NuVista Closely Managing Capital Spending After Recent Acquisition

摘要

In order to further reduce debt levels following its recent $176 million property acquisition, NuVista Energy Ltd. plans to spend less than cash flow on its drilling program in the second half of this year. The company's drilling program for the remainder of the year will be focused on evaluating resource gas plays with potential for follow-up drilling, lease expiries and competitive drainage situations. The reduced capital spending is expected to reduce net debt to the targeted level of approximately $365 million, said the company in reporting second quarter results.