Cenovus 2012 Oil Production Anticipated to Grow 21%

Cenovus Energy Inc.

plans to make substantial investments in its oil assets next year to support the company's growth strategy established in its long range business plan. The 2012 capital budget of between $3.1 billion and $3.4 billion is about 23% higher than planned 2011 capital spending. Cenovus is anticipating strong cash flow for 2012 of between $2.9 billion and $3.5 billion. The range is similar to expected cash flow for 2011. While the company anticipates lower operating cash flow from its refining and natural gas operations in 2012, it expects increased operating cash flow from its oil projects due to higher volumes and prices.