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Novus Energy Reports 2012 Reserves, Production Growth

Novus Energy Inc. (NVS.V) announced a "substantial" increase to its reserves and production from its 2012 capital program.

Proved reserves at December 31, 2012 increased by 68% to 14.85 million boe, up substantially from 8.84 million boe on December 31, 2011. Proved plus probable reserves at December 31, 2012 increased by 56% to 22.72 million boe, up from 14.56 million boe on December 31, 2011.

The company's average production for 2012 was 3,059 boe/d, representing 55% year over year average production volume growth. It has achieved production of 3,444 boe/d in the fourth quarter of 2012 (78% oil and liquids) representing a 21% increase over fourth quarter 2011 production volumes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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