Corporate Presentation November 2017
Advisory Regarding Forward-Looking Information and Statements This presentation contains forward-looking statements and forward-looking information 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 presentation contains forward-looking statements and information concerning: NuVista's future strategy, focus and opportunities; 2017 and 2018 full-year production guidance (including mix of production from different areas); 2017 and 2018 full-year capital investment guidance; expectation of ability to grow production to 60,000 Boe/d; expectation of wellhead-to-market egress plans; expectation of firm egress for 100% of up to 60,000 Boe/d of production; expectation of 60% of revenue from condensate; expectation of facilities construction and the timing and capacity thereof; expectation that well inventory is expected to be sufficient to produce at facility capacity for at least 10 years; expected 2017 and 2018 funds from operations ranges and net debt to funds from operations ratios; expected expenditures associated with 2018 capital plans and ability to adjust such plans without impacting annual production; expected year-over-year production growth; NuVista's projected future drilling inventory; certain well economics and sensitivities associated with certain type curves; expected timing for additional drilling and initial production results; expected egress and processing plans for production from NuVista's development blocks; expectation that majority of development will not require compression infrastructure; intent to continue to evaluate future opportunities for diversification; and percentage of 2017 fourth quarter expected production hedged. Statements relating to "reserves" and "resources" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described exist in the quantities predicted or estimated and that the reserves or resources can be profitably produced in the future. The forward-looking statements and information in this presentation are based on certain key expectations and assumptions made by NuVista, including prevailing commodity prices and exchange rates; applicable royalty rates and tax laws; future well production rates; reserve and resource volumes; the performance of existing wells; the success obtained in drilling new wells; the type curves and economics associated with current and future wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; continuing access to capital and debt markets; the availability and cost of labour and services; debt service requirements and operating costs and the receipt, in a timely manner, of regulatory and other required approvals. Although NuVista believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because NuVista can give no assurance that they will prove to be correct. There is no certainty that NuVista will achieve commercially viable production from its undeveloped lands and prospects. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the oil and gas industry in general such as: operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, production, well type curves and economics, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation of petroleum and natural gas and loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; stock market volatility; and changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations. Management has included the above summary of assumptions and risks related to forward-looking statements in order to provide a more complete perspective on NuVista's future operations. Readers are cautioned that this information may not be appropriate for other purposes. The foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of NuVista are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). This presentation also contains future-oriented financial information and financial outlook information (collectively, "FOFI") about our prospective results of operations and funds from operations, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI and forward-looking statements. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI and forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the FOFI and forward-looking statements in this presentation 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 FOFI and forward-looking statements and information contained in this presentation are made as of the date hereof and NuVista undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. November 2017 1
NuVista Snapshot NuVista Corporate Info TSX Trading Symbol: NVA Market Capitalization: ~$1.5 billion Basic Shares Outstanding (2) : 173.6 million Credit Facility Capacity (1) : $310 million Percent Drawn (2) : 48% Grande Net Debt/Funds from Operations (2) : 1.4x Prairie NuVista Wapiti 2018 Guidance Montney Project FY Average Production: 35,000 – 40,000 Boe/d FY Capital Investment: $270 – $310 million FY Funds from Operations (3) : $210 – $240 million Edmonton Production (MBoe/d) 40 30 Calgary 20 99% 17% 95+% 25% 90% 10 75% 28% 50% 27% 0 Non-Core Areas 2013* 2014 2015 2016 2017E 2018E Wapiti Montney Wapiti Sweet Other 1 As at Oct. 31, 2017 2 Sept. 30, 2017 net debt to Q317 Annualized Funds from Operations. See "Non-GAAP Measurements". November 2017 2 3 2018 Pricing Assumptions: $2.50/GJ AECO and US$55/Bbl WTI * Pro-forma 2013 Divestitures
Why Buy NuVista? Trusted Repeatable Value Growth P ure-Play Montney Company – In The Right Neighborhood Balance Sheet Strength - Funded Growth Plan with Great Economics Clear Line-of-Sight to 60,000 Boe/d Inventory Underpinned by Four Established Development Blocks Wellhead-to-Market Egress Plan In-Place + Rolling Hedging Program 30%+ Condensate Production – Torque to Oil Price Proven Track Record of Execution & Continuous Improvement November 2017 3
Challenges with Canadian Energy? NVA Has Managed the Risk Challenge NuVista Solution Can't get the oil out? Alberta is the condensate market Not enough gas egress? We have firm egress for 100% of our 60,000 Boe/d Plan AECO Volatility? 60% of revenue from condensate, strong hedging program and natural gas sales to all points North America Can't get government Midstream plant to take us to 60,000 Boe/d permits? already approved… Need more facilities? … and under construction for 2019 startup November 2017 4
Montney – In The Right Neighborhood Condensate-Rich Montney Industry Growth Continues Elmworth to Kakwa Montney HZ Activity Update* • High level of industry activity continues • > 900 Montney HZ wells licensed and/or drilled T70 to date T69 • Montney gas production exceeding 1.0 Bcf/d T68 Elmworth to Kakwa Production Growth* T67 Cal Gas Rate Prod Well Count 1000 750 T66 Cal Day Gas Avg (MMcf/d) 800 600 T65 Prod Well Count 600 450 T64 NuVista 400 300 Encana Paramount Sinopec-Daylight T63 200 150 CNRL Seven Generations Shell T62 0 0 Montney Licenses and Hz Wells R8W6 R4W6 R7W6 R6W6 R5W6 R3W6 R2W6 November 2017 *Excludes southern areas of Alberta Condensate-rich Montney (Resthaven and Simonette). Map is an estimate of Industry land positions compiled from public data. 5
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