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FOR: NUVISTA ENERGY LTD.

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

NuVista Energy Ltd. Announcing First Quarter Results

May 5, 2005 - 16:15 ET

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  NUVISTA ENERGY LTD.

TSX SYMBOL:  NVA

MAY 5, 2005 - 16:15 ET

NuVista Energy Ltd. Announcing First Quarter Results

CALGARY, ALBERTA--(CCNMatthews - May 5, 2005) - NuVista Energy Ltd. 
(TSX:NVA) is pleased to announce its financial and operating results for 
the three months ended March 31, 2005 as follows:

/T/

------------------------------------------------------------------------
Corporate Highlights
------------------------------------------------------------------------
                                             Three Months ended
                                                       March 31,      %
                                                2005       2004  Change
------------------------------------------------------------------------

Financial
($ thousands, except per share)

Production revenue                            27,265     15,795     73
Funds from operations (1)                     16,429      9,599     71
 Per share - basic                              0.41       0.26     58
 Per share - diluted                            0.39       0.25     56

Net income                                     5,585      3,732     50
 Per share - basic                              0.14       0.10     40
 Per share - diluted                            0.13       0.10     30

Total assets                                 205,551     95,602    115
Bank loan, net of working capital             53,730     10,684    403
Shareholders' equity                         120,997     76,732     58
Net capital expenditures                      36,373      7,174    407

Weighted average common shares
 outstanding (thousands):
 Basic                                        40,561     37,335      9
 Diluted                                      42,087     38,515      9
------------------------------------------------------------------------

Operating
(boe conversion - 6:1 basis)

Production:
 Natural gas (mmcf/d)                           32.1       20.9     54
 Oil and liquids (bbls/d)                      2,007      1,174     71
   Total oil equivalent (boe/d)                7,358      4,651     58

Product prices: (2)
 Natural gas ($/mcf)                            6.98       6.44      8
 Oil and liquids ($/bbl)                       39.25      33.34     18

Operating expenses:
 Natural gas ($/mcf)                            0.73      0.63      16
 Oil and liquids ($/bbl)                        6.96      3.91      78
   Total oil equivalent ($/boe)                 5.08      3.81      33

General & administrative expenses ($/boe)       0.46      0.35      31
Cash costs ($/boe)                              6.15      4.31      43
Funds from operations netback ($/boe) (1)      24.81     22.68       9
------------------------------------------------------------------------

NOTES:

(1) Funds from operations are used before changes in non-cash working 
    capital to analyze operating performance and leverage. Funds from 
    operations does not have a standardized measure prescribed by 
    Canadian Generally Accepted Accounting Principles and therefore may
    not be comparable with the calculations with similar measures for 
    other companies.

(2) Product prices are before transportation costs.

/T/

MESSAGE TO SHAREHOLDERS

NuVista Energy Ltd. ("NuVista") is pleased to report to shareholders its 
financial and operating results for the three months ended March 31, 
2005. NuVista has now completed twenty-one months of operations and the 
Board of Directors and management are very pleased with the results, 
accomplishments and corresponding value created for its shareholders. 
The results of the first quarter of 2005 represent the seventh 
consecutive quarter of continuous profitable growth for NuVista, since 
its creation on July 2, 2003, through the Plan of Arrangement involving 
Bonavista Petroleum Ltd. and Bonavista Energy Trust (collectively 
"Bonavista").

Significant highlights for NuVista to date in 2005, include:

- Increased employee count to 17 people, establishing a technical team 
in each of NuVista's Core Area;

- Increased production by 58% in the first quarter of 2005 to 7,358 
boe/d over the first quarter of 2004, with a further increase to the 
current level of 8,000 boe/d, consisting of 34.4 mmcf/d of natural gas 
and 2,265 bbls/d of oil and liquids;

- Increased undeveloped land to over 328,000 net acres, further 
enhancing the drilling prospects to over a year's inventory in its Core 
Regions;

- Acquired 925 kilometers of 2D and 50.5 square kilometers of 3D seismic 
to further compliment the prospectivity of NuVista's undeveloped land;

- Participated in 25 (18.0 net) wells in the first quarter of 2005, with 
an overall success rate of 88%;

- Completed two property acquisitions, which expanded NuVista's prospect 
inventory in the Provost Area; and

- Continued focus on controllable cash costs resulting in cash costs of 
$6.15/boe for the three months ended March 31, 2005, leaving NuVista in 
the top decile of its industry peers.

