our focus 2012 corporate profile - nuvista energynuvista corporate profile 1 nuvista is a canadian...

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Contents1 Profile 2 Letter to Shareholders 7 Leadership8 Operations & Resource Plays

15 The NuVista Team16 Financial & Operating Highlights18 Corporate ResponsibilityIBC Corporate Information

Assets People Opportunity

NuVista Corporate Profile 1

NuVista is a Canadian oil and gas company with a mission to deliver maximum shareholder value.

ProfileNuVista Energy Ltd. is an independent Canadian oil and gas company with a mission to deliver

maximum shareholder value though a growth strategy based on focus, disciplined delivery

and profitable repeatable plays. Formed in July 2003, NuVista is engaged in exploration,

development and production activities on properties located in three operating regions of the

Western Canadian Sedimentary Basin. NuVista has successfully grown from a junior oil and gas

company with an acquire and develop business model and a focus on shallow gas in Eastern Alberta

to an intermediate company with a portfolio of repeatable plays containing long-term growth

opportunities in the Deep Basin of Central Alberta.

NuVista is continuing its transition from an acquire and develop business model to one where

growth results from the successful implementation of repeatable development drilling projects on

lands that we currently control. NuVista has a portfolio of repeatable resource opportunities which

has the potential to offer shareholders considerable upside in share value over the long term.

For 2012, we will continue developing our W3/W4 heavy oil plays. We have moved from the pilot

to early development phases on our liquids-rich W5 Spirit River/Notikewin and W6 Wapiti Montney

plays and the pace of the next steps taken will be commensurate with the commodity price

environment. Our W6 Wapiti Montney play has the potential for well over 400 wells and over

$3 billion of profitable capital investment. Through the disciplined development and advancement

of these plays, we will deliver maximum shareholder value.

NuVista’s common shares trade on the Toronto Stock Exchange under the symbol NVA.

Annual General MeetingThursday May 10, 2012; 3:00 p.m.

The Grand Lecture Theatre

The Metropolitan Conference Centre

333 – 4 Avenue SW, Calgary, AB

Assets People Opportunity

2 NuVista Corporate Profile

Letter to ShareholdersI am pleased to update shareholders on NuVista’s activities in 2011 and our plans to create shareholder

value in 2012 and beyond.

Successfully Transitioning the CompanyIn 2010, NuVista’s focus was on evaluating a number of plays, primarily in its Deep Basin Core

Region, to identify those plays with the most future potential for material and repeatable drilling

programs and with high value and large potential well inventories. In 2011, NuVista focused on

advancing three of these plays with repeatable drilling potential W3/W4 heavy oil; W5 Spirit

River/Notikewin liquids-rich natural gas; and by far the largest, the W6 Wapiti Montney liquids-

rich natural gas play. This decision, coupled with strong drilling and completions execution

performance, has lead to a step forward in play advancement and a strong increase of the

valuable liquids ratio in our portfolio.

2011 in Review NuVista is pleased with the achievement of its key 2011 priorities, despite a weak natural gas price

environment. Full year 2011 operating guidance provided in its May 2011 press release was achieved

due to excellent drilling results and efficient execution of the capital program.

NuVista’s first priority in 2011 was reducing its debt levels and this occurred in the first quarter

with a $99.8 million equity offering and the disposition of $37.2 million of Pembina Cardium

assets. NuVista ended 2011 with net debt of $307 million and a trailing 12 month debt to funds from

operations of 1.9x, compared to $443 million and 2.6x at the end of 2010, a significant improvement.

Following this, NuVista targeted 2011 capital spending to approximately equal funds from operations.

With funds from operations reduced due to lower natural gas prices, NuVista prudently managed

capital and maintained production volumes at second quarter levels for the remainder of the year.

The focus of NuVista’s 2011 capital program was on drilling higher economic return oil and liquids-

rich natural gas wells and advancing its three key plays. NuVista significantly increased average

oil and liquids production in 2011 as a percentage of total production to 32 percent compared

to 27 percent in 2010.

In May 2011, I joined NuVista as President and Chief Executive Officer. I bring a proven track record

of successful leadership at a larger oil and gas producer, both domestically and internationally and

a business philosophy that ensures NuVista focuses on a limited number of repeatable plays and a

disciplined approach to managing all aspects of the business.

