CALGARY, Alberta, Dec. 18, 2024 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (TSX:NVA, “NVA” or the “Corporation”) advises that it temporarily curtailed production in the greater Wapiti area due to unscheduled maintenance at a third-party gas plant impacting December production volumes. Prior to this temporary impact, NuVista’s production was in line with fourth quarter guidance, averaging over 90,000 Boe/d in both October and November. Due to the impact of this downtime, NuVista has revised its fourth quarter guidance to 83,000 – 84,000 Boe/d, from 89,000 – 91,000 Boe/d pointing us to just below the bottom end of the full-year range of 83,500 – 86,000 Boe/d. The facility is currently being re-started which is anticipated to bring corporate production levels back above 90,000 Boe/d to exit 2024.
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
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.
Advisory Regarding Forward-Looking Information and Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “will”, “expects”, “believe”, “plans”, “potential” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including the impact on NuVista’s production, the effect of the unscheduled third-party infrastructure maintenance on our assets and the timing for restarting our operations; the impacts of the unscheduled maintenance on NuVista’s Q4 2024 production and 2024 annual production; and 2024 exit production. By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista’s control, including third party infrastructure maintenance; the risk that the new U.S. administration imposes tariffs on Canadian goods, including the Corporation’s products, and that such tariffs (and/or the response of the Canadian federal government and/or provincial governments to such tariffs) adversely affect the demand and/or market price for the Corporation’s products and/or otherwise adversely affects the Corporation and those risks considered under “Risk Factors” in our Annual Information Form. NuVista has included the forward-looking statements in this press release in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information included in this news release are made as of the date of this news release and, except as required by applicable securities laws, NuVista undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise.
FOR FURTHER INFORMATION CONTACT:
Mike J. Lawford
President and COO
(403) 538-1936
Ivan J. Condic
VP, Finance and CFO
(403) 538-1945