CALGARY - NuVista Energy Ltd. said Tuesday it will continue to pursue acquisition opportunities in the current fiscal year despite disappointing fourth-quarter and full-year profits due to lower revenues.
The Calgary-based oil and gas producer said net income for the October-December period was $10.5 million or 12 cents a share, down nearly 60 per cent from $24.4 million or 31 cents in the same 2008 period.
NuVista (TSX:NVA) saw its production revenue for the quarter fall to $96 million from $107 million due to lower commodity prices. It produced 28,345 barrels of oil equivalent per day in the quarter, up from 25,688 barrels the previous year.
For all of last year, it produced 26,958 boe per day versus 24,320 boe in 2008.
Full-year earnings were $2.5 million or three cents a share, down from $88.2 million or $1.18 a share in 2008. Production revenue totalled $345.3 million versus $515.3 million.
"For 2010, our base capital program is primarily focused on exploration and development activities, however, we will continue to pursue acquisition opportunities in what is expected to be an active mergers and acquisitions market," NuVista said in a release.
In June, the company acquired some properties in the Martin Creek area of northern British Columbia and in northwest Alberta for about $176 million.
NuVista shares were off 28 cents at $13.52 in midday trading Tuesday on the Toronto Stock Exchange.