NuVista is pleased with the drilling success in its three key plays. W3/W4 heavy oil opportunities

continue to have the best economics in our opportunity inventory. We currently have up to

50 potential horizontal locations in inventory, representing approximately $50 - $70 million

of highly economic future investment opportunity.

A business model based on the internal generation of large plays with repeatable liquids-rich natural gas and crude oil opportunities.


At NuVista’s W5 Spirit River/Notikewin liquids-rich natural gas play, NuVista drilled four (3.5 net)

successful wells in 2011 at Alder Flats. All wells have been placed on production at very strong rates

and liquids yields average 20 - 40 Bbls/MMcf. The presence of these liquids is significant because of

the substantial economic uplift it provides. In early 2012, NuVista expanded its proven geographic

footprint in the W5 Spirit River/Notikewin play, with a successful horizontal multi-fracture test well

in our Ferrier area. NuVista has accumulated significant land and access to infrastructure in the

area which can provide for significant volume growth in the future. Overall, NuVista’s momentum

and positive results continue in W5 with exceptional strength. Ongoing success continues to build

confidence in our inventory of up to 75 additional horizontal wells, representing strongly economic

and repeatable future investment opportunity of over $350 million.

Inventory of up to 75 additional horizontal wells, representing strong economic and repeatable future investment opportunity of over $350 million.


At NuVista’s W6 Wapiti Montney play, we began a $70 million 12-month capital pilot program in

July 2011 to de-risk and advance this play through to early development with five key wells. With

successful tests now in both our South and North Blocks of Wapiti Montney land, we have moved

a huge milestone forward in stepping out and validating the high quality of both blocks of these

lands. The drilling of NuVista’s fourth well had pacesetter results for the entire Wapiti Montney trend

with a 23 percent reduction in drilling time compared to the trend average. This is a strong early

demonstration of the cost efficiencies possible as NuVista moves towards full development on this

repeatable play. NuVista is also in the process of completing the construction of a compression and

dehydration facility with an industry partner, to reduce transportation and processing costs and

provide the first stage of expandable infrastructure required for the development of this play.

The test rates from the Wapiti Montney wells that NuVista and industry have completed, and the

high liquids content of those wells reinforces our confidence in this play. Production from this play

is expected to have a liquids yield of approximately 50 Bbls/MMcf of high value natural gas liquids

when processed through existing shallow cut facilities, and a yield of approximately 100 Bbls/MMcf

Over 400 future drilling locations, representing future profitable investment opportunity of over $3 billion or more.


in the future when processed through a deep cut facility. These liquids yields have a significant

positive effect on the economics and are expected to result in this being a top quartile North

American natural gas play. As a result of continued success on the part of NuVista and other

industry players, land sale prices and industry activity in the area continue to heat up. NuVista

owns 165 gross sections (92 percent working interest) of land in the Wapiti Montney play with

the potential for well over 400 future drilling locations, representing future profitable investment

opportunity of over $3 billion.

Well Positioned for a Great FutureWe are focused on building a strategic, sustainable corporate business model with long-term growth

opportunities. Our 2012 priorities are directed at achieving our corporate performance targets both

operationally and financially, advancing our three key plays, continuing to divest of non-core assets,

carefully limiting capital to maintain balance sheet strength and flexibility, and continuing to ensure

a high level of employee engagement and accountability.

We continue to feel the effects of low natural gas prices. North America is currently oversupplied

with natural gas due to a warm 2011/2012 winter and strong shale gas production growth in the

United States in 2010 and 2011. Globally, natural gas prices remain strong as natural gas increasingly

becomes a preferred source of energy. NuVista believes that the North American supply demand

imbalance will be corrected on the back of the ongoing decline in dry natural gas drilling activity and

the growth of new markets for natural gas, although it is difficult to predict the exact timing of this

correction. The liquids focus in our plays has never been more important and will continue to be so

as gas prices rebound.


NuVista expects to limit 2012 capital spending to funds from operations plus proceeds from

non-core divestitures. Second half 2012 spending levels will be determined at the end of the second

quarter of 2012 after reviewing the results of its Montney program and divestiture proceeds.

NuVista has disposed of non-core Pembina Cardium and other assets for approximately $14 million

since December 2011 so this process is well advanced. NuVista will be pursuing additional non-core

dispositions of assets throughout 2012, creating additional financial flexibility to fund the areas of

key focus for the company. NuVista will remain flexible to accelerate spending in areas where recent

success has been realized subject to some of the various funding catalysts being contemplated.