Our total capital expenditures for the first quarter of 2005 were $36.4 
million. This is a direct result of an active drilling program coupled 
with an oil weighted acquisition in the Provost Area which closed in 
February 2005. Although NuVista was extremely active in January and 
February, the early spring break up in Alberta curtailed activities for 
the majority of March where NuVista had planned to drill 12 high working 
interest locations in the Eastern Region. NuVista has a prospect 
inventory of over 50 approved locations waiting for the resumption of 
drilling after break up, and we are adding to this inventory on a weekly 
basis. With current production levels of 8,000 boe/d, and the largest 
prospect inventory in our history, NuVista is in a strong position to 
achieve a production forecast of between 8,200 to 8,600 boe/d for 2005, 
with the completion of our $100 million capital program.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's discussion and analysis ("MD&A") of financial conditions 
and results of operations should be read in conjunction with the interim 
consolidated financial statements for the three months ended March 31, 
2005 and NuVista's audited consolidated financial statements and MD&A 
for the year ended December 31, 2004. Our audited consolidated financial 
statements, current annual information form and other disclosure 
documents are filed on SEDAR at www.sedar.com, and other corporate 
documentation can be obtained from our website at www.nuvistaenergy.com.

Basis of Presentation - The financial data presented below has been 
prepared in accordance with Canadian Generally Accepted Accounting 
Principles ("GAAP"). The reporting and the measurement currency is the 
Canadian dollar. For the purpose of calculating unit costs, natural gas 
is converted to a barrel of oil equivalent ("boe") using six thousand 
cubic feet of natural gas equal to one barrel of oil unless otherwise 
stated.

Forward-Looking Statements - Certain information set forth in this 
document, including management's assessment of NuVista's future plans 
and operations, contains forward-looking statements. By their nature, 
forward-looking statements are subject to numerous risks and 
uncertainties, some of which are beyond NuVista's control, including the 
impact of general economic conditions, industry conditions, volatility 
of commodity prices, currency fluctuations, imprecision of reserve 
estimates, environmental risks, competition from other industry 
participants, the lack of availability of qualified personnel or 
management, stock market volatility and ability to access sufficient 
capital from internal and external sources. Readers are cautioned that 
the assumptions used in the preparation of such information, although 
considered reasonable at the time of preparation, may prove to be 
imprecise and, as such, undue reliance should not be placed on 
forward-looking statements. NuVista's actual results, performance or 
achievement could differ materially from those expressed in, or implied 
by, these forward-looking statements, or if any of them do so, what 
benefits that NuVista will derive therefrom. NuVista disclaims any 
intention or obligation to update or revise any forward-looking 
statements, whether as a result of new information, future events or 
otherwise.

Non-GAAP Measurements - Within Management's discussion and analysis, 
references are made to terms commonly used in the oil and gas industry. 
Funds from operations and funds from operations per share are not 
defined by GAAP in Canada and are referred to as non-GAAP measures. 
Funds from operations is detailed on the Statement of Cash Flows. Funds 
from operations per share is calculated based on the weighted average 
number of common shares outstanding consistent with the calculation of 
net income per share. Netbacks equal total revenue less royalties and 
operating costs calculated on a boe basis. Total boe is calculated by 
multiplying the daily production by the number of days in the year.

Operating activities - During the first quarter of 2005, NuVista 
participated in 25 wells with an average working interest of 72% and 
operated 19 of these wells. The success rate of 88% in this drilling 
program resulted in 17 natural gas wells and five oil wells.  Only 10 of 
the 17 natural gas wells were on-stream prior to break-up. NuVista has 
commenced its second quarter drilling program, having participated in 
two wells thus far and expects to have three drilling rigs running by 
mid-May

Production - For the first quarter of 2005, NuVista's average production 
was 7,358 boe/d comprised of 32.1 mmcf of natural gas and 2,007 bbls/d 
of oil and liquids, which represents a 58% increase over the same period 
of 2004. A portion of NuVista's first quarter natural gas drilling 
success will not be brought on-stream until the second quarter of 2005.

