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UPDATE: NuVista Off 2 Cents, Reports Fourth Quarter and Year End 2012 Results; Takes Hit from Lower Gas Prices

NuVista Energy Ltd. (NVA.TO) today announced results for the three and twelve months ended December 31, 2012 and provided an update on its future business plans.

Significant highlights for the fourth quarter and full year 2012 include:

- Completed the disposition of non-strategic assets in the fourth quarter of $228 million and for the full year totaling $238 million;

- Completed equity offerings for gross proceeds of $95 million on December 11, 2012 with strong support from several existing and new strategic institutional investors;

- Achieved our guidance with an average production rate of 17,692 Boe/d for the three months ended December 31, 2012 and 22,577 Boe/d for the year ended December 31, 2012 compared to 25,306 Boe/d for the three months ended December 31, 2011 and 25,556 Boe/d for the year ended December 31, 2011. These production rates reflect the significant dispositions in the fourth quarter of 2012 and lower capital spending levels in 2012;

- Achieved funds from operations of $16.3 million for the three months ended December 31, 2012 compared to $48.5 million for the same period in 2011 and $17.2 million for the three months ended September 30, 2012. Funds from operations for the full year 2012 totaled $75.7 million compared to $164.0 million in 2011. Lower funds from operations in 2012 were primarily due to a decline in average realized natural gas prices from $3.87/Mcf in 2011 to $2.31/Mcf in 2012 and lower production volumes in 2012 due to divestitures;

- Successfully executed an annual capital program of $117 million. Drilled 4 (3.0 net) wells during the fourth quarter and 18 (14.2 net) wells for the year ended December 31, 2012 for a success rate of 94%. 6 (5.9 net) of these wells were Wapiti Montney wells and the remainder of the wells were primarily W3/W4 heavy oil wells drilled in the first quarter of 2012;

- Achieved proved plus probable finding and development costs for 2013 of $15.53/Boe including future development capital and all revisions with debt adjusted reserves growth of 8% per share. Achieved a proved plus probable reserves replacement ratio (excluding divested property production) of 315%, and increased our proved plus probable Reserves Life Index ("RLI") to 16 years;

- Exited 2012 with net debt of $30 million and a trailing 12 month debt to annualized fourth quarter funds from operations of 0.4x, a significant improvement compared to $307 million and 1.9x at the end of 2011.

NuVista edged off by 2 cents to $5.50, trading near 52-week high $5.95.

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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