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NuVista Announces $18.4 Million Equity Financing

CALGARY, ALBERTA--NuVista Energy Ltd. ("NuVista") announces today that it has entered into a bought-deal financing agreement with a syndicate of underwriters led by TD Securities Inc. and including 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. under which they have agreed to purchase, on a private placement basis, 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 transaction is subject to normal regulatory approvals with closing anticipated to occur on or about September 10, 2003. 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. Directors and officers of NuVista will purchase four percent of the private placement. 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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