Revenues - For the three months ended March 31, 2005, revenues, before 
transportation costs were $27.3 million, a 73% increase from $15.8 
million for the same period of 2004. These revenues were comprised of 
$20.2 million of natural gas and $7.1 million of oil and liquids. The 
increase in revenues for the three months ended March 31, 2005 versus 
the same period of 2004 results directly from a 58% increase in 
production and a 10% increase in commodity prices. The increase in 
commodity prices, before transportation costs, is made up of an 8% 
increase in the natural gas price to $6.98/mcf from $6.44/mcf and an 18% 
increase in the oil and liquids price to $39.25/bbl from $33.34/bbl.

Commodity hedging - As part of our financial management strategy, 
NuVista has adopted a disciplined commodity-hedging program. The purpose 
of the hedging program is to reduce volatility in the financial results, 
protect acquisition economics and stabilize cash flow against the 
unpredictable commodity price environment. At any given period of time, 
our hedging strategy is restricted to a maximum hedge of 50% of forecast 
production, net of royalties, and primarily utilizes costless collars. 
This strategy limits NuVista's exposure to downturns in commodity prices 
while allowing for participation in commodity price increases. In the 
first quarter of 2005, our hedging program resulted in a gain of 
$51,000. A summary of hedging contracts in place as at March 31, 2005 is 
outlined in note 4 of the Notes to the Interim Consolidated Financial 
Statements.

Royalties - Royalties of $6.1 million for the three months ended March 
31, 2005 were 51% higher than the $4.0 million for the same period of 
2004. The increase in royalties in the first quarter resulted from 
higher revenues compared to the same period of 2004, largely generated 
by higher production volumes and higher commodity prices. As a 
percentage of revenue, the average royalty rate for the first quarter of 
2005 was 22% compared to 26% for the comparative period of 2004. 
Royalties by product for the first quarter of 2005 were 24% for natural 
gas and 18% for oil and liquids versus 28% for natural gas and 17% for 
oil and liquids for the similar period in 2004. The decrease in the 
natural gas royalty rates results from lower actual natural gas 
royalties on acquisitions.

Transportation costs - Transportation costs were $665,000 ($1.00/boe) 
for the three months ended March 31, 2005 as compared to $339,000 
($0.80/boe) for the first quarter of 2004. The 96% increase in 
transportation costs results from the 58% increase in production volumes 
and increased natural gas transportation rates in the first quarter of 
2005 versus 2004.

Operating - Operating expenses were $3.4 million for the three months 
ended March 31, 2005 versus $1.6 million for the same period of 2004, a 
109% increase. This increase resulted primarily from the higher 
production volumes, increased per unit oil operating costs associated 
with the first quarter 2005 acquisition and higher per unit natural gas 
operating costs associated with the private company acquisition 
completed in July 2004. In the first quarter of 2005, natural gas 
operating expenses averaged $0.73/mcf and oil and liquids operating 
expenses were $6.96/bbl as compared to $0.63/mcf and $3.91/bbl 
respectively for the same period of 2004. On a boe basis, operating 
costs increased 33% to $5.08/boe in the first quarter of 2005 as 
compared to $3.81/boe for the same period of 2004, primarily due to 
higher per unit costs of the newly acquired oil assets and increasing 
cost pressures facing the entire industry. Despite these increases, 
NuVista remains in the top decile for oil and natural gas companies in 
its peer group.

General and administrative - General and administrative expenses, net of 
overhead recoveries for the first quarter of 2005, were $307,000 
($0.46/boe), an increase of 105% over the $149,000 ($0.35/boe) for the 
three months ended March 31, 2004. This increase is directly 
attributable to the higher production base in NuVista, hiring of 
NuVista's own core area teams and the allocation of higher per unit 
overhead costs, from Bonavista in accordance with the Technical Services 
Agreement. For the three months ended March 31, 2005, Bonavista charged 
$297,000 as compared to $260,000 in 2004, to NuVista under the Technical 
Services Agreement. The Technical Services Agreement, entered into as 
part of the Plan of Arrangement, has allowed NuVista to initiate and 
continue with its successful and active capital programs, through the 
use of Bonavista's personnel in managing its operations and at the same 
time take advantage of Bonavista's low overhead cost structure. NuVista 
recorded a stock-based compensation charge of $281,000 for the three 
months ended March 31, 2005 in connection with the issuance of both the 
Class B Performance Shares in 2003 and stock options.

