation’s sustainability-linked loan facility (the "SLL Credit Facility"), NuVista may not purchase common shares under the 2023 NCIB if: (i) the Corporation's proforma Senior Debt to EBITDA (each as defined in the SLL Credit Facility) for the next twelve months exceeds a specified ratio; or (ii) NuVista's proforma drawings under the SLL Credit Facility exceed a threshold dollar amount. Under the Corporation's current forecasts, NuVista expects to satisfy both conditions in the SLL Credit Facility for the purchase of common shares under the 2023 NCIB.