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Press release from CNW Group

NOVUS ENERGY INC. ANNOUNCES CLOSING OF ACQUISITION OF ASSETS IN ITS DODSLAND SASKATCHEWAN CORE AREA AND UPDATED CREDIT FACILITIES

Friday, December 31, 2010

NOVUS ENERGY INC. ANNOUNCES CLOSING OF ACQUISITION OF ASSETS IN ITS DODSLAND SASKATCHEWAN CORE AREA AND UPDATED CREDIT FACILITIES14:32 EST Friday, December 31, 2010/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICESOR DISSEMINATION IN THE U.S./CALGARY, Dec. 31 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") (TSXV: NVS) is pleased to announce that is has successfully closed two previously announced acquisitions within its core operational area of Dodsland, Saskatchewan, and that its previously announced credit facilities are now available for use.On December 22, 2010, Novus announced that it had entered into two separate non-binding agreements for the purchase of assets within its core area of Dodsland, Saskatchewan.  Under the terms of the first agreement, Novus acquired 1,120 acres (1.75 sections) of land in the Dodsland area for the consideration of 122,730 common shares of Novus.  Pursuant to the terms of the second agreement, Novus acquired 640 acres (one section) in the Dodsland area for the consideration of $50,000 and 500,000 common shares of Novus.On November 22, 2010, Novus announced that it had executed an Indicative Term Sheet with a Canadian chartered bank encompassing $28 million in new credit facilities.  These new facilities, comprised of a $22 million revolving operating demand loan and a $6 million acquisition/development demand loan, replaced the previous $5 million credit facility and are now available to the Company.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 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.The common shares of Novus trade on the TSX Venture Exchange under the symbol NVS. Novus has approximately 167 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 StatementsCertain 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 Novus' 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; permits and licenses; title defects; corporate matters; funding requirements; access to credit and capital markets; and general economic and industry conditions.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: 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