Interest - Interest expense during the first quarter of 2005 was 
$282,000 ($0.43/boe) versus $51,000 ($0.12/boe) for the same period of 
2004 due to higher average debt levels, offset by higher production 
volumes in the first quarter of 2005. Cash paid on interest for the 
three months ended March 31, 2005 was $270,000. Currently, NuVista's 
average borrowing rate is approximately 3.8%.

Depreciation, depletion and accretion - Depreciation, depletion and 
accretion expense was $7.2 million for the first quarter of 2005 
compared to $3.2 million for the same period in 2004. The average cost 
per unit was $10.86/boe in the first quarter of 2005 versus $7.63/boe 
for the same period in 2004, due to higher costs of adding reserves, 
primarily from the acquisition completed in the first quarter of 2005 
and in the third quarter of 2004, as compared to historic levels.

Income and other taxes - For the first quarter of 2005, the provision 
for income and other taxes was $3.5 million for an effective tax rate of 
38%, as compared to $2.4 million with an effective tax rate of 39% for 
the same period in 2004. The reduction in the effective tax rate results 
primarily from lower statutory income tax rates in 2005. Cash paid for 
income and other taxes for the three months ended March 31, 2005 was 
$20,000.

Capital expenditures - Capital expenditures were $36.4 million during 
the first quarter of 2005 consisting of exploration and development 
spending of $14.8 million and $21.6 million of acquisitions versus $7.2 
million, all on exploration and development expenditures in the first 
quarter of 2004.

Funds from operations and net income - In the first quarter of 2005,  
funds from operations was $16.4 million ($0.41/share, basic), a 71% 
increase over the $9.6 million ($0.26/share, basic) for the same period 
in 2004. Net income also increased 50% during the first quarter of 2005 
to $5.6 million ($0.14/share, basic) from the $3.7 million ($0.10/share, 
basic) for the same period in 2004.

Liquidity and capital resources - As at March 31, 2005, bank debt 
(including working capital deficiency) was $53.7 million, resulting in a 
debt to running cash flow ratio of approximately 0.8 to 1. NuVista has 
approximately $11.3 million of unused bank borrowing capability based on 
the current line of credit of $65 million, which provides substantial 
flexibility to fund expanded capital programs into the future. As at May 
5, 2005, there were 40,563,215 common shares and 879,378 Class B 
Performance Shares outstanding. In addition, there were 1,935,947 stock 
options outstanding, with an average exercise price of $7.32/share.

Quarterly financial information - The following table highlights 
NuVista's performance for the quarterly reporting periods from September 
30, 2003 to March 31, 2005. NuVista commenced operations on July 2, 2003 
through the Plan of Arrangement involving Bonavista:

/T/

------------------------------------------------------------------------
             2005                  2004                     2003
            ----- ---------------------------------- -------------------
            March December September    June   March December September
               31       31        30      30      31       31        30
------------------------------------------------------------------------
(thousands,
 except per
 share
 amounts)                                           (restated)(restated)

Production
 revenue  $27,265   $24,601  $22,020 $16,982 $15,795  $13,061   $12,697

 Net
  income    5,585     5,715    4,335   4,540   3,732    2,878     2,746

 Net
 income
 per
 share: 

  Basic      0.14      0.14     0.11    0.12    0.10     0.08      0.08
  Diluted    0.13      0.14     0.11    0.12    0.10     0.08      0.07
------------------------------------------------------------------------
------------------------------------------------------------------------

/T/

Since its commencement of operations on July 2, 2003, NuVista has seen 
dramatic growth in its production and revenues over its first seven 
quarters. Coupled with stronger commodity prices, revenues have 
increased 115% and net income has increased 103% over these seven 
quarters.

BUSINESS RISKS AND OUTLOOK

NuVista's management remains committed to the same principles and 
disciplined growth strategy that has led to it's considerable success 
over its first 21 months. In the first quarter of 2005, NuVista 
increased its employee base with the establishment of separate technical 
teams in each of its Core Areas and completed an acquisition, which 
strengthened our inventory of oil opportunities in Provost.  With the 
undeveloped land base now exceeding 328,000 net acres, an increased 
drilling inventory, coupled with our strong balance sheet, NuVista is 
well positioned to continue posting strong operational and financial 
results for the remainder of 2005 and beyond. For 2005 NuVista's Board 
of Directors has approved a capital program of $100 million, which is 
expected to result in production averaging between 8,200 and 8,600 boe/d 
for the year. Using commodity price estimates of US$6.90/mmbtu at Nymex 
for natural gas and US$50.00/bbl WTI for oil, this production forecast 
should result in cash flow in the range of $75 million to $80 million 
($1.85/share to $1.95/share) for 2005.

