NuVista Energy Ltd. announced audited consolidated financial results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported oil and natural gas revenue was $48.277 million against $96.578 million a year ago. Funds from operations was $16.278 million or $0.15 per diluted share against $48.467 million or $0.49 per diluted share a year ago. Net loss was $59.042 million or $0.56 per diluted share against $158.462 million or $1.59 per diluted share a year ago. Adjusted net loss was $10.920 million or $0.10 per diluted share against $19.965 million or $0.20 per diluted share a year ago. Capital expenditures, before dispositions was $29.194 million against $57.784 million a year ago.

For the year, the company reported oil and natural gas revenue was $242.012 million against $369.234 million a year ago. Funds from operations was $75.672 million or $0.75 per diluted share against $164.019 million or $1.68 per diluted share a year ago. Net loss was $195.200 million or $1.93 per diluted share against $143.800 million or $1.47 per diluted share a year ago. Adjusted net loss was $52.462 million or $0.52 per diluted share against $33.366 million or $0.34 per diluted share a year ago. Capital expenditures, before dispositions was $116.638 million against $161.830 million a year ago. Exited 2012 with net debt of $30 million and a trailing 12 month debt to annualized fourth quarter funds from operations of 0.4x, a significant improvement compared to $307 million and 1.9x at the end of 2011.

For the quarter, the company reported natural gas production of 74.9 MMcf/d against 101.3 MMcf/d a year ago. Natural gas liquids was 2,939 Bbls/d against 2,912 Bbls/d a year ago. Oil was 2,278 Bbls/d against 5,506 Bbls/d a year ago.

For the year, the company reported natural gas production of 95.3 MMcf/d against 104.3 MMcf/d a year ago. Natural gas liquids was 3,201 Bbls/d against 2,974 Bbls/d a year ago. Oil was 3,542 Bbls/d against 5,206 Bbls/d a year ago. 2012 year end proved reserves were 59.2 MMBoe compared to 69.5 MMBoe at year end 2011. Proved plus probable year end reserves were 94.1 MMBoe compared to 109.7 MMBoe at year end 2011.

In 2013, the company is taking a measured approach to its capital and operating programs. NuVista expects to produce in the range of 15,250 Boe/d to 16,250 Boe/d in the first half of 2013, with the growth benefits of the Montney program beginning to kick-in post breakup with fourth quarter 2013 guidance of 17,500 Boe/d to 18,500 Boe/d depending on second half capital spending. It expect to average two rigs in the Montney formation in 2013, but have front-loaded capital in the first and second quarter of 2012 with prelaid infrastructure and a temporary third rig, in order to best work around spring break-up. As a result, first half 2013 spending is anticipated to be approximately $110 million followed by reduction in the second half of 2013. The company have the flexibility to increase or decrease this average annualized rig count of two subject to balance sheet monitoring, dispositions, the commodity environment, ongoing results, and infrastructure announcements. It will also continue focus on opportunistic asset divestitures, with a full year 2013 target of $25 million to $50 million in divestiture proceeds.

The company also announced the appointment of two new directors to its Board, effective March 5, 2013: Ron Eckhardt and Sheldon Steeves. Both leaders have significant experience in various aspects of the upstream oil and gas business. In addition, Mr. Clayton Woitas has informed the Board of Directors that he will not be standing for re-election at the next Annual General Meeting in May 2013 due to other commitments.

The company recognized a fourth quarter impairment to the value of Property, Plant and Equipment and Goodwill in the amount of $70.5 million. These impairments are primarily due to economic revisions associated with lower oil and natural gas price forecasts used in reserves evaluation and secondarily due to technical reserve revisions.