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NuVista Energy Ltd.: Announcing The Completion Of $18.4 Million Equity Financing

CALGARY, ALBERTA--NuVista Energy Ltd. ("NuVista") announces today that it has completed the previously reported equity issue of 2.5 million common shares of NuVista at a price of $7.35 per common share, resulting in gross proceeds of $18.4 million.  This financing was led by TD Securities Inc. and included FirstEnergy Capital Corp., Orion Securities Inc., Peters & Co. Limited, BMO Nesbitt Burns Inc., CIBC World Markets Inc., Sprott Securities Inc., Griffiths McBurney & Partners and Tristone Capital Inc. This private placement will be used to fund NuVista's expanded 2003 and 2004 combined capital programs to $100 million, in addition to strengthening NuVista's shareholder base. 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". This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.  The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.   -30-
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