Overview

In July 2009, NuVista will celebrate its sixth anniversary as an exploration and production (E&P) company following the reorganization of Bonavista Petroleum Ltd. As our results demonstrate, we have delivered on the promises made to our stakeholders six years ago.

Since inception, we have doubled our undeveloped land per share, tripled our prospect inventory per share, and increased our net asset value per share by approximately five times. From July 2003 to March 2009 (69 months) NuVista has achieved compounded annual growth rates of approximately:

• 30% in production per share
• 35% in funds from operations per share
• 40% in reserves per share

We have also established a strong team of over 115 dedicated and talented individuals. Our ability to execute on our business strategy consistently, regardless of the market environment, and to seize the day when opportunities present themselves is widely recognized within our industry.

NuVista Today

• One of the most respected teams in the industry with a proven track record of adding value;
• Production of approximately 26,500 boe/d, with a 71% gas weighting;
• Concentrated , low cost operations with high working interest in eight core areas;
• Eight core areas - four areas with deeper, liquids-rich natural gas targets (W5M and W6M) and four areas with shallow gas and heavy oil targets (W3M and W4M);
• Undeveloped land of 794,000 net acres with a 81% average working interest;
• A large, proprietary seismic data base for prospect generation;
• A sizeable investment in undeveloped land in three emerging resource plays, each of which has potential to yield a multi-year prospect inventory of scalable development projects;
• Proven plus probable reserves of over 82.2 million boe;
• A pro forma debt to funds from operations below two times, creating significant financial flexibility to pursue acquisition opportunities; and
• Approximately 79 million outstanding shares with a significant level of ownership by management and directors, large institutional shareholders, and strategic partners. This support will provide NuVista with a favourable cost of capital to complete acquisitions within our industry as junior companies look for exit strategies and conventional E&P trusts look to redefine their corporate structures over the next three years.

May 2009

Click to enlarge image