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FOR: NUVISTA ENERGY LTD.

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

NuVista Energy Ltd. Announces $40 Million Equity Financing

Mar 28, 2007 - 08:03 ET

CALGARY, ALBERTA--(CCNMatthews - March 28, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

NuVista Energy Ltd. (TSX:NVA) ("NuVista") is pleased to announce that it has entered into an agreement to sell 2,750,000 Common Shares ("Shares") on a bought deal basis at a price of $14.50 per Share to a syndicate of investment dealers bookrun by TD Securities Inc., co-led by Peters & Co. Limited and including BMO Capital Markets, CIBC World Markets Inc., FirstEnergy Capital Corp., GMP Securities L.P., RBC Capital Markets, Canaccord Adams, Orion Securities Inc., Sprott Securities Inc. and Tristone Capital Inc. for gross proceeds of $39,875,000. The offering is scheduled to close on or about April 20, 2007 and is subject to customary regulatory approvals.

The net proceeds of the offering will be used to fund NuVista's ongoing capital program and for general corporate purposes. Initially the net proceeds will be used to reduce indebtedness.

The Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province or other jurisdiction.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

NuVista Energy Ltd.
Alex G. Verge
President and Chief Executive Officer
(403) 538-8501

or

NuVista Energy Ltd.
Robert F. Froese
Vice President, Finance and Chief Financial Officer
(403) 538-8530