Novus Energy Inc NOVUF

News Release Highlights

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A few of highlights from Novus 2009 Year-End Reserves, 2010 Guidance (April 6 News Release)
https://www.novusenergy.ca/en/investor/press_release_-_apr_06_10_final.pdf

Highlights:
- Land holdings in Western Canada increased 224% from 12k acres to 27k acres (3/09 - 12/09)

- Grew production from 255 barrels /day to 900  barrels /day in 1 year (3/09 - 3/10)

- Drilled 7 wells with 100% success rate (3/09 - 12/09)

- Drilled 11 wells with 100% success rate (1/10 - 3/10)

- Dodsland, Viking drilling costs have averaged under $400k per well

- Completion operations from Dodsland drilling - underway w/ initial results anticipated by the end of April, weather permitting.

- Novus anticipates drilling a minimum of 35 wells this year in Dodsland.  This number expected to increase with continued drilling success and as further acquisitions are completed. 

- Novus expects operating costs in the Dodsland to be in the $10 /barrel range in 2010

- Expects 2010 exit production rate of 2200 barrels /day  (April '09 production was 255 barrels /day!)

- Expects to see positive funds flow from operations of $15m for 2010

- Currently has $23m cash and expects to exit 2010 with a positive working capital balance of approx. $3m


Outlook:

Novus Energy is a well-positioned, junior oil and gas company with a proven management team committed to aggressive, cost-effective growth of high netback light oil reserves and production. 

Novus will continue to grow through a targeted acquisition and consolidation strategy coupled with development and exploration drilling. 

Novus' current financial position of having $23m of cash and unused lines of credit will allow for the exploitation of its drilling inventory and expansion of the Company's opportunity suite through internally generated prospects and strategic light oil acquisitions.