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Press release from CNW Group

NOVUS ENERGY INC. ANNOUNCES NORMAL COURSE ISSUER BID

Thursday, September 09, 2010

NOVUS ENERGY INC. ANNOUNCES NORMAL COURSE ISSUER BID12:04 EDT Thursday, September 09, 2010 /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./ CALGARY, Sept. 9 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") (TSXV: NVS) announces that it intends to make a normal course issuer bid through the facilities of the TSX Venture to buy up to 5,000,000 of its issued and outstanding Common Shares.  This amount represents approximately 3% of Novus' 166.4 million issued and outstanding Common Shares.  The bid will commence September 13, 2010 and expire September 12, 2011 and any shares acquired pursuant to the bid will be cancelled. The bid will be conducted through National Bank Financial Inc., a member of the TSX Venture. Novus' reasoning for the normal course issuer bid is that from time to time the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.  In addition, any purchases made by Novus will afford increased liquidity to those shareholders of the Corporation who may wish to dispose of their Common Shares. 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' current financial position of having $21 million of positive working capital and unused lines of credit will allow for the exploitation of its drilling inventory and expansion of the Company's opportunity suite through internally generated prospects and strategic light oil acquisitions.  Novus Shares trade on the TSX Venture Exchange under the symbol NVS. Novus currently has 166.4 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 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. For further information: <table valign="top" border="0"><tr valign="top"><td height="47" colspan="2" align="left">Hugh G. Ross<br/>President and CEO<br/>(403) 218-8895</td> <td colspan="2" align="right">              </td> <td valign="top" align="left">Ketan Panchmatia<br/>Chief Financial Officer<br/>(403) 218-8876<br/></td> <td colspan="2" align="right">        </td> <td valign="top" align="left">Julian Din<br/>VP Business Development<br/>(403) 218-8896</td></tr></table>