NuVista’s operating and financial guidance for the first half of 2012 provides for a capital budget of

between $70 million and $80 million and average production within the range of 24,500 Boe/d to

25,500 Boe/d. Funds from operations for the first half of 2012 were originally forecast at between

$45 million and $50 million based on a forecast AECO natural gas price of $2.40/Mcf and WTI oil price

of US$103/Bbl. The capital budget is planned to modestly exceed funds from operations in the first

half of 2012 due to the busy winter drilling season however, as mentioned earlier, proceeds of asset

dispositions are expected to make up any cash flow shortfall with $14 million already achieved to date.

Despite the weak natural gas price environment in the short term, NuVista is confident that

disciplined deployment of capital on our material key plays, while maintaining a prudent focus on

the balance sheet, will result in significant shareholder value creation over the long term. With a

talented and motivated workforce and a revised business strategy focused on discipline, execution

and profitability, we look forward to updating you on the progress in this value creation process

as we move through 2012.

Sincerely,

Sincerely

Jonathan A. Wright

President & CEO

April 26, 2012

NuVista’s business philosophy focuses on a limited number of repeatable plays and a disciplined approach to managing all aspects of the business.


Leadership

Our vision is to be known for our:

• Entrepreneurial spirit and disciplined delivery

• Focused investment on profitable, repeatable plays

• Production and share value growth of 10 percent to 20 percent per year over the next 5 years

• Multi-year inventory of projects across the maturity spectrum

• Strong safety, health and environmental commitment

From left to right: Chris McDavid, Joshua Truba, Wayne Olmstead, Jonathan Wright,

Craig Burton, Robert Froese, Kevin Asman, Ross Andreachuk, Mike Lawford.

NWAB/NEBC

Deep Basin

W3/W4

Wapiti Montney

W3/W4 Heavy Oil

W5 Spirit River/Notikewin

BRITISH COLUMBIA

ALBERTA

SASKATCHEWAN

Calgary

Edmonton

LEGEND

Major Operating AreaKey Investment Play


Operations & Resource Plays

NuVista’s asset base is diversified across three core regions and includes a large inventory of oil, liquids and natural gas opportunities. We’ve adopted a three-play focus targeting liquids-rich natural gas and crude oil plays with disciplined delivery.

NWAB/NEBC

Deep Basin

W3/W4

Wapiti Montney

W3/W4 Heavy Oil

W5 Spirit River/Notikewin

BRITISH COLUMBIA

ALBERTA

SASKATCHEWAN

Calgary

Edmonton

OilNGLNatural Gas

2011 PRODUCTION MIX

68%

20%

12%

W6 Wapiti MontneyW5 Spirit River/NotikewinW3/W4 Heavy OilOther

2011 CAPITAL DEPLOYMENT

47%

25%

11%

17%

W6 Wapiti MontneyW5 Spirit River/NotikewinW3/W4 Heavy OilOther

2011 WELLS DRILLED

60%

23%

5%

12%



Focused on investment in profitable, repeatable plays with a multi-year inventory of projects across the maturity spectrum.

2011 AVERAGE PRODUCTION NVA ACREAGE

Gas

(Mcf/d)

Oil

(Bbls/d)

NGL

(Bbls/d)

Total

(Boe/d)

Net Acres

(000s)

Average WI

(%)

Deep Basin 60,718 935 2,698 13,753 340 77

W3/W4 22,670 3,698 13 7,489 361 65

NW AB/BC 20,862 573 263 4,313 851 75

104,250 5,206 2,974 25,555 1,552 73

Execution and delivery in the early part of 2012 have exceeded our expectations, positioning

us for profitable growth in the future. NuVista controls a large land portfolio with more than

550 horizontal locations in our three key plays. Our capital will continue to be directed to those

projects within our asset base with the highest economics and those opportunities with significant

longer term potential.

