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.

Click here for the full text release

 

Source link

NO COMMENTS

LEAVE A REPLY