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FOR: NUVISTA ENERGY LTD.

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

NuVista Announces the Completion of $102 Million Equity Financing

Jul 19, 2005 - 11:31 ET

CALGARY, ALBERTA--(CCNMatthews - July 19, 2005) - NuVista Energy Ltd. (TSX:NVA) ("NuVista") announces today that it has completed the previously reported equity issue of 7.5 million subscription receipts ("Subscription Receipts") of NuVista at a price of $13.60 per Subscription Receipt, resulting in gross proceeds of $102 million. The financing was co-led by Peters & Co. Limited and TD Securities Inc. and also including BMO Nesbitt Burns Inc., FirstEnergy Capital Corp., CIBC World Markets Inc., GMP Securities Ltd., Tristone Capital Inc., Orion Securities Inc. and Sprott Securities Inc.

Each Subscription Receipt represents the right to receive one share of NuVista for no additional consideration on the closing of the previously announced property acquisition in northwestern Saskatchewan (the "Acquisition"). The proceeds from the offering of Subscription Receipts are being held by an escrow agent pending closing of the Acquisition. If the Acquisition closes on or before August 31, 2005, the net proceeds from the offering of Subscription Receipts will be released to NuVista and used by it to pay part of the purchase price of the Acquisition.

If the Acquisition fails to close by August 31, 2005, or the Acquisition is terminated at an earlier time or there is an unresolved dispute relating to any rights of first refusal, the escrow agent will return the gross proceeds and pro rata entitlement to interest thereon to holders of the Subscription Receipts.

Please visit our website at www.nuvistaenergy.com for detailed corporate information.

NuVista Energy Ltd. is a natural gas weighted independent Canadian oil and natural gas exploration, development and production company created through the reorganization of Bonavista Petroleum Ltd. on July 2, 2003. NuVista's common shares trade on the Toronto Stock Exchange under the symbol NVA.

FOR FURTHER INFORMATION PLEASE CONTACT:

NuVista Energy Ltd.
Keith A. MacPhail
Chairman
(403) 538-8500

or

Alex G. Verge
President & CEO
(403) 538-8500

or

Glenn A. Hamilton
Vice President & CFO
(403) 538-8500

or

NuVista Energy Ltd.
700, 311 - 6th Avenue SW
Calgary, AB T2P 3H2
Website: www.nuvistaenergy.com