NuVista will continue to focus on its core strategy of applying the 
expertise of its own technical staff to its operating regions in a 
prudent and disciplined manner, through both the drill bit and strategic 
acquisitions. The execution of these strategies will enable NuVista to 
continue to grow its production, cash flow and net income consistently 
and profitably.  Furthermore, our solid financial position will enable 
us to continue execution of our 2005 capital program and remain 
positioned to pursue additional strategic opportunities as they arise. 
We remain unwavering in our commitment to enhance shareholder value over 
the long-term by accessing the broad depth and expertise of our team in 
a diligent and prudent manner.

/T/

Consolidated Balance Sheets
(thousands)                                     March 31,   December 31,
                                                    2005           2004
------------------------------------------------------------------------
------------------------------------------------------------------------
                                              (unaudited)      (audited)

Assets
Current assets:
 Accounts receivable                          $   13,230     $   12,071
Oil and natural gas properties and equipment     182,882        152,021
Goodwill                                           9,439          9,439
------------------------------------------------------------------------
                                              $  205,551     $  173,531
------------------------------------------------------------------------
------------------------------------------------------------------------

Liabilities and Shareholders' Equity
Current liabilities:
 Accounts payable and accrued liabilities     $   16,901     $   17,524
Bank loan                                         50,059         28,352
Asset retirement obligations                       7,670          5,990
Future income taxes                                9,924          6,555

Shareholders' equity:
 Share capital                                    89,897         89,876
 Contributed surplus                               1,569          1,288
 Retained earnings                                29,531         23,946
------------------------------------------------------------------------
                                                 120,997        115,110
------------------------------------------------------------------------
                                              $  205,551     $  173,531
------------------------------------------------------------------------
------------------------------------------------------------------------


Consolidated Statements of Operations and Retained Earnings
(thousands, except per share amounts)                   Three Months
                                                           ended
                                                         March 31,
                                                    2005           2004
------------------------------------------------------------------------
------------------------------------------------------------------------
(unaudited)
Revenues:
 Production                                   $   27,265     $   15,795
 Royalties, net of Alberta Royalty Tax Credit     (6,101)        (4,033)
 Transportation costs                               (665)          (339)
------------------------------------------------------------------------
                                                  20,499         11,423
------------------------------------------------------------------------
Expenses:
 Operating                                         3,367          1,613
 General and administrative                          307            149
 Interest                                            282             51
 Stock-based compensation                            281            232
 Depreciation, depletion and accretion             7,194          3,230
------------------------------------------------------------------------
                                                  11,431          5,275
------------------------------------------------------------------------
Income before income and other taxes               9,068          6,148
 Income and other taxes                            3,483          2,416
------------------------------------------------------------------------
Net income                                         5,585          3,732
Retained earnings, beginning of period            23,946          5,668
Retroactive application of changes in
 accounting policies                                   -            (44)
------------------------------------------------------------------------
Retained earnings, end of period              $   29,531     $    9,356
------------------------------------------------------------------------
------------------------------------------------------------------------
Net income per share - basic                  $     0.14     $     0.10
------------------------------------------------------------------------
------------------------------------------------------------------------
Net income per share - diluted                $     0.13     $     0.10
------------------------------------------------------------------------
------------------------------------------------------------------------


