NuVista Energy Ltd. (“NuVista” or the “Company”) (TSX:NVA) is pleased to announce results for the three months and year ended December 31, 2016 and provide an update on our future business plans.
As quoted in the press release:
Operationally, 2016 was a very strong year for NuVista. We have:
Achieved record production in the Wapiti Montney formation;
Materially increased our Montney natural gas and condensate production and reserves with significant Finding and Development (“F&D”) cost improvement;
Continued our successful development and delineation program at Bilbo and Elmworth;
Identified two emerging development blocks at Gold Creek and Pipestone and booked our first reserves at Pipestone;
Articulated a five year growth plan to 60,000 Boe/d complete with well inventory and egress commitments;
Began testing extended reach horizontal drilling and higher frac intensity technology;
Divested our final material non-core property;
Further diversified our access to downstream gas markets;
Protected corporate netbacks with our rolling commodity hedging program; and
Managed a very strong balance sheet, exiting 2016 with nothing drawn on our bank line.