6 miles

SemCAMS Pipeline1

2

43

5

South Block

North Block

R8 W6 R4 W6

T70

T64


W6 Wapiti – MontneyLand Base: 105,600 gross acres (92% working interest)Wells drilled in 2011: 2 gross (2 net)Average WI: 100%

The Wapiti area in Alberta’s Deep Basin boasts abundant, liquids-rich natural gas plays with

compelling economics. As an early mover in this area of increasing industry activity, NuVista has

assembled a dominant position of 165 gross sections in the heart of the liquids-rich Montney fairway

with average working interest of 92 percent. To date, we have identified a drilling inventory that is

expected to exceed 400 horizontal locations representing several billion dollars of highly economic

investment and we continue to believe that this area has the potential to add substantial reserves,

production and long-term economic value for our shareholders.

In July 2011, we initiated a $70 million six-month Wapiti Montney capital pilot program to de-risk

and advance this play toward full-field development. Our focus with this capital program has been

to confirm the repeatable and predictable nature of the play, gain valuable test and production data

to support our typecurve, validate leases and licenses, and begin a pattern of lowering costs and

shortening cycle times. The program includes drilling five wells and participation in the construction

of a compression/dehydration facility which is anticipated to be on-stream Q2 2012. Results from the

first four wells in the program have confirmed or exceeded expectations. Early testing and analysis

of production from the wells in both blocks indicate liquid yields of approximately 50 Bbls/MMcf

through existing shallow cut facilities, or up to 100 Bbls/MMcf through future deep cut facilities.

The discovery of high rate liquids-rich gas on the south block is a pivotal step in proving the

potential scale of NuVista’s resources.

NuVista Montney lands

Industry Montney Hz wells

Compressor/Dehydration facility

NuVista Montney Hz wells


The Wapiti Montney compression and dehydration project, which is being executed to service North

Block production and is part of our ongoing $70 million capital program, is proceeding on budget

with a scheduled startup before the end of Q2 2012, depending on spring break-up timing. The final

well of the current five well program has been drilled and should be completed by early Q3 2012,

after spring breakup.

In addition to the large resource identified in the Montney, the Falher has emerged in the Wapiti

area as a significant source of near term liquids-rich volumes and has running room. The area had

historically been developed with vertical wells that exhibited long reserve life and shallow declines.

The advent of multi-staged fractured horizontals has unlocked significant new reserves and very

high deliverability. These Falher channels are well suited for the use of horizontal multi-stage

fracture drilling and completion technology.

NuVista has participated in three Falher Horizontal wells in late 2011 and early 2012. Initial results

are encouraging as test rates from the first two wells measured between 9.5 and 12 MMcf/d and

condensate rates between 120 and 380 Bbls/d. Through the existing deep cut facility total C2+ yields

are 60-140 Bbls/MMcf. Working interest in these three wells is just over 50 percent (NuVista capital

was partially carried through to tie in). All three wells are expected to be tied in and on production by

the end of April. NuVista is currently installing compression that will enable production from these

wells to be optimized. Importantly, NuVista has working interest capacity in the nearby 3rd party

deep-cut facility, so access priority, operating costs and liquid recoveries are all excellent.

3D seismic is being utilized to expand the play concept. A number of 100 percent working interest

locations have been identified on the trend in addition to opportunities in other Falher zones.

6 miles

SUNCHILD

FERRIER

ALDER

MINNEHIK

EASYFORDBRAZEAU

R13 W5 R6 W5

T41

T48


W5 Spirit River/NotikewinLand Base: 160,640 gross acres (67% working interest in the greater Ferrier / Pembina Area)Wells drilled in 2011: 15 (10.9 net)Average WI: 90%

Our W5 Spirit River/Notikewin focus area is in the Pembina/Ferrier region of the Alberta Deep Basin.

Early development results at Alder Flats, and exploration success on an emerging trend to the west

is encouraging. Up to 75 horizontal locations have been identified, most of which are supported by

3D seismic. This inventory will fill a seven year drilling inventory, and is being expanded through

acquisitions and crown sales.

In 2011 and early 2012 we successfully drilled and completed five development horizontal wells at

Alder Flats and a significant new test well to the west in Ferrier. Results were beyond expectations

with test rates at Alder between 7 and 16 MMcf/d with total C3+ yields through shallow cut facility of

between 25 and 35 Bbls/MMcf. By the end of 2011, production from the new horizontal wells in this

play was averaging 22 MMcf/d natural gas production (19.1 MMcf/d net) with approximately 650 Bbls/d

of natural gas liquids (566 Bbls/d net). The 2011/12 pilot program expanded the geographic footprint

of typecurves for the 75 locations in the W5 Spirit River/Notikewin area. Going forward we will be

prudently limiting capital here until natural gas prices recover.

