As a result of improving conditions, we were able to gradually restart our operations commencing the week of
We are not aware of material damage to any company or third party assets and infrastructure in the area impacted by the
Note:
(1) "Net capital expenditures" is a non-GAAP financial measure that does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled "Specified Financial Measures" in NuVista's MD&A for the three months ended
About NuVista
NuVista is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of
Advisories Regarding Oil and Gas Information
BOEs 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. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Basis of presentation
Unless otherwise noted, the financial data presented in this press release has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”). The reporting and measurement currency is the Canadian dollar. National Instrument 51-101 - "Standards of Disclosure for Oil and Gas Activities" includes condensate within the product type of natural gas liquids. NuVista has disclosed condensate values separate from natural gas liquids herein as NuVista believes it provides a more accurate description of NuVista's operations and results therefrom.
Production split for Boe/d amounts referenced in the press release are as follows:
Reference | Total Boe/d | Natural Gas % | Condensate % | NGLs % | ||||
Q2 2023 production estimate | 71,000 | 61 | % | 30 | % | 9 | % | |
2023 annual production guidance | 79,000 – 83,000 | 62 | % | 29 | % | 9 | % | |
2023 revised annual production guidance | 76,000 – 79,000 | 61 | % | 30 | % | 9 | % |
Advisory Regarding Forward-Looking Information and Statements
This press 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” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including the impact on NuVista's production; guidance regarding second quarter and annual production; and forecast capital expenditures 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 climate and impact of weather conditions on our assets, the ability to control wildfires and the impact on wildfires on our assets, personnel, third party infrastructure and the communities where we work. NuVista has included the forward-looking statements in this press 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. The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information included in this news release are made as of the date of this news release and, except as required by applicable securities laws, NuVista undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise.
FOR FURTHER INFORMATION CONTACT: | ||
President and CEO (403) 538-8501 | VP, Finance and CFO (403) 538-1945 | Chief Operating Officer (403) 538-1936 |
Source:
2023 GlobeNewswire, Inc., source