The total net proceeds from these transactions of approximately $158 million were used to initially pay down our bank debt. As at June 30, 2016, the total amount drawn on our current $200 million credit facility is forecasted to be $90 million or 45% drawn.
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”. NuVista’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Alberta Deep Basin (Wapiti Montney).
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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 benefits to be obtained by NuVista from these funding initiatives including increased growth, value, and liquidity for the remainder of 2016 and 2017 and the forecasted amount drawn on NuVista’s credit facility.
Forward-looking statements regarding NuVista are based on certain key expectations and assumptions of NuVista concerning anticipated financial performance, business prospects, strategies, regulatory developments, current and future commodity prices and exchange rates, applicable royalty rates, tax laws, future well production rates and reserve volumes, future operating costs, the performance of existing and future wells, the success of exploration and development activities, the sufficiency and timing of budgeted capital expenditures in carrying out planned activities, the availability and cost of labor and services, the impact of increasing competition, conditions in general economic and financial markets, availability of drilling and related equipment, effects of regulation by governmental agencies, the ability to obtain financing on acceptable terms which are subject to change based on commodity prices, market conditions, drilling success and potential timing delays.
These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond NuVista’s control. Such risks and uncertainties include, without limitation: the impact of general economic conditions; volatility in market prices for crude oil and natural gas; industry conditions; currency fluctuations; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition from other producers; the lack of availability of qualified personnel, drilling rigs or other services; changes in income tax laws or changes in royalty rates and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury; ability to access sufficient capital from internal and external sources; and include, without limitation, those risks considered under “Risk Factors” in our Annual Information Form.
NuVista Energy Ltd.
Jonathan Wright
President and CEO
(403) 538-8501
NuVista Energy Ltd.
Ross Andreachuk
VP, Finance and CFO
(403) 538-8539