NuVista Spirit River/Notikewin lands

Industry Spirit River/Notikewin Hz wells

NuVista Spirit River/Notikewin Hz wells

1 mile1 mile

Zoller LakeHallam

T39 R27 W3T39 R25 W3


W3/W4 Heavy OilWells drilled in 2011: 34 gross (26.7 net)

Average WI: 81%

This core region provides a large part of the cash generation that funds NuVista’s growth

opportunities in other parts of our portfolio. The W3/W4 heavy oil development wells represent the

best risk/return profile within our inventory as payout occurs in as little as six months and recycle

ratios of three times can be achieved. Throughout the year we drill a mix of low-risk development

wells and higher impact exploration wells that ensure we are able to maintain a healthy inventory of

development projects. While this area does not offer the same scope as some of our larger resource

plays, strong economics, lower drilling and completion costs and short cycle time allow these wells

to deliver low risk, near term operating and financial results.

Following up on strong results from this area in 2010, our 2011 capital program was more heavily

weighted to repeatable execution on our development projects. During the year, we drilled more

than 20 Birdbear heavy oil wells at Zoller Lake and Hallam in Saskatchewan, including several

successful delineation wells allowing us to further extend the Hallam pool to the south. In order

to reduce well costs and further enhance the economics of this play, in the second half of the year

we also tested the use of pad drilling and other repeatable efficiency techniques achieving well

cost savings of 10 to 20 percent.

Our capital program from this area in 2011 was extremely successful. We delivered record oil

production as a result of our consistent, successful Birdbear wells. Development drilling is

ongoing in 2012.

NuVista land

NuVista planned Hz wells

NuVista Hz wells


The NuVista Team Our People Fuelling the FutureShannon AlbrechtJoshua AlfredRoss AndreachukMano AngersKevin AsmanRay BangVicky BayfordCynthia BeaudinKristen BellDaniel BenoitBrittney BichelBrett BoklaschukMaryann BranderJoel BryanMark BuchananCraig BurtonRichard CawkwellStella ChanBrett ChapmanDeon ChappellQuinton ColemanDavid CollicuttFotini ContradaShelley CooperLinda CraigVern CroneTodd Cummings

Tammy DavidLisa DawsonRichard DeleffCindy DeCosteBruce EdgarHicham El KouniaEdwin EricksonDanielle FerenceKelli FischerDenise FreelandLynn FreemanRobert FroeseBryan GalambosRobert GallantJim GardnerRandal GawleyJamie GereinBruce GiggArlene GormanGlen GrantDennis GroverKerrie HamiltonAnne HansenMike HansonBrad HeckTerry HoferBrennen Hosegood

Heidi HuebnerFaye HushagenThanh HwangHung HuynhAdelina IlaganRyan JacksonAdam KarpoffChan KawaguchiChristine KellyRon KellyRoss KenneyKen KisilIrena KongsuwanAndrew LaneMark LansingLyle LaquaPamela LarsonMike LawfordHelen LealkeCurtis LeinAmy LinkewichLagua LyleBarbara MacBeathLynn MacDonaldKam MacGregorRilet ManluluWendy March

Danielle MartinAndrew MastersonBrent McAdamChris McCueChris McDavidJason McIntyreAngie McIvorAlison McKendrickMarie MondsAaron MontgomeryCourtenay NicolLeonard NiedermaierMark NovakWayne OlmsteadBradley PaulgaardRyan PaulgaardLisa PetersenLogan PittmanTiernan PriceBeverly ReidLynette RussellKevin SalzlKathryn SearsGord SkulmoskiGreg SteffensenDerrick StephensonBrian Stoebich

Joe SwiftCynthia TabiosTed TandocScherise ThompsonRudolph ThomsenJane ThorburnMark ThorneAndrew TiemanHelen TowneJosh TrubaJeff TuckJason UlmerLaura UsherBryant Van IderstineKevin WagnerCarrie WalkerJulie WassonJim WebbLynn WebsterMichael WertJolene WhiteAnthony WilliamsLeslie Willis-SmithAmanda WiltseJonathan WrightBethany Young

At NuVista we’ve created a unique, compelling culture through living our values every day. We always aspire to be a respected community partner and to be known by our employees as the best place they’ve ever worked.


