NuVista Energy Ltd. ('NuVista' or the 'Company') (TSX:NVA) is pleased to announce record-setting quarterly production, the achievement of our key net debt target, and the corresponding increase of return of capital to shareholders, as previously promised.

Production for the quarter ended December 31, 2022 achieved a new record for NuVista, reaching a fieldestimated 74,250 Boe/d, above our fourth quarter guidance range of 72,000 - 74,000 Boe/d. This production included approximately 33% condensate, 8% NGLs, and 59% natural gas as new wells continued to benefit from flush condensate production. With steady execution in the fourth quarter, capital expenditures(1) for 2022 are expected to be at the top of the prior guidance range of $410 - 420 million. Net debt(1) for year-end 2022 is forecast to be comfortably below the previously announced target of $200 million, with approximately $40 million of cash on hand and nil drawn on NuVista's $440 million credit facility.

As a result, NuVista has now increased the return of capital to shareholders to approximately 75% of free adjusted funds flow(1), with the remainder continuing to be allocated to the reduction of net debt. Progress on NuVista's Normal Course Issuer Bid ('NCIB') has been significant since midyear 2022, with approximately 13.5 million shares repurchased and cancelled as at December 31, 2022, representing 74% of the maximum number of shares available for repurchase pursuant to the NCIB. NuVista is also pleased to note that, despite the volatility in gas prices so far this winter, our diversified sales portfolio has once again shown its value with over 10% of natural gas sales volumes being delivered into California, which has seen elevated pricing.

Drilling, completion, and pipeline operations are moving ahead efficiently once again after a short break at the end of December. At Wapiti, two rigs are drilling on a 6-well pad in Elmworth while our third rig is drilling a 5-well pad in the Bilbo area. In addition, we have just started flowback on a 3-well pad at Bilbo and are setting up to complete a 5-well pad at Gold Creek. These activities are expected to drive a significant rampup in volumes throughout the first half of the year in Wapiti. At Pipestone, production is performing well, continuing to run near full capacity. We are currently completing a 6-well pad which will come on-stream prior to the end of the first quarter, and we will be moving the two drilling rigs from Wapiti back to Pipestone in February. The steady cadence of our 3-rig program continues to underpin our consistent performance and has allowed us to enter 2023 with positive momentum. Production for the first quarter of 2023 is expected to be in the range of 71,000 - 74,000 Boe/d, followed by a significant ramp-up of production through the remainder of the year as new pads are brought online. Guidance for 2023 is re-affirmed at 79,000 - 83,000 Boe/d of production and $425 - $450 million of capital expenditures. We look forward to releasing our full financial results for the quarter and year ended December 31, 2022 prior to the opening of markets on March 8

Contact:

Jonathan A. Wright

President and CEO VP

T: (403) 538-8501

Ivan J. Condic

Finance and CFO

T: (403) 538-1945

Mike J. Lawford

Chief Operating Officer

T: (403) 538-1936

Advisory regarding forward-looking information and statements

This news 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', 'forecast' and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward looking statements, including management's assessment of: NuVista's net debt and capital expenditures at year-end 2022 as compared to guidance; the planned allocation of the Company's free adjusted funds flow; the satisfaction of the NCIB and the effects of repurchases of common shares thereunder; the anticipated value of NuVista's diversified sales portfolio; anticipated production growth in the Greater Wapiti area and the anticipated benefits thereof; expectations regarding the benefits of NuVista's 3-rig program and its impact on production performance; forecast production guidance for the first quarter of 2023; and forecast production and capital expenditure guidance for 2023. 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 the impact of general economic conditions, industry conditions, current and future commodity prices and inflation rates; the impact of ongoing global events, with respect to commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and adjusted funds flow, the timing, allocation and amount of capital expenditures and the results therefrom, anticipated reserves and the imprecision of reserve estimates, the performance of existing wells, the success obtained in drilling new wells, the sufficiency of budgeted capital expenditures in carrying out planned activities, access to infrastructure and markets, competition from other industry participants, availability of qualified personnel or services and drilling and related equipment, stock market volatility, effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties, the ability to access sufficient capital from internal sources and bank and equity markets, that we will be able to execute our 2023 drilling plans as expected; our ability to carryout our 2023 production and capital guidance as expected and including, without limitation, those risks considered under 'Risk Factors' in our Annual Information Form. 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 NuVista will derive therefrom. NuVista has included the forwardlooking statements in this news 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. 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, except as required by law.

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