NuVista Energy acquires

NuVista Energy Ltd has entered into an agreement to acquire certain natural gas properties located in its Ferrier/Sunchild, Wapiti and NW Saskatchewan core areas. The acquisition cost is estimated to be USD 53 million after closing adjustments. The acquisition has an effective date of 1 October 2008, and an expected closing date of 20 January 2009. The asset purchase will be part of NuVista’s previously announced 2009 preliminary capital budget of USD 290 million of which approximately USD 75 million has been allocated to acquisitions. Current production from the acquired properties is approximately 1600boe/d, with a 78% natural gas weighting. At 1 October 2008, company interest proven plus probable reserves were estimated by a third-party reserves evaluator to be 4.8 million boe. Proven reserves were estimated to be 3.5 million boe.
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