Financial & Operating Highlights

($ thousands, except per share amounts)

Years ended December 31,

2011 2010 2009* 2008* 2007*

Financial

Production revenue 369,234 373,327 345,272 515,338 212,386

Funds from operations(1) 164,019 169,991 190,139 281,029 113,793

Per share – basic 1.68 1.92 2.29 3.77 2.21

Per share – diluted 1.68 1.92 2.28 3.75 2.19

Net earnings (loss) (143,800) (59,655) 2,476 88,195 26,327

Per share – basic (1.47) (0.67) 0.03 1.18 0.51

Per share – diluted (1.47) (0.67) 0.03 1.18 0.51

Total assets 1,373,705 1,533,824 1,555,743 1,407,296 683,165

Long-term debt, net of adjusted working capital(1) 306,791 443,043 367,747 341,266 178,618

Net capital expenditures 161,830 225,050 309,910 200,737 164,008

Corporate acquisition (non-cash) - - - 594,944 -

Weighted average common shares outstanding (thousands)

Basic 97,557 88,583 83,152 74,468 51,375

Diluted 97,557 88,583 83,571 75,021 51,962

Operating (Boe conversion – 6:1 basis)

Production

Natural gas (MMcf/d) 104.3 123.9 116.6 104.9 66.9

Natural gas liquids (Bbls/d) 2,974 3,053 3,193 2,357 317

Oil (Bbls/d) 5,206 4,647 4,330 4,472 2,381

Total oil equivalent (Boe/d) 25,556 28,343 26,958 24,320 13,851

Product prices(2)

Natural gas ($/Mcf) 3.87 4.49 4.94 8.39 6.77

Natural gas liquids ($/Bbl) 64.31 51.48 38.58 70.09 63.31

Oil ($/Bbl) 74.42 63.66 63.22 77.00 52.40

Land, net acres (000’s) 1,552 1,648 1,682 1,330 1,051

Average working interest 73% 81% 80% 79% 77%

Wells drilled, gross (net)

Oil 38 (29.9) 38 (25.6) 17 (12.7) 37 (30.8) 46 (35.2)

Natural gas 17 (11.2) 31 (24.5) 33 (24.6) 65 (45.7) 75 (57.8)

Dry holes 1 (1) 1 (1.0) 10 (9.3) 13 (9.5) 17 (14.1)

Total 56 (42.1) 70 (51.1) 60 (46.6) 115 (86.0) 138 (107.1)

Company interest reserves(3)

Reserves, proved plus probable

Natural gas (Bcf) 472.0 488.9 438.7 340.3 181.4

Oil and liquids (Mbbls) 31,415 31,588 24,706 20,962 9,560

Total barrels of oil equivalent (Mboe) 110,085 113,072 97,816 77,680 39,795

Finding, development and acquisition costs ($/Boe)(4)(5)

Total proved 27.80 22.04 14.15 24.28 20.63

Total proved plus probable 28.79 18.44 11.77 18.51 17.07

Net asset value per share ($)(5) 11.03 12.19 15.24 14.20 10.37

*Results are based on prior GAAP, please refer to the Company’s 2011 Annual Management’s Discussion and Analysis, filed on www.sedar.com.(1) For more details on non-GAAP measures, please refer to the Company’s Annual Information Form, filed on www.sedar.com.(2) Product prices include realized gains/losses on commodity derivatives.(3) Company interest reserves are gross working interest reserves and royalty interest reserves before the deduction of royalties.(4) Includes changes in future development capital expenditures net of estimated drilling credits.(5) For more details, please refer to the Company’s 2011 Annual Management’s Discussion and Analysis, filed on www.sedar.com.

FUNDS FROM OPERATIONS$000’S

1110090807

113

,79

3

190

,139

169

,99

1

164

,019

28

1,02

9

% OF BOE/D PRODUCTION

CRUDE OIL & LIQUIDS MIX

1110090807

19%

28

%

27

%

32

%

28

%

000’S

164

,00

8

20

0,7

37

30

9,9

10

22

5,0

50

161,

83

0

AcquisitionsLandFacility & OtherDrilling & Completions

CAPITAL EXPENDITURES

1110090807

$

NET ASSET VALUE PER SHARE

1110090807

10.3

7

15.2

4

12.19

11.0

3

14.2

0

BOE/D

13,8

51

24

,32

0

26

,95

8

28

,34

3

25

,55

6

OilNGLNatural Gas

PRODUCTION

1110090807

NET ACRES

LAND, TOTAL

1110090807

1,05

1,00

0

1,33

0,0

00

1,68

2,0

00

1,64

8,0

00

1,5

52

,00

0



No issue is more important than the safety and health of our employees, contractors and the public.

