NuVista Energy Ltd. Advises of Wildfire Impact in Grande Prairie Operations
08 Mai 2023 - 4:33PM
NuVista Energy Ltd. (TSX:NVA, "NVA" or the "Corporation") advises
that due to the ongoing wildfire situation in the Grande Prairie
region, the Corporation has temporarily shut in and depressured all
operations proximal to the ongoing fires. This is a precautionary
measure to ensure the protection of our people, the public, and our
assets are foremost. The shut-ins began partially on May 5, and
were then broadened by the shut-in of third party infrastructure
which serves our production. Personnel are monitoring from safe
locations. The temporary production impact is approximately 40,000
Boe/d, and NuVista stands ready to restart operations as soon as
the risk is diminished. We are not aware of damage to any company
or third party assets and infrastructure. We thank our field staff
for their swift and professional response to this situation, and
our thoughts are with any impacted community members.
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
Alberta. NuVista’s primary focus is on the scalable and repeatable
condensate-rich Montney formation in the Pipestone and Wapiti areas
of the Alberta Deep Basin. This play has the potential to create
significant shareholder value due to the high-value condensate
volumes associated with the natural gas production and the large
scope of this resource play. The common shares of NuVista trade on
the TSX under the symbol NVA. Learn more at
www.nuvistaenergy.com
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.
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, the
affect of the wildfires on our assets and the timing for restarting
our operations and the operations of third party infrastructure. 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. 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. 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:
Jonathan A. WrightPresident and
CEO(403) 538-8501 |
Ivan
J. CondicVP, Finance and
CFO (403) 538-1945 |
Mike
J. LawfordChief Operating
Officer(403) 538-1936 |
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