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Novus Energy Inc. (NVS:TSX-V) is a Canadian oil and gas company with operations in BC, Alberta, and Saskatchewan. Novus is managed by the previous executive team of Gentry Resources Ltd., which grew from an initial market capitalization of $2.5 million in 2000 and merged with Crew Energy Inc. on August 22, 2008 for a value of approximately $300 million with a production level of over 5,000 boepd.
Novus has approved a 2010 capital expenditure budget of $36 million which is expected to incorporate the drilling of 44 (37.5 net) wells, the majority of which will be horizontal wells targeting light Viking oil at Dodsland. Production is expected to average 1,300 boe/d with a 2010 exit production rate of 2,200 boe/d. Cash flow for 2010 is forecast to reach $13.0 million. Novus currently has cash of approximately $33 million and expects to exit 2010 with no debt.
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