NuVista and Rider announce shareholder and court approval of Plan of Arrangement



    CALGARY, March 3 /CNW/ - NuVista Energy Ltd. ("NuVista") (TSX: NVA) and
Rider Resources Ltd. ("Rider") (TSX: RRZ) are pleased to announce that the
Plan of Arrangement (the "Arrangement") related to the business combination of
NuVista and Rider was approved today at the special meeting of shareholders of
Rider with 99.4% of the votes cast by Rider shareholders at the meeting in
favour of the Arrangement. The Arrangement was also approved today at the
special meeting of shareholders of NuVista with 99.9% of the votes cast by
NuVista shareholders at the meeting in favour of the Arrangement. The Court of
Queen's Bench of Alberta also granted today the Final Order required in
connection with the Arrangement. Subject to the concurrent completion of an
investment by Ontario Teachers' Pension Plan ("OTPP") in 6,000,000 units of
NuVista ("Units") for gross proceeds of $84,000,000 (the "Investment") and
subject to the satisfaction of standard closing conditions, the combination of
NuVista and Rider is expected to become effective March 4, 2008. Each Unit to
be issued by NuVista pursuant to the Investment will consist of one NuVista
share and one-half of a warrant of NuVista, each of which whole NuVista
warrant will entitle OTPP to acquire, subject to adjustment, one NuVista share
for $15.50. The NuVista warrants expire twelve months from the date of
issuance.
    Under the terms of the Arrangement, each Rider common share will be
exchanged for 0.3540 of a NuVista common share on a tax-deferred basis for
Rider shareholders who are Canadian residents. The business combination of
NuVista and Rider, which will continue under the name "NuVista Energy Ltd.",
will result in a strong intermediate exploration and production company with a
continued focus on disciplined growth.

    About NuVista
    -------------
    NuVista is an independent Canadian oil and natural gas exploration,
development and production company with its common shares trading on the
Toronto Stock Exchange under the symbol "NVA".

    About Rider
    -----------
    Rider is an independent Canadian oil and natural gas exploration,
development and production company with its common shares trading on the
Toronto Stock Exchange under the symbol "RRZ".

    Advisory Regarding Forward-Looking Statements
    ---------------------------------------------
    This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
The use of any of the words "expect", "anticipate", "may", "will", "should",
"believe", and similar expressions are intended to identify forward-looking
information or statements. The forward-looking statements and information are
based on certain key expectations and assumptions made by NuVista and Rider.
Although NuVista and Rider believe that the expectations and assumptions on
which such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward-looking
statements and information because NuVista and Rider can give no assurance
that they will prove to be correct. Since forward-looking statements and
information address future events and conditions, by their very nature they
involve inherent risks and uncertainties. This press release contains
forward-looking statements and information concerning the anticipated
completion of the proposed Arrangement and the anticipated timing for
completion of the Arrangement. NuVista and Rider have provided these
anticipated times in reliance on certain assumptions that they believe are
reasonable at this time. These dates may change for a number of reasons,
including the need for additional time to satisfy the conditions to the
completion of the Arrangement. Accordingly, readers should not place undue
reliance on the forward-looking statements and information contained in this
press release concerning these times. Readers are cautioned that the foregoing
list of factors is not exhaustive. Additional information on these and other
factors that could affect NuVista's, Rider's or the combined company's
operations or financial results are included in reports on file with
applicable securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com), in the case of NuVista, at NuVista's website
(www.nuvistaenergy.com), and in the case of Rider, at Rider's website
(www.riderres.com). The forward-looking statements and information contained
in this press release are made as of the date hereof and NuVista and Rider
undertake no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.





For further information:

For further information: NuVista Energy Ltd.: Alex G. Verge, President
and Chief Executive Officer, Tel: (403) 538-8501; or Robert F. Froese, Vice
President, Finance and Chief Financial Officer, Tel: (403) 538-8530, E-mail:
inv_rel@nuvistaenergy.com, Website: www.nuvistaenergy.com; Rider Resources
Ltd.: Craig W. Stewart, President and Chief Executive Officer, Tel: (403)
781-2445; or John W. Ferguson, Vice President, Chief Financial Officer and
Corporate Secretary, Tel: (403) 781-2446, E-mail: info.rider@riderres.com,
Website: www.riderres.com

Organization Profile

NuVista Energy Ltd.

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RIDER RESOURCES LTD.

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