NuVista Energy Puts Early Losses Behind It, Now Up Nearly 5% after stops dividend to fund its drilling program
Canada's NuVista Energy Ltd (NVA.TO) is now up 46 cents or 4.7% at $10.25 having dived to a day low of $9.50 at the open (from a previous close of $9.79) after saying its board has decided to terminate its dividend and use the cash to fund its drilling program. More than 1.5 million shares have changed hands.
The intermediate oil and natural gas company forecast 2011 average production volumes of 26,000-27,000 barrels of oil equivalent per day (boe/d), and said its board approved a capital program of $160 million to $180 million for the year.
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