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NuVista Energy Ltd. Announces Closing of Financings

CALGARY, ALBERTA--(Marketwire - March 8, 2011) - NuVista Energy Ltd. (TSX:NVA) ("NuVista") is pleased to announce that it has closed its previously announced private placement and public offering (collectively, the "Offerings") of its common shares ("Common Shares"). In connection with the Offerings, NuVista issued 3,500,000 Common Shares to each of Ontario Teachers' Pension Plan and Bissett Investment Management, a division of Franklin Templeton Investments Corp. on a private placement basis at a price of $9.50 per Common Share, for aggregate gross proceeds of $66.5 million. In addition, NuVista completed a public offering of 3,500,000 Common Shares with a syndicate of underwriters led by TD Securities Inc. and including BMO Capital Markets, CIBC World Markets Inc., Peters & Co. Limited, RBC Capital Markets, Scotia Capital Inc., FirstEnergy Capital Corp. and Cormark Securities Inc. at a price of $9.50 per Common Share for gross proceeds of approximately $33.3 million.

INVESTOR INFORMATION

NuVista is an independent Canadian oil and natural gas exploration, development and production company with its Common Shares trading on the Toronto Stock Exchange under the symbol "NVA".

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