Consolidated Statements of Cash Flows
(thousands)                                             Three Months
                                                           ended
                                                         March 31,
                                                    2005           2004
------------------------------------------------------------------------
------------------------------------------------------------------------
(unaudited)
Cash provided by (used in):
Operating Activities:
 Net income                                   $    5,585     $    3,732
  Items not requiring cash from operations:
   Depreciation, depletion and accretion           7,194          3,230
   Stock-based compensation                          281            232
   Future income taxes                             3,369          2,405
------------------------------------------------------------------------
 Funds from operations                            16,429          9,599
 Asset retirement expenditures                        (2)           (23)
 Increase in non-cash working capital items       (1,782)        (1,926)
------------------------------------------------------------------------
                                                  14,645          7,650
------------------------------------------------------------------------
Financing Activities:
 Issue (Repurchase) of share capital                  21             (7)
 Increase (Decrease) in bank loan                 21,707           (469)
------------------------------------------------------------------------
                                                  21,728           (476)
------------------------------------------------------------------------
Investing Activities:
 Oil and natural gas properties and
  equipment additions                            (36,373)        (7,174)
------------------------------------------------------------------------
                                                 (36,373)        (7,174)
------------------------------------------------------------------------
Decrease in cash                                       -              -
Cash, beginning of period                              -              -
------------------------------------------------------------------------
Cash, end of period                           $        -     $        -
------------------------------------------------------------------------
------------------------------------------------------------------------

/T/

NUVISTA ENERGY LTD.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2005.

The unaudited interim consolidated financial statements have been 
prepared by management in accordance with Canadian Generally Accepted 
Accounting Principles ("GAAP"), using the same accounting policies as 
those set out in note 1 to the consolidated financial statements for the 
year ended December 31, 2004. These interim consolidated financial 
statements should be read in conjunction with the consolidated financial 
statements for the year ended December 31, 2004. Certain amounts have 
been reclassified to conform with the current year's presentation.

1. Asset retirement obligations:

A reconciliation of the asset retirement obligations is provided below:

/T/

------------------------------------------------------------------------
                                                       Three Months
                                                         March 31,
                                                    2005           2004
------------------------------------------------------------------------
(thousands) 
Balance, beginning of period                       5,990          2,311

 Accretion expense                                   142             60
 Liabilities incurred                                188             24
 Liabilities acquired                              1,352              -
 Liabilities settled                                  (2)           (23)
------------------------------------------------------------------------
Balance, end of period                             7,670          2,372
------------------------------------------------------------------------
------------------------------------------------------------------------

/T/

2. Bank loan:

In March 2005, NuVista and its lenders agreed to amend the Company's 
bank loan facility to increase the maximum borrowing to $65 million.

3. Share capital:

For the three months ended March 31, 2005, there were 243,000 options 
granted with an average exercise price of $10.67/share and an estimated 
fair value of $2.67/share. As at March 31, 2005, there were 40,562,540 
common shares and 879,378 Class B Performance Shares outstanding. In 
addition, there were 1,938,649 stock options outstanding, with an 
average exercise price of $7.32/share as at March 31, 2005.

4. Hedging activities:

a) Financial instruments:

As at March 31, 2005, NuVista has hedged by way of costless collars the 
following crude oil:

/T/
 
------------------------------------------------------------------------
Volume                              Average Price                  Term
------------------------------------------------------------------------

250 bbls/d              US$40.00 - US$60.00 - WTI         April 1, 2005
                                                        - June 30, 2005
250 bbls/d              US$40.00 - US$55.00 - WTI          July 1, 2005
                                                   - September 30, 2005
250 bbls/d              US$35.00 - US$57.25 - WTI       October 1, 2005
                                                    - December 31, 2005
400 bbls/d      CDN$33.58 - CDN$41.39 - Bow River         March 1, 2005
                                                    - December 31, 2005
250 bbls/d            CDN$60.00 - CDN$75.00 - WTI       January 1, 2006
                                                       - March 31, 2006
------------------------------------------------------------------------
------------------------------------------------------------------------

/T/

As at March 31, 2005, the market deficiency of these financial 
instruments was approximately $354,000.

b) Physical purchase contracts:

As at March 31, 2005, NuVista has entered into direct sale costless 
collars to sell natural gas as follows:

/T/

------------------------------------------------------------------------
Volume       Average Price (Cdn $/gj)                              Term
------------------------------------------------------------------------

10,000 gj/d   $ 6.13 - $ 9.06 - AECO   April 1, 2005 - October 31, 2005
5,000 gj/d   $ 6.50 - $ 10.70 - AECO  November 1, 2005 - March 31, 2006
------------------------------------------------------------------------
------------------------------------------------------------------------

/T/

INVESTOR INFORMATION

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".

Corporate information provided herein contains forward-looking 
information. 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.

-30-


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) 581-8501

or

NuVista Energy Ltd.
Glenn A. Hamilton
Vice President and Chief Financial Officer
(403) 213-4302