Nuvista Energy Ltd T.NVA

Alternate Symbol(s): NUVSF

Energy Oil & Gas E&P

NuVista Energy Ltd. is an oil and natural gas company. The Company is engaged in the development, delineation and production of condensate, natural gas liquids (NGLs), and natural gas reserves in the Western Canadian Sedimentary Basin. Its focus is on the scalable and repeatable condensate rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin (Montney). Its core operating areas of Wapiti and Pipestone in the Montney formation are located near the City of Grande Prairie, Alberta, approximately 600 kilometers northwest of Calgary. The Montney Formation is a shale gas and shale oil resource. The Montney formation in the Wapiti area is a thick (200 m+) section of hydrocarbon-charted fine-grained reservoir found at depths ranging from 2,500-3,500 m. It has non-core operations in three additional areas of Alberta (non-core properties outside the greater Wapiti Montney area).

TSX:NVA - Post by User

Nuvista Energy Ltd

Bullboard Posts

Comment by fleeeeon Apr 27, 2020 4:54pm

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Post# 30959463

RE:US Oil Rig Count Decimated

Any guesses how many rigs it will be down to on Friday? I will modestly say:

320

fleeee wrote:
November 16, 2018 - 888 Rigs - 10 year peak

May 27, 2016 - 316 Rigs - 10 year low

March 13, 2020 - 683 Rigs

April 23, 2020 - 378 Rigs

A drop of 305 rigs in a 5 week period, down 45% in that short a period of time is unprecidented. And guess what, this bloodbath is only the beginning. Some reports believe it will bottom around 200 rigs, well below the 316 bottom in May 2016. It could get below 316 next week, lol, surely with 2 weeks at the rate this have gone the past 4 weeks. 64 rigs last week alone if matched next week takes it down to 314.

This supply is gone for a while and will lag coming back after demand starts to creep back up. Wall Street will NOT be backing up shale oil anymore like they did in 2016 to grow with no cash flow.

https://www.aogr.com/web-exclusives/us-rig-count/2020