NuVista Announces $18.4 Million Equity Financing

Aug 27, 2003

CALGARY, ALBERTA--NuVista Energy Ltd. ("NuVista") announces today 
that it has entered into a bought-deal financing agreement with a 
syndicate of underwriters led by TD Securities Inc. and including 
FirstEnergy Capital Corp., Orion Securities Inc., Peters & Co. 
Limited, BMO Nesbitt Burns Inc., CIBC World Markets Inc., Sprott 
Securities Inc., Griffiths McBurney & Partners, and Tristone 
Capital Inc. under which they have agreed to purchase, on a 
private placement basis, 2.5 million common shares of NuVista at 
a price of $7.35 per common share, resulting in gross proceeds of 
$18.4 million. This transaction is subject to normal regulatory 
approvals with closing anticipated to occur on or about September 
10, 2003. 

This private placement will be used to fund NuVista's expanded 
2003 and 2004 combined capital programs to $100 million, in 
addition to strengthening NuVista's shareholder base. 

Directors and officers of NuVista will purchase four percent of 
the private placement. 

NuVista is an independent Canadian oil and natural gas 
exploration, development and production company with its common 
shares trading on the Toronto Stock Exchange under the symbol 
"NVA". 

This news release shall not constitute an offer to sell or the 
solicitation of an offer to buy the securities in any 
jurisdiction. The common shares offered will not be and have not 
been registered under the United States Securities Act of 1933 
and may not be offered or sold in the United States absent 
registration or an applicable exemption from the registration 
requirement.  

-30-

NuVista Energy Ltd.
Keith A. MacPhail
Chairman
(403) 213-4315

or

NuVista Energy Ltd.
Alex G. Verge
President and Chief Executive Officer
(403) 213-4306

or

NuVista Energy Ltd.
Glenn A. Hamilton
Vice President and Chief Financial Officer
(403) 213-4302