CALGARY, AB, Jan. 28, 2026 – NuVista Energy Ltd. (TSX: NVA) (referred to as “NuVista”) and Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (referred to as “Ovintiv”) are delighted to announce that the Government of Canada has given approval to the previously announced proposed acquisition of NuVista by Ovintiv, via its fully – owned subsidiary Ovintiv Canada ULC (known as “the Transaction”), in line with the provisions of the Investment Canada Act.

The Transaction had previously obtained clearance under the Competition Act (Canada), and the Court of King’s Bench of Alberta has issued the Final Order regarding the Transaction. The Transaction was approved by NuVista shareholders on January 23, 2026, and it is anticipated to be completed on or around February 3, 2026, subject to the fulfillment or waiver of other typical closing conditions.

FORWARD – LOOKING INFORMATION

Some statements included in this news release might be considered forward – looking statements as defined by applicable Canadian securities laws and applicable U.S. securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements pertain to future events or the future performance of NuVista or Ovintiv. All statements apart from those of historical fact could be forward – looking statements. The use of words such as “estimate”, “will”, “would”, “believe”, “plan”, “expected”, “potential”, and similar expressions is meant to identify forward – looking statements. Forward – looking statements are frequently, though not always, recognized by such words. These statements involve known and unknown risks, uncertainties, and other elements that could cause actual results or events to deviate significantly from what is anticipated in these forward – looking statements. Specifically, and without restricting the above, this news release contains forward – looking statements regarding: the completion of the Transaction, including the satisfaction of the closing conditions and the expected closing date, and other similar statements.

The forward – looking information in this news release is based on management’s expectations and assumptions regarding, among other things: the completion of the Transaction on the expected terms and schedule, or at all, including the fulfillment of the conditions for closing the Transaction; the impact or outcome of litigation; the existence of any laws or substantial changes to them that could have an adverse effect on NuVista, Ovintiv, or Ovintiv Canada ULC or influence the completion of the Transaction; potential negative changes to business prospects and opportunities resulting from the announcement or completion of the Transaction; and general business, market, and economic conditions. Although NuVista and Ovintiv believe that the assumptions used in these forward – looking statements and information are reasonable based on the information available as of the date these statements are made, there is no guarantee that these assumptions will be correct. Therefore, readers are warned that the actual results achieved may differ from the forward – looking information provided here, and these differences could be significant. Readers are also cautioned that the above list of assumptions, risks, and factors is not comprehensive.

More information about the assumptions and risks inherent in making forward – looking statements and regarding the Arrangement can be found in the Circular, along with (i) NuVista’s other public disclosure documents which are accessible through NuVista’s website at . and through the SEDAR+ website at and (ii) Ovintiv’s most recent Annual Report on Form 10 – K, Quarterly Report on Form 10 – Q, and in Ovintiv’s other filings with the U.S. Securities and Exchange Commission or Canadian securities regulators.

The forward – looking information in this news release is fully qualified by the above cautionary statements. Unless otherwise specified, the forward – looking information in this news release is as of the date of this news release, and NuVista and Ovintiv assume no obligation to update or revise any forward – looking information to reflect new events or circumstances, except as required by law.

FOR FURTHER INFORMATION CONTACT:

NuVista Energy Ltd.

Mike J. Lawford
President and CEO
(403) 538 – 1936

Ivan J. Condic
VP, Finance and CFO
(403) 538 – 1945

Ovintiv Inc.

Investor contact: (888) 525 – 0304

Media contact: (403) 645 – 2252

SOURCE Ovintiv Inc.