/NOT FOR DISSEMINATION IN THE
UNITED STATES - FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/
CALGARY,
Nov. 12, 2013 /CNW/ - NuVista Energy
Ltd. ("NuVista") (TSX: NVA) is pleased to announce that it has
entered into an agreement with a syndicate of underwriters co-led
by Peters & Co. Limited and RBC Capital Markets Corp., and
including CIBC World Markets Inc., FirstEnergy Capital Corp.,
Scotia Capital Inc., BMO Capital Markets, TD Securities Inc. and
National Bank Financial Inc. (collectively, the "Underwriters"),
pursuant to which the Underwriters have agreed to purchase, on a
bought deal basis, 11,000,000 common shares of the Corporation (the
"Common Shares") at a price of $7.10
per Common Share for aggregate gross proceeds of approximately
$78.1 million (the "Offering").
The net proceeds of the Offering will initially
be used by NuVista to pay down bank indebtedness and then to fund
its remaining 2013 and 2014 Wapiti Montney capital program.
NuVista's Board of Directors has approved an increase of the 2014
capital budget to between $240 million and
$260 million. NuVista expects to maintain its current
production guidance of Q4 2013 to Q4 2014 production per share
growth of 15% including the effect of this Offering, or
approximately 25% absolute production growth.
The Offering is scheduled to close on or about
December 3, 2013 and is subject to
customary regulatory approvals including the approval of the
Toronto Stock Exchange (the "TSX"). Following the
closing of the Offering NuVista will have approximately 134.9
million common shares outstanding.
This press release is not an offer of the
Common Shares for sale in the United
States. The Common Shares have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended and may not be offered or sold in the United States absent registration or an
exemption from the registration requirements thereof. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these
securities, in any jurisdiction in which such offer, solicitation
or sale would be unlawful.
ADVISORY REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
This press release contains forward-looking
statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable
securities laws. The use of any of the words "will", "expects",
"believe", "plans", "potential" and similar expressions are
intended to identify forward-looking statements or
information.
More particularly and without limitation,
this press release contains forward looking statements and
information concerning: the use of proceeds of the Offering; the
expected timing of completion of the Offering; and the satisfaction
of the conditions of closing of the Offering and on the anticipated
timeframes.
The forward-looking statements and
information in this press release are based on certain key
expectations and assumptions made by NuVista, including prevailing
commodity prices and exchange rates; applicable royalty rates and
tax laws; future well production rates; reserve and resource
volumes; the performance of existing wells; the success obtained in
drilling new wells; the sufficiency of budgeted capital
expenditures in carrying out planned activities; the availability
and cost of labour and services; the satisfaction of the conditions
of closing of the Offering on the timing planned; and the receipt,
in a timely manner, of regulatory and other required
approvals.
Although NuVista believes that the
expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information because NuVista can give no assurance that they will
prove to be correct.
Since forward-looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to the risks associated with the oil and gas industry in
general such as: operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to reserves, production, costs and expenses; health,
safety and environmental risks; commodity price and exchange rate
fluctuations; marketing and transportation of petroleum and natural
gas and loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to
realize the anticipated benefits of acquisitions; failure to
satisfy conditions to closing of the Offering; failure to obtain
the necessary regulatory and other approvals, including stock
exchange approvals and on the timelines planned; risks that
conditions to closing of the Offering are not satisfied; risk that
the Board of Directors determines that it would be in the interests
of NuVista to deploy the proceeds from the Offering to some other
purpose; ability to access sufficient capital from internal and
external sources; stock market volatility; and changes in
legislation, including but not limited to tax laws, royalty rates
and environmental regulations.
Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and
other factors that could affect the operations or financial results
of NuVista are included in reports on file with applicable
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com).
Readers are cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking statements. NuVista's actual results,
performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements, or
if any of them do so, what benefits NuVista will derive therefrom.
NuVista disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE NuVista Energy Ltd.