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FOR: NUVISTA ENERGY LTD.

TSX SYMBOL: NVA - |  View Quote |  View Chart |  View Financials | 

NuVista Energy Ltd. Announces the Completion of the $47.4 Million Acquisition

Jul 29, 2004 - 20:47 ET

CALGARY, ALBERTA--(CCNMatthews - July 29, 2004) - NuVista Energy 
Ltd. ("NuVista") is pleased to announce that it has completed the 
previously reported acquisition of the outstanding shares of a 
private company, and through a series of transactions will hold 
certain natural gas producing properties primarily concentrated 
north of NuVista's Eastern Alberta Core Region. The consideration 
for this acquisition consisted of 3,000,000 common shares of 
NuVista, plus $23.7 million in cash and assumption of debt. The 
total purchase price at closing was approximately $47.4 million. 

The acquired assets are 92% natural gas weighted, with 77% of the 
production in the Provost region and 23% of the production in the 
Pembina area. The Provost property is a natural extension to 
NuVista's Eastern Alberta Core Region and is consistent with our 
strategy to extend similar play types in a northerly direction, 
while the Pembina area represents a new core area for NuVista. 
Current production from the assets is approximately 1,280 barrels 
of oil equivalent per day (boe/d), including 7.1 million cubic 
feet per day (mmcf/d) of natural gas and 100 barrels per day 
(bbls/d) of oil and liquids. This transaction increases NuVista's 
production by 25% to approximately 6,350 boe/d. The acquisition 
also includes approximately 45,000 net acres of highly 
prospective undeveloped land. 

NuVista is an independent Canadian oil and natural gas 
exploration, development and production company with its common 
shares trading on the Toronto Stock Exchange under the symbol 
"NVA". 

Information provided herein contains forward-looking statements. 
The reader is cautioned that assumptions used in the preparation 
of such information, which are considered reasonable by NuVista 
at the time of preparation, may be proven to be incorrect. Actual 
results achieved during the forecast period will vary from the 
information provided herein and the variations may be material. 
There is no representation by NuVista that actual results 
achieved during the forecast period will be the same in whole or 
in part as those forecast. 

Boe 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. 


/T/

NuVista Energy Ltd.
1100, 321 - 6th Avenue S.W
Calgary, AB T2P 3H3
Ph: (403) 514-7300

/T/

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FOR FURTHER INFORMATION PLEASE CONTACT:

NuVista Energy Ltd.
Keith A. MacPhail
Chairman
(403) 213-4315

or

NuVista Energy Ltd.
Alex G. Verge
President and Chief Executive Officer
(403) 213-4306

or

NuVista Energy Ltd.
Glenn A. Hamilton
Vice President and Chief Financial Officer
(403) 213-4302
Email: inv_rel@nuvistaenergy.com
Website: www.nuvistaenergy.com