RE:Fantastic Q3. During the quarter ended September 30, 2020, NuVista:
- Produced at a restricted daily average rate of 49,400 Boe/d, slightly less than the prior quarter, attesting to the strength and stability of our wells as no new capital activity was executed during the third quarter;
- Announced the successful reduction of approximately 20% in our near-term minimum volume commitments (“MVCs”);
- Achieved adjusted funds flow of $41.5 million ($0.18/share, basic);
- Limited capital spending to $7.1 million, resulting in free adjusted funds flow of $34.4 million;
- Reduced net debt by $34 million to $623 million, reducing bank drawings from $429 million to $393 million in line with our goal to reduce net debt by $50 - $60 million during the second half of 2020;
- Successfully increased our total credit availability to $480 million by redetermining our credit facility with a capacity of $440 million, welcoming Export Development Canada (“EDC”) to our lending syndicate, and adding a $40 million EDC letter of credit support facility;
- Realized operating expenses of $9.80/Boe; and
- Achieved a net G&A expense of $0.65/Boe, a reduction of 25% from the prior period, due to cost reduction efforts, executive, board and staff salary reductions, and the benefit of the federal government CEWS program.