Normal Course Issuer Bid Renewal
Pursuant to the 2023 NCIB, NuVista may purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 16,793,779 common shares of the Corporation. The 2023 NCIB will become effective on
NuVista's intention to continue its share buyback program is consistent with its strategy of capital return to shareholders. The Corporation continues to believe that the best method for return of capital to shareholders is initially to repurchase shares under a normal course issuer bid. However, the Corporation will re-evaluate the uses of its free adjusted funds flow through 2023 as its growth plans proceed. This evaluation will consider commodity prices, the economic and tax environment, share price and will include all options including continued disciplined growth to facility capacity of 105,000 Boe/d, share repurchases, prudent targeted acquisitions or infrastructure purchases, and dividend payments.
The maximum number of common shares to be purchased pursuant to the 2023 NCIB represents 10% of the public float, as of
NuVista has entered into an automatic share purchase plan ("ASPP") with a broker in order to facilitate repurchases of its common shares. Under the Corporation's ASPP, the broker may repurchase shares under the normal course issuer bid during the Corporation's self-imposed blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties' written agreement. Outside of these blackout periods, common shares may be purchased under the 2023 NCIB in accordance with management's discretion.
Under the previous normal course issuer bid (the "2022 NCIB"), NuVista repurchased 18,190,261 common shares at a weighted average price paid per share of
As of the close of business on
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
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
Forward-Looking Information
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, and without limiting the foregoing, this news release contains forward-looking statements with respect to NuVista's intentions with respect to the 2023 NCIB, including the return of capital to shareholders, the timing for beginning purchases of common shares under the 2023 NCIB and the effects of repurchases of common shares under the 2023 NCIB. Forward-looking statements or information are based on a number of material factors, expectations or assumptions of NuVista which have been used to develop such statements and information but which may prove to be incorrect. Although NuVista believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because NuVista can give no assurance that such expectations will prove to be correct. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and NuVista does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
FOR FURTHER INFORMATION CONTACT:
President and CEO (403) 538-8501 | VP, Finance and CFO (403) 538-1945 | Chief Operating Officer (403) 538-1936 |
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