Corporate ResponsibilityNuVista Energy Ltd. is committed to conducting activities in a manner that protects the health and

safety of our workers and the public while minimizing the Company’s impact on the environment.

We believe that exemplary performance in the areas of environment, health, and safety is essential

to fulfilling our business goals and meeting the needs of our many stakeholders.

Personnel at every level of the organization, including contractors, are required to comply with

all company HSE policies and applicable government regulations. Accountability for managing the

safety of our operations is also shared by all personnel.

Our HSE Department has created an HSE Management Manual to assist in the implementation of this

Policy. A copy of this Manual, an applicable Emergency Response Plan, and current regulations for

the jurisdiction must be readily available at all times.

If a conflict ever arises between safety and production or costs, we will choose safety.

Health & SafetyNuVista recognizes that hazard identification and control on the worksite is a critical step to the

prevention of incidents and that communication is essential to any safety program. NuVista’s

strategy for identifying job hazards consists of the following elements: hazard identification, risk

analysis, risk evaluation, and risk control. Effective communications between all levels of employees

and contractors is necessary to monitor and improve safety and environmental performance.


EnvironmentOperating in an environmentally responsible manner and complying with the law are priorities for

NuVista. Our environmental management plan and operating guidelines focus on minimizing the

environmental impact of our operations while meeting regulatory requirements and corporate

standards. All NuVista employees and contractors are required to identify environmental

requirements for the job, ensure environmental impacts of worksite activities are minimized,

and report and remediate all environmental incidents to reduce long-term impact.

NuVista is an active member of the Canadian Association of Petroleum Producers (CAPP) and is a

participant in the CAPP Responsible Canadian Energy program of benchmarking, auditing, and best

management practices. The HSE department will continually work to develop new initiatives including

energy resource efficiency, carbon management, and environmentally sustainable development.

Community SupportNuVista Energy Ltd. is committed to making a positive contribution to the communities in which we

operate. To this end, we participate in a wide range of volunteer activities, in addition to our annual

campaigns to raise money for local charities including the United Way. We’ve recently established a

new Corporate Donations Policy which includes provisions for matching employee contributions to

registered charities in their communities.


AbbreviationsBbls BarrelsBbls/d Barrels per dayBCF Billion cubic feetBoe Barrel(s) of oil equivalentBoe/d Barrel(s) of oil equivalent per dayGJ Gigajoule(s)GJ/d Gigajoule per daykm Kilometreskm2 Square kilometresMbbls Thousands of barrelsMboe Thousands of barrels of oil equivalent

Mcf Thousand cubic feetMcf/d Thousand cubic feet per dayMcfe Thousand cubic feet equivalentMMcfe/d Million cubic feet equivalent per dayMMboe Million barrels of oil equivalentMMbtu Million British thermal unitsMMcf Million cubic feetMMcf/d Million cubic feet per dayNGL Natural gas liquidsWTI West Texas Intermediate

A Boe conversion ratio of 6 Mcf:1 Boe or an Mcfe conversion of 1 Bbl:6 Mcfe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Information & StatementsThis corporate profile contains forward-looking information and statements (collectively, “forward-looking statements”). These forward-looking statements relate to our future events or our future performance. All information and statements other than statements of historical fact contained in this corporate profile are forward-looking statements. Such forward-looking statements may be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “plan”, “budget”, “potential”, “anticipates”, “forecasts”, or similar words or the negative thereof or other comparable terminology.

