June 14, 2016 / 1:28 AM / a year ago

BRIEF-Nuvista Energy announces strategic update

1 Min Read

June 13 (Reuters) - Nuvista Energy Ltd

* Entered into agreement for divestiture of W6 sweet cretaceous (non-montney) natural gas assets for $70 million in cash

* Entered into an agreement to place five-year senior notes in amount of $70 million with Magnetar Capital

* Nuvista's borrowing base will be set at $200 million effective July 1, 2016

* Anticipate 2016 production to average in range of 23,500 - 24,500 Boe/D

* Guidance for funds from operations for 2016 is increased to a range of $110 - $120 million at strip pricing

* 2017 production is expected to average 26,000 Boe/D - 29,000 Boe/D which represents 10% -20% growth per share over 2016 guidance

* Current outlook for 2017 spending is in range of $140 - $180 million

* Nuvista Energy Ltd announces strategic update Source text for Eikon: Further company coverage: (Bengaluru Newsroom +91 80 6749-1130; within U.S. +1 646 223 8780)

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