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NuVista Energy Ltd. Announces the Completion of the $47.4 Million Acquisition

CALGARY, ALBERTA--(CCNMatthews - July 29, 2004) - NuVista Energy Ltd. ("NuVista") is pleased to announce that it has completed the previously reported acquisition of the outstanding shares of a private company, and through a series of transactions will hold certain natural gas producing properties primarily concentrated north of NuVista's Eastern Alberta Core Region. The consideration for this acquisition consisted of 3,000,000 common shares of NuVista, plus $23.7 million in cash and assumption of debt. The total purchase price at closing was approximately $47.4 million. The acquired assets are 92% natural gas weighted, with 77% of the production in the Provost region and 23% of the production in the Pembina area. The Provost property is a natural extension to NuVista's Eastern Alberta Core Region and is consistent with our strategy to extend similar play types in a northerly direction, while the Pembina area represents a new core area for NuVista. Current production from the assets is approximately 1,280 barrels of oil equivalent per day (boe/d), including 7.1 million cubic feet per day (mmcf/d) of natural gas and 100 barrels per day (bbls/d) of oil and liquids. This transaction increases NuVista's production by 25% to approximately 6,350 boe/d. The acquisition also includes approximately 45,000 net acres of highly prospective undeveloped land. 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". Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by NuVista at the time of preparation, may be proven to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. There is no representation by NuVista that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Boe 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. /T/NuVista Energy Ltd.1100, 321 - 6th Avenue S.WCalgary, AB T2P 3H3Ph: (403) 514-7300/T/-30-
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