In addition, this corporate profile contains forward-looking statements pertaining to the following: our business plan, strategy and focus; our 2011 capital program and strategy; the allocation of our 2012 capital program, our 2012 forecasted funds from operations, 2012 average and exit production volumes; anticipated 2012 year end debt to funds from operations ratios; our exploration and development activities and opportunities, testing, drilling, completion and development plans and the results therefrom; anticipated recycle ratios; anticipated treatment under government royalty regimes, anticipated operating costs and economics, the performance characteristics of our oil and natural gas properties; expectations of future production rates, volumes and product mixes; projected costs and plans and objectives; the timing of capital expenditures and the sources of funding; our access to credit facilities, ability to raise capital and financial flexibility; commodity prices; and expected royalty rates and the anticipated benefits of royalty incentive programs. In addition, statements relating to “reserves” are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements are based on the estimates and opinions of our management at the time the statements were made. In addition, forward looking statements may include statements attributable to third party industry sources. There can be no assurance that the plans, intentions or expectations upon which such forward-looking statements are based will occur. Forward-looking statements are also subject to risks, uncertainties and assumptions. Although we believe that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

With respect to forward-looking statements contained in this corporate profile, we have made assumptions regarding, among other things: the timing of obtaining regulatory approvals; commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil and natural gas; the impact of increasing competition; conditions in general economic and financial markets; access to capital; availability of drilling and related equipment; effects of regulation by governmental agencies; royalty rates and future operating costs.

For further information on the various assumptions and risks associated with these forward-looking statements and factors that could affect our operating results and performance, see “Forward-Looking Information and Statements” and “Risk Factors” in our Annual Information Form which has been filed on SEDAR at www.sedar.com. We urge you to carefully consider those factors. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this corporate profile are made as of the date of this corporate profile and we undertake no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Non-GAAP Measures

Within this corporate profile, references are made to terms commonly used in the oil and natural gas industry. We use funds from operations to analyze operating performance and leverage. Funds from operations as presented, does not have any standardized meaning prescribed by generally accepted accounting principles in Canada and therefore it may not be comparable with the calculation of similar measures for other entities. Funds from operations as presented is not intended to represent operating cash flow or operating profits for the period nor should it be viewed as an alternative to cash flow from operating activities, per the statement of cash flows, net earnings (loss) or other measures of financial performance calculated in accordance with generally accepted accounting principles in Canada. All references to funds from operations throughout this corporate profile are based on cash flow from operating activities before changes in non-cash working capital and asset retirement expenditures. For more information, see our “Management’s Discussion and Analysis” for the year ended December 31, 2011, which includes a reconciliation of “funds from operations” to cash provided by operating activities, which has been filed on SEDAR at www.sedar.com.

Corporate Information

DirectorsKeith A. MacPhail Bonavista Energy Corporation

W. Peter Comber Barrantagh Investment

Management Inc.

Pentti O. Karkkainen KERN Partners Ltd.

Ronald J. Poelzer Bonavista Energy Corporation

Clayton H. Woitas Range Royalty Management Ltd.

Jonathan A. Wright President and CEO, NuVista Energy Ltd.

Grant A. Zawalsky

Burnet, Duckworth & Palmer LLP

OfficersKeith A. MacPhail Chairman

Jonathan A. Wright President & CEO

Robert F. Froese Vice President, Finance & CFO, Corporate Secretary

Ross L. Andreachuk Vice President & Controller

Kevin G. Asman Vice President, Marketing

Craig W. Burton Vice President, Business Development & New Plays

D. Chris McDavid Vice President, Operations

Mike J. Lawford Vice President, Development

Wayne M. Olmstead Vice President, Human Resources and Office Administration

Joshua T. Truba

Vice President, Land

AuditorsKPMG LLP Chartered Accountants

Calgary, Alberta

BankersCanadian Imperial Bank of Commerce

Bank of Montreal

Royal Bank of Canada

Toronto-Dominion Bank

Bank of Nova Scotia

Alberta Treasury Branches

Union Bank, Canada Branch

Engineering ConsultantsGLJ Petroleum Consultants Ltd. Calgary, AB

Legal CounselBurnet, Duckworth & Palmer LLP Calgary, AB

Registrar & Transfer AgentValiant Trust Company Calgary, AB

Stock Exchange ListingToronto Stock Exchange

Trading Symbol “NVA”

For further information please contact:

Jonathan A. Wright President and CEO 403-538-8501

Robert F. Froese Vice President, Finance and CFO

403-538-8530

Head Office3500, 700 – 2nd Street SW Calgary, AB T2P 2W2

T: 403-538-8500 E: [email protected]

www.nuvistaenergy.com

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