NuVista Energy Ltd. Provides Update on Wildfire Impact in Grande Prairie Operations

CALGARY, May 23, 2023 - NuVista Energy Ltd. (TSX:NVA, "NVA" or the "Corporation") would like to provide an update on the ongoing wildfire situation in the Grande Prairie area. As previously advised, several of our fields were shut in on May 5^th as a precautionary measure to ensure the protection of our people, the public, and our assets in the vicinity of the wildfires. In addition, our third party midstream partners have had to do the same, with the collective status changing frequently through the period since May 5^th. Fires have remained in the range of 5-10 km away but with access roads blocked, personnel have been monitoring from safe locations. Winds and humidity have been more favorable in the last few days, and meaningful rainfall has reached the area, which is hoped to help stabilize the situation.

The temporary production impact has averaged approximately 35,000 Boe/d from May 5 - 22. With more favorable winds and weather, we were able to restart most operations over the prior weekend, with daily production currently increased to approximately 65,000 Boe/d. If rain and favorable winds occur as forecast, we expect to restore full production levels of approximately 80,000 Boe/d or more as soon as the situation stabilizes fully. We will provide quarterly production guidance at that time. We are not aware of material damage to any company or third party assets and infrastructure in the area.

We thank our field staff, our midstream partners, and the local fire authorities for their swift and professional response to this situation, and our thoughts remain with any impacted community members.

About NuVista

NuVista is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of Alberta. NuVista's primary focus is on the scalable and repeatable condensate-rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin. This play has the potential to create significant shareholder value due to the high-value condensate volumes associated with the natural gas production and the large scope of this resource play. The common shares of NuVista trade on the TSX under the symbol NVA. Learn more at www.nuvistaenergy.com

Advisories Regarding Oil and Gas Information

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

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. More particularly and without limitation, this press release contains forward looking statements, including the impact on NuVista's production, the affect of the wildfires on our assets and the timing for restarting our operations and the operations of third party infrastructure. By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista's control, including the climate and impact of weather conditions on our assets, the ability to control wildfires and the impact on wildfires on our assets, personnel, third party infrastructure and the communities where we work. NuVista has included the forward-looking statements in this press release in order to provide readers with a more complete perspective on NuVista's future operations and such information may not be appropriate for other purposes. The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information included in this news release are made as of the date of this news release and, except as required by applicable securities laws, NuVista undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise.