Energy - smartinvestment.ca

[coach247]

Too bad I am out of this one right now. A Chinese firm has a takeover bid for the company:

http://www.calgaryherald.com/b.....story.html

Congrats to shareholders. Hopefully it will add some sizzle to a few other juniors.

cheers!
mike
_________________
Im just like one of those alcoholic energy drinks, only without the energy...

[schober]

resu;ts look good to me - any views?

http://www.novusenergy.ca/en/i.....serves.pdf

* Proved reserves at December 31, 2012 increased by 68% to 14.85 million boe, up substantially from 8.84 million boe on December 31, 2011.
* Proved plus probable reserves at December 31, 2012 increased by 56% to 22.72 million boe, up from 14.56 million boe on December 31, 2011.
* The net present value of proved plus probable reserves, before income tax and discounted at 10%, increased to $377.1 million up from $331.3 million at December 31, 2011.
* Oil and natural gas liquids (“NGLs”) at December 31, 2012 represent 82% of proved plus probable reserves on a boe basis and 81% of total proved reserves.
* Total proved reserves at December 31, 2012 represent 65% of total proved plus probable reserves, up from 61% on December 31, 2011.
* Reserve replacement for the year was 829% on a proved plus probable basis and 637% based on proved reserves.
* The Company’s Reserve Life Index at December 31, 2012 was 18.1 years on a proved plus probable basis and 11.8 years on a proved basis (based on annualized fourth quarter 2012 production).
* Finding, development and acquisition costs, excluding future development capital (“FDC”), were $9.41/boe for proved plus probable reserves and $12.25/boe for proved reserves. Including FDC, finding, development and acquisition costs were $26.87/boe for proved plus probable reserves and $28.62/boe for proved reserves.


......................... more

[rogerklam]

From MD&A

Due to the high quality of Novus’ asset base and the significant amount of industry interest and recent activity in the Company’s Viking oil core area of Dodsland Saskatchewan, the Board of Directors of Novus have struck a Special Committee of the Board to consider how to optimize shareholder value.

[rogerklam]

The buyback program works very well:

Filing
Date Transaction
Date Insider Name Ownership
Type Securities Nature of transaction # or value acquired or disposed of Price
Oct 1/12 Sep 24/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -85,000
Oct 1/12 Sep 17/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -135,000
Oct 1/12 Sep 14/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 20,000 $0.840
Oct 1/12 Sep 13/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 25,000 $0.770
Oct 1/12 Sep 12/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 40,000 $0.770
Oct 1/12 Sep 11/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 25,000 $0.780
Oct 1/12 Sep 10/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 25,000 $0.790
Oct 1/12 Sep 10/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -107,000
Oct 1/12 Sep 7/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 35,000 $0.790
Oct 1/12 Sep 6/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 30,000 $0.800

[rogerklam]

Novus Energy to buy back up to five million shares

http://www.stockwatch.com/News.....p;region=C

[rogerklam]

Bobwin,
Glad you like the Co.
Cheers
Roger

Stock repurchased:


As of 11:59pm ET September 15th, 2012
Filing
Date Transaction
Date Insider Name Ownership
Type Securities Nature of transaction # or value acquired or disposed of Price
Sep 6/12 Sep 4/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -139,000
Sep 6/12 Aug 31/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 22,500 $0.730
Sep 6/12 Aug 30/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 25,000 $0.740
Sep 6/12 Aug 29/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 34,500 $0.740
Sep 6/12 Aug 28/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 25,000 $0.740
Sep 6/12 Aug 27/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -115,000
Sep 6/12 Aug 27/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 30,000 $0.730
Sep 6/12 Aug 24/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 40,000 $0.720
Sep 6/12 Aug 23/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 25,000 $0.730
Sep 6/12 Aug 22/12 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 19,000 $0.730
Sign up for an account or login above to see all SEDI filings within the past 6 months.

[Bobwins]

went to a conference in Vancouver this week. Nvs.v presented and I was very impressed. 660 drill sites using current spacing, could be more if they downspace. Cookie cutter operations. Cheap horizontal wells that produce 50-100bpd of light oil. Steady increase in production. They had a map that shows their land and they are surrounded by bigger players like Penwest, Crescent Point, Cenovus, Devon, Baytex. This is a bolt on addition for these bigger players. Novus will be bought, it's just a matter of when.

Why?

Production growth 2010-2012 1115boepd, 1971boepd, 3300boepd

Netbacks 2010-2012 $23.52/boe, 37.54/boe, $53.04

oil weighting 2010-2012 54%, 76%, 84%

They have years of growth ahead.......

Their costs are dropping. They control facilities to handle water, separate gas,etc up to 13,000boepd.

They are forecasting cashflow of .27/share in 2012. Stock sells for C$.87

And here is the long term key.

Using current horizontal wells, they will drain less than 12% of the oil pool. With waterflood, the total recovery goes to 30%!

But these wells will flow economically for decades before you need water flood. And waterflood is expensive. But to bigger players who want reliable cashflow, this is free money. They are in it for decades and will be around to implement those waterfloods and multiply the recovery by up to 3X.

$ per flowing barrel is low, very low considering the high netbacks and increasing oil %. Currently around $50,000/flowing boe. Will be even lower if they hit their exit guidance of 4500boepd. Should be around 100K at fair price. Viking is not sexy but this is a cash machine.

that's why I think Novus is a great long term oil play.

[rogerklam]

9 M+ shares trade today. What happen ?

[kjm]

Has the mining forum been down for a while?

[rogerklam]

http://www.stockwatch.com/News.....p;region=C


Novus Energy Inc
Symbol C : NVS
Shares Issued 173,900,312
Close 2012-02-07 C$ 1.08
Recent Sedar Documents

View Original Document
Novus Energy's proved reserves increase by 83% at year-end


2012-02-08 08:34 ET - News Release


Mr. Hugh Ross reports

NOVUS ENERGY INC. REPORTS SIGNIFICANT 2011 RESERVES & PRODUCTION GROWTH AND PROVIDES 2012 CAPITAL BUDGET GUIDANCE

Novus Energy Inc. has substantially increased its reserves and production from its successful 2011 capital program. The company is also pleased to release its 2012 production and capital budget guidance which demonstrates another year of significant growth...

[rogerklam]

As of 11:59pm ET January 5th, 2012
Filing
Date Transaction
Date Insider Name Ownership
Type Securities Nature of transaction # or value acquired or disposed of Unit
Price
Oct 21/11 Oct 20/11 Halvorson, Michael Henreid Direct Ownership Common Shares 10 - Acquisition in the public market 36,000 $0.760
Oct 20/11 Oct 18/11 Halvorson, Michael Henreid Direct Ownership Common Shares 10 - Acquisition in the public market 5,500 $0.760
Nov 2/11 Oct 12/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -50,000
Nov 2/11 Oct 7/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -25,000
Nov 2/11 Oct 6/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -25,000
Oct 7/11 Oct 6/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -25,000
Dec 7/11 Oct 5/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 50,000 $0.650
Oct 7/11 Oct 5/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -25,000
Dec 7/11 Oct 4/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 25,000 $0.630
Oct 7/11 Oct 4/11 Novus Energy Inc. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -35,000

[coach247]

Novus Energy Inc. announces second quarter 2011 financial and operating results
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
CALGARY, Aug. 26, 2011 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") (TSXV: NVS) announces that it has filed its unaudited condensed interim financial statements and management's discussion and analysis ("MD&A") as at and for the three and six months ended June 30, 2011. These may be accessed through the SEDAR website www.sedar.com and at the Company's website www.novusenergy.ca.

Novus is pleased to report that its 2011 Viking oil drilling program continues to progress on schedule. The Company has now successfully drilled 39 Viking oil wells in the Dodsland area of Saskatchewan, with 32 of these wells having been completed. Thirty of the wells that have been completed have been placed on production, with the remainder to follow. Costs in the greater Dodsland area continue to meet the Company's budget, with estimated per well costs for drilling and completions on the Company's first 32 wells averaging approximately $835,000.

Total estimated field level corporate production as of August 25, 2011 was approximately 2,625 boe/d, with approximately 78% of production comprised of oil and liquids. Novus expects production will continue to steadily increase through the balance of the year as additional wells are drilled and placed on production. The Company expects to show significant production growth in the second half of the year and expects to comfortably meet its 2011 exit rate guidance of 3,000 boe/d, weighted 80% to oil and liquids production, early in the fourth quarter.

With recent land acquisitions in the Dodsland area, Novus now controls 124.25 net sections of Viking rights, and has identified 601 net risked, undrilled Viking oil locations.

FINANCIAL HIGHLIGHTS

For the three months ended June 30, 2011, Novus' gross revenue increased 168% to $8.29 million compared to $3.09 million recorded in the comparative period in 2010. For the six months ended June 30, 2011, gross revenue was $17.16 million, compared to $6.08 million in the comparative period of 2010, representing a 182% increase.

Funds flow from operations was $2.94 million in the second quarter of 2011, versus an outflow of $711 thousand for the comparative three month period of 2010. For the first half of 2011, funds flow from operations was $6.15 million, compared to an outflow of $796 thousand recorded in the first half of 2010.

Novus' capital program for the three month period ended June 30, 2011, was $18.13 million, versus $20.13 million spent in the comparative period of 2010. Novus' capital program for the first six months of the year was $30.38 million, compared to $26.06 million spent in the first six months of 2010. These figures are exclusive of the non-cash transactions and business combinations, which occurred in 2010.

Subsequent to quarter end, the Company increased its credit facilities to $60 million, consisting of a $50 million revolving operating demand loan and a $10 million acquisition/development demand loan. The Company's borrowing capacity has increased substantially from the $28 million of credit facilities which were available to it at the beginning of 2011.

At June 30, 2011, the Company had net debt of $23.85 million.

The Company currently has outstanding 22.64 million in-the-money warrants expiring March 31, 2012, which, upon exercise, would result in proceeds of $16.98 million being realized by the Company.

OPERATIONAL HIGHLIGHTS

Average daily production for the second quarter of 2011 increased 70% to 1,318 boe/d compared to 774 boe/d recorded in the corresponding period in 2010. Average daily production for the first six months of 2011 was 1,430 boe/d, up 93% from the 742 boe/d recorded in the corresponding period in 2010.

Average crude oil and liquids production for the second quarter of 2011 was up 162% to 844 bbls/d versus 322 bbls/d in the comparative quarter of 2010. Natural gas production averaged 2,841 mcf/d for the second quarter of 2011, a 5% increase from 2,717 mcf/ d in the comparative period of 2010.

Average crude oil and liquids production for the first six months of 2011 was up 215% to 940 bbls/d versus 298 bbls/d in the comparative period of 2010. Natural gas production averaged 2,940 mcf/d, a 10% increase from 2,669 mcf/d in the comparative period of 2010.

Current production is approximately 2,625 boe/d, weighted 78% towards oil and liquids.

During the second quarter of 2011, Novus participated in the drilling of 19 wells (19.0 net), 14 of which were Viking horizontal oil wells in the greater Dodsland area. Fifteen wells (15.0 net) were completed, with six of them onstream by June 30, 2011.

Novus now controls 124.25 net sections in its Dodsland Viking core area, and has a multi-year risked drilling inventory of 601 net Viking horizontal oil wells.

Novus acquired a 100% working interest in approximately 55 net sections of land with rights in the oil bearing Birdbear formation of southwestern Saskatchewan. This acquisition complements the 24 net sections of land Novus currently owns targeting this formation. These lands are located in the immediate vicinity of the Company's Dodsland Viking lands and provide the Company with an exciting opportunity to target another prolific, emerging oil resource play, while maintaining operational synergies. The Company will likely be dedicating some of this year's capital expenditure program towards the shooting of 3D seismic and the potential drilling of a number of Birdbear locations.

The upgrades at Novus' owned and operated facilities at Whiteside and Avon Hills have now been completed. Gas production from the Whiteside area is currently being conserved with a number of additional pipelines being surveyed to handle new solution gas volumes from our current drilling program.

In the first half of 2011, Novus drilled 17 net horizontal Viking oil wells. Completion operations were hampered by wet weather, and production from the wells was not tied in until the end of the second quarter and early in the third quarter of the year. With completion operations delayed, the Company's Viking oil drilling program did not materially contribute to production levels in the second quarter of 2011. Production for the second quarter of 2011 was also impacted by prolonged third party plant maintenance at Wembley which resulted in production from the area being shut-in for nearly six weeks of the quarter. Prior to, and subsequent to being shut-in, the Wembley property was producing approximately 180 boe/ d.

Novus is pleased with the performance of the wells and the stable nature of the production to date from its current drilling program. The Company has drilled wells in its Flaxcombe, Whiteside, Kerrobert, Forgan, Plato, Plenty and Dodsland regions that are expected to meet or exceed internal type curve forecasts of 48 bbls/ d of initial oil production. The Company now has several wells with at least 60 days of production history, and these wells are now averaging 64 bbls/d of oil per well. Results from the Flaxcombe sub area in the Dodsland region have been extremely encouraging. The Company has determined that these previously undrilled lands are characterized by two distinct cycles in the Viking formation. The Company has now drilled horizontal wells targeting both the lower and upper cycle. Current production rates from wells in this area which have been on production for at least 60 days are 80 bbls/d of oil per well. Virgin pressures realized on these wells have been up to 7,600 KPa which are amongst the highest pressures the Company has recorded in any of its Viking wells drilled thus far. Novus has mapped over ten sections of its lands where both cycles are present and expects this area to add at least 80 drilling locations to its existing drilling inventory of 601 net Viking oil locations. Reserves and production growth will also increase as development of the two distinct Viking cycles progresses. Production from the recently drilled wells has far exceeded expectations, and is supportive of the longer term potential the Company believes the area exhibits.

Based upon the production rates, recoverable reserves, and drilling and completion costs in the Dodsland area the Company has experienced to date, Novus plans on maintaining an aggressive drilling program on its current acreage, and will continue its efforts to further consolidate and expand its position within the area through acquisitions. Novus has been one of the most active operators in the Dodsland area, and with the success it has enjoyed to date, the Company plans to continually expand its already significant position in the area. Novus is also excited to commence drilling operations shortly on its first horizontal Viking light oil well in Alberta. Based upon success, the Company would pursue numerous other locations in the area throughout 2012.

Novus will be operating approximately 98% of the capital expenditures it incurs in 2011, which gives the Company significant flexibility on the timing and scale of its capital program. Novus is well positioned financially, and as operator of the vast majority of its capital program, the Company has the flexibility to accelerate its drilling with continued success.

A summary of financial and operational results for the three and six month periods ended June 30, 2011, along with the comparative periods, are outlined in the following table:

Three months ended June 30 __ __ __ __ Six months ended June 30

2011 __ 2010 __ __ __ __ 2011 __ 2010

Financial (000s, except per share amounts)

Revenue __ 8,286 __ 3,088 __ __ __ __ 17,157 __ 6,075

Funds flow from (used in) operations __ 2,938 __ (711) __ __ __ __ 6,146 __ (796)

per share - basic and diluted __ 0.02 __ - __ __ __ __ 0.04 __ (0.01)

Net loss __ 760 __ 4,498 __ __ __ __ 2,092 __ 6,335

per share - basic and diluted __ - __ 0.03 __ __ __ __ 0.01 __ 0.04

Capital expenditures, net __ 18,130 __ 20,131 __ __ __ __ 30,382 __ 26,063

Net debt __ 23,849 __ 22,882 __ __ __ __ 23,849 __ 22,882

Weighted average shares outstanding __ 170,018 __ 153,288 __ __ __ __ 169,138 __ 141,102

Three months ended June 30 __ __ __ Six months ended June 30

Operational __ 2011 __ 2010 __ __ __ __ 2011 __ 2010

Production

Oil & liquids (bbls/d) __ 844 __ 322 __ __ __ __ 940 __ 298

Gas (mcf/d) __ 2,841 __ 2,717 __ __ __ __ 2,940 __ 2,669

Oil equivalent (boe/d) __ 1,318 __ 774 __ __ __ __ 1,430 __ 742

Sales price per unit

Oil & liquids ($/bbl) __ 94.36 __ 68.14 __ __ __ __ 88.38 __ 69.74

Gas ($/mcf) __ 4.01 __ 4.42 __ __ __ __ 3.97 __ 4.80

Oil equivalent ($/boe) __ 69.09 __ 43.81 __ __ __ __ 66.27 __ 45.21

INTERNATIONAL FINANCIAL REPORTING STANDARDS

On January 1, 2011, the Company adopted International Financial Reporting Standards ("IFRS") for financial reporting purposes, using a transition date of January 1, 2010. The unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2011, have been prepared in accordance with IFRS. Comparative information has been restated from the previously published financial statements which were prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP").

NON-GAAP FINANCIAL MEASUREMENTS

Included in this press release are references to certain financial measures commonly used in the oil and gas industry, such as funds flow from (used in) operations, operating netbacks and net debt. These measures have no standardized meanings, are not defined by IFRS or Canadian GAAP, and accordingly are referred to as non- GAAP measures.

The Company considers funds flow from (used in) operations to be a key measure as it demonstrates the Company's ability to generate the cash necessary to repay debt and to fund future growth through capital investment. Novus determines funds flow from (used in) operations as cash provided by (used in) operating activities prior to changes in non-cash working capital items and decommissioning expenditures. The determination of the Company's' funds flow from (used in) operations may not be comparable to the same as reported by other companies.

Operating netbacks are calculated by deducting royalties, field operations and transportation and marketing expenses from production revenue. Operating netbacks are used by management to assess operating results between periods and between peer companies as they provide an indication of results generated by the Company's principal business activities before the consideration of how these activities are financed or how the results are taxed. Novus' reported amounts may not be comparable to similarly titled measures reported by other companies. These terms should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net income as determined by IFRS or Canadian GAAP as an indicator of the Company's performance or liquidity.

Net debt is calculated as current assets less all current liabilities, including the current portion of any bank debt. The Company monitors net debt as part of its capital structure.

OTHER MEASUREMENTS

Reported production represents Novus' ownership share of sales before the deduction of royalties. Where amounts are expressed on a barrel of oil equivalent ("boe") basis, natural gas has been converted at a ratio of six thousand cubic feet to one boe. This ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe's may be misleading, particularly if used in isolation. References to natural gas liquids ("liquids") include condensate, propane, butane and ethane and one barrel of liquids is considered to be equivalent to one boe.

Novus Energy Inc. is a well positioned, junior oil and gas company with a proven management team committed to aggressive, cost- effective growth of high netback light oil reserves and production. Novus will continue to grow through a targeted acquisition and consolidation strategy coupled with development and exploration drilling.

Novus Shares trade on the TSX Venture Exchange under the symbol NVS. Novus currently has 169.6 million common shares outstanding.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release will not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

ADVISORY REGARDING FORWARD LOOKING STATEMENTS

Certain disclosures set forth in this press release constitute forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward- looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believes", "budget", "continue", "could", "estimate", "expects", "forecast", "intends", "may", "plan", "predicts", "projects", "should", "will" and other similar expressions. All estimates and statements that describe the Company's future, goals, or objectives, including Management's assessment of future plans and operations, may constitute forward-looking information under securities laws. Forward-looking statements involve known and unknown risks and uncertainties which include, but are not limited to: exploration, development and production risks; assessments of acquisitions; reserve measurements; availability of drilling equipment; access restrictions; permits and licenses; aboriginal claims; title defects; commodity prices; commodity markets; transportation and marketing of crude oil, liquids and natural gas; reliance on operators and key personnel; competition; corporate matters; funding requirements; access to credit and capital markets; market volatility; cost inflation; foreign exchanges rates; general economic and industry conditions; environmental risks; Kyoto protocol; and government regulation and taxation.

Forward-looking statements relate to future events and/or performance and although considered reasonable by Novus at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made. Novus does not undertake any obligation to publicly update forward- looking information except as required by applicable securities law.

(c) 2011 Canada Newswire. Provided by ProQuest LLC. All rights Reserved.

A service of YellowBrix, Inc.
_________________
Im just like one of those alcoholic energy drinks, only without the energy...

[coach247]

Novus Energy Inc. Announces Update on its Viking Light Oil Drilling Program in Dodsland Saskatchewan
/Not for Distribution to U.S. News Wire Services or Dissemination in the U.S./

CALGARY, July 20, 2011 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") is pleased to announce that the Company is now halfway through its 2011 Viking oil drilling program, and has now successfully drilled 26 Viking oil wells in the Dodsland area of Saskatchewan, with 20 of these wells having been completed. Seventeen of the wells that have been completed have been placed on production, with the remainder to follow. Novus is pleased with the initial rates the first wells have demonstrated to date. Drilling and completion costs in the Dodsland area continue to meet the Company's budgeted figures of $850,000 per well. Novus expects to provide a further update in August, as more wells are completed, and more production data is collected.

With two drilling rigs running, Novus expects to drill a total of 52 net Viking oil wells in the Dodsland area by the end of the third quarter of 2011, and complete a total of 46 wells, assuming normal summer weather, by the end of September 2011. The remaining wells will be completed early in the fourth quarter of the year.

Total estimated field level corporate production as of July 18, 2011 was approximately 2,120 boe/d. Novus expects production will continue to steadily increase through the balance of the third quarter as additional wells are drilled and placed on production. The Company is comfortable that given the progression of its drilling plans and results to date, that it will meet its previously announced exit rate guidance of 3,000 boe/d. The Company's anticipated exit rate of 3,000 boe/d represents a near doubling of production from the 1,544 boe/d the Company reported in its first quarter of 2011.

Novus remains excited about its Flaxcombe sub area in the Dodsland region. The Company has determined that these previously undrilled lands are characterized by two distinct cycles in the Viking formation. In 2011, the Company has now drilled two horizontal wells targeting the lower cycle and one horizontal well targeting the upper formation. Virgin pressures realized on these wells were in excess of 7,500 KPa which are amongst the highest pressures the Company has recorded in any of its Viking wells drilled thus far. These three wells have now all been producing for in excess of 30 days, and have demonstrated estimated field level average production rates per well of 74 bbl/d for the last 30 day period. Novus has mapped over ten sections of its lands where both cycles are present and expects this area to significantly add to its existing drilling inventory of 592 net Viking oil locations, and reserves and production growth as development of the two distinct Viking cycles progresses. Production from the recently drilled wells has exceeded expectations, and is supportive of the longer term potential the Company believes the area exhibits.

The upgrades at Novus' owned and operated facilities at Whiteside and Avon Hills have now been completed. Gas production from the Whiteside area is currently being conserved with a number of additional pipelines being surveyed to handle new solution gas volumes from our current drilling program.

With recent land acquisitions in the Dodsland area, Novus now controls 115.25 net sections of Viking rights, and has identified 592 net Viking oil drilling locations.

Novus has recently acquired a 100% working interest in approximately 55 net sections of land with rights in the oil bearing Birdbear formation in the Dodsland area of Saskatchewan, which complements the 24 net sections of land with rights in this formation already owned by Novus.

Successful Birdbear oil wells in the area are amongst the most economic in Canada due to high deliverability rates, large oil reserves and low drilling and completion costs. The Company will be dedicating some of this year's capital expenditure program towards the shooting of 3D seismic and the potential drilling of a number of Birdbear locations.

Novus Energy Inc. is a well positioned, junior oil and gas company with a proven management team committed to aggressive, cost-effective growth of high netback light oil reserves and production. Novus will continue to grow through a targeted acquisition and consolidation strategy coupled with exploratory and development drilling.

Novus Shares trade on the TSX Venture Exchange under the symbol NVS. Novus currently has 170.1 million common shares outstanding.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release will not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

Advisory Regarding Forward Looking Statements

Certain disclosures set forth in this press release constitute forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believes", "budget", "continue", "could", "estimate", "forecast", "intends", "may", "plan", "predicts", "projects", "should", "will" and other similar expressions. All estimates and statements that describe the Company's future, goals, or objectives, including Management's assessment of future plans and operations, may constitute forward-looking information under securities laws. Forward-looking statements involve known and unknown risks and uncertainties which include, but are not limited to: exploration, development and production risks; assessments of acquisitions; reserve measurements; availability of drilling equipment; access restrictions; permits and licenses; aboriginal claims; title defects; commodity prices; commodity markets, transportation and marketing of crude oil, liquids and natural gas; reliance on operators and key personnel; competition; corporate matters; funding requirements; access to credit and capital markets; market volatility; cost inflation; foreign exchange rates; general economic and industry conditions; environmental risks; Kyoto protocol; and government regulation and taxation.

Forward-looking statements relate to future events and/or performance and although considered reasonable by Novus at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made. Novus does not undertake any obligation to publicly update forward-looking information except as required by applicable securities law.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Novus' 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), and at Novus' website (www.novusenergy.ca). The forward-looking statements and information contained in this press release are made as of the date hereof and Novus undertakes 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: NOVUS ENERGY INC.
Hugh G. Ross
President and CEO
(403) 218-8895 Ketan Panchmatia
Chief Financial Officer
(403) 218-8876 Julian Din
VP Business Development
(403) 218-8896
_________________
Im just like one of those alcoholic energy drinks, only without the energy...

[coach247]

FINANCIAL HIGHLIGHTS


- For the three months ended March 31, 2011, Novus' gross revenue
increased 197% to $8.87 million compared to $2.99 million recorded in
the comparative period in 2010.

- Funds flow from operations was $3.21 million in the first quarter of
2011, versus an outflow of $85 thousand for the comparative three
month period of 2010.

- Novus' capital program, excluding non-cash and business combination
transactions, for the three month period ended March 31, 2011, was
$12.25 million, versus $5.93 million in the comparative period of
2010.

- At March 31, 2011, the Company had bank debt of $1.9 million and
currently has credit facilities in place of $40 million.

- Novus continues to maintain significant tax pool coverage, with an
estimated balance of $205 million at March 31, 2011.

- The Company currently has outstanding 22.69 million in-the-money
warrants expiring March 31, 2012, which, upon exercise, would result
in proceeds of $17.02 million being realized by the Company.

http://www.newswire.ca/en/rele.....c5994.html

cheers!
mike
_________________
Im just like one of those alcoholic energy drinks, only without the energy...

[coach247]

CALGARY, May 24

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

CALGARY, May 24 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") is pleased to announce that the Company has commenced
drilling operations on its core land position in the Dodsland area of Saskatchewan. Immediately after the removal of road
bans, Novus spudded its first well on May 11, 2011 in the Dodsland area. A second rig was mobilized to the field and
drilling operations began on May 22, 2011.

With two rigs now running, Novus expects to drill 52 net wells in the Dodsland area by the end of the third quarter, and 20
by the end of the second quarter. All support services for the drilling operations have been contracted and all pipe and
wellheads are secured. A long term contract has been entered into with a large frac company allowing Novus to utilize four
frac days per week commencing May 31, 2011. A total of 46 wells are anticipated to be completed and on production, assuming
normal summer weather, by the end of September 2011, with 10 wells expected to be producing by the end of the second
quarter. To enhance the turnaround time from the completion of wells to production being brought onstream, two full time
crews have been contracted and are devoted to surface installations. To support this project, all of the required tanks,
hydraulic pumping units, rods, bottom hole pumps and wellheads have been delivered and are all on the ground in Kindersley,
the main staging area for Company operations.

Upgrades at both of Novus' owned and operated facilities are set to commence in mid June 2011. Plans are underway to
increase the treating capacity in our Whiteside facility from 800 boe/d to over 3,000 boe/d through the installation of
further tankage and a treater and should be completed by quarter end. Immediately following completion, work will commence
on our second facility in Avon Hills to bring the treating capacity up to 1,000 boe/d from the current 600 boe/d capacity
and is expected to take around seven days to complete. Gas production from the Whiteside area is currently being conserved
with a number of additional pipelines being surveyed to handle new solution gas from our current program.

The Company has previously provided guidance for an average production rate of approximately 2,400 boe/d for the year and
an exit production rate of 3,000 boe/d with approximately 85% of exit production volumes comprised of oil and liquids. With
wet weather conditions early in the year, the Company managed to drill three wells in the Dodsland area in the first
quarter, and did not complete any of the wells drilled. As a result, the Company is now guiding for an average production
rate of 2,125 boe/d for the year. The Company expects it will achieve its exit rate guidance of 3,000 boe/d and anticipates
reaching this level early in the fourth quarter of the year.

The Company is also pleased to announce that it has obtained an increase to its credit facilities to $40 million up from
the previous $28 million. The new facilities, comprised of a $30 million revolving operating demand loan and a $10 million
acquisition and development demand loan, will be used to assist with the Company's 2011 drilling program.

The 2011 capital program will exclusively be devoted to oil development activities and entails the drilling of 60 wells (57
net), the majority of which will be horizontal wells targeting light Viking oil at Dodsland, Saskatchewan. Novus will be
operating 98% of the capital expenditures it incurs in 2011, which gives the Company significant flexibility on the timing
and scale of its capital program.

With recent land sale acquisitions the Company now has a total of 584 high quality risked Viking locations on its 112.75
sections of land in Dodsland. At the time of this press release the Company has 90 well licenses issued which prepares it
for its drilling program into 2012.

Novus obtained a Contingent Resource Assessment (the "Report") from Sproule Associates Limited effective November 30, 2010
(as previously disclosed in a press release issued by Novus Energy Inc. on December 6, 2010) which identified a "best
estimate" of Discovered Petroleum Initially-In-Place ("DPIIP") of 559.5 Million Barrels of light Viking oil on the
Company's working interest and option lands. The Report recognized approximately 54 net sections controlled by Novus as
containing DPIIP. Novus believes that with its large drilling program and active competitor programs, Novus' already large
discovered petroleum in place of 559.5 Million Barrels is set to increase materially over the year.

OTHER MEASUREMENTS

Reported production represents Novus' ownership share of sales before the deduction of royalties. Where amounts are
expressed on a barrel of oil equivalent ("boe") basis, natural gas has been converted at a ratio of six thousand cubic feet
to one boe. This ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Boe's may be misleading, particularly if used in isolation. References
to natural gas liquids ("liquids") include condensate, propane, butane and ethane and one barrel of liquids is considered
to be equivalent to one boe.

Novus Energy Inc. is a well positioned, junior oil and gas company with a proven management team committed to aggressive,
cost-effective growth of high netback light oil reserves and production. Novus will continue to grow through a targeted
acquisition and consolidation strategy coupled with exploratory and development drilling.

Novus Shares trade on the TSX Venture Exchange under the symbol NVS. Novus currently has 170.2 million common shares
outstanding.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release will not constitute an offer to sell or the solicitation of an offer to buy the securities in any
jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be
offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

Advisory Regarding Forward Looking Statements

Certain disclosures set forth in this press release constitute forward-looking statements. Any statements contained herein
that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements are
often, but not always, identified by the use of words such as "anticipate", "believes", "budget", "continue", "could",
"estimate", "forecast", "intends", "may", "plan", "predicts", "projects", "should", "will" and other similar expressions.
All estimates and statements that describe the Company's future, goals, or objectives, including Management's assessment of
future plans and operations, may constitute forward-looking information under securities laws. Forward-looking statements
involve known and unknown risks and uncertainties which include, but are not limited to: exploration, development and
production risks; assessments of acquisitions; reserve measurements; availability of drilling equipment; access
restrictions; permits and licenses; aboriginal claims; title defects; commodity prices; commodity markets, transportation
and marketing of crude oil, liquids and natural gas; reliance on operators and key personnel; competition; corporate
matters; funding requirements; access to credit and capital markets; market volatility; cost inflation; foreign exchange
rates; general economic and industry conditions; environmental risks; Kyoto protocol; and government regulation and
taxation.

Forward-looking statements relate to future events and/or performance and although considered reasonable by Novus at the
time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the
statements made. Novus does not undertake any obligation to publicly update forward-looking information except as required
by applicable securities law.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other
factors that could affect Novus' 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), and at Novus' website
(www.novusenergy.ca). The forward-looking statements and information contained in this press release are made as of the
date hereof and Novus undertakes 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.
_________________
Im just like one of those alcoholic energy drinks, only without the energy...