Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA--(Marketwire - March 1, 2012) - Bonavista Energy Corporation ("Bonavista") BNP is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.05947 to 1.06499. This increase will be effective on March 15, 2012 (the "Effective Date").

The following are the details of the calculation of the Exchange Ratio:

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                                     Five day                               
                                     Weighted                               
                                      Average                               
                                      Trading                               
                                     Price of           Effective           
                                    Bonavista             Date of           
                                       common                 the   Exchange
Record Date             Bonavista      shares  Increase  increase   Ratio as
 of           Opening    Dividend   (Prior to        in        in     of the
 Bonavista   Exchange  per common  the end of  Exchange  Exchange  Effective
 Dividend       Ratio       share  the Month) Ratio (1)     Ratio       Date
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February 29,                                            March 15,           
 2012         1.05947       $0.12      $23.05   0.00552      2012    1.06499
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(1) The increase in the Exchange Ratio is calculated by multiplying the Bonavista dividend per common share by the Exchange Ratio immediately prior to the Record Date and dividing by the five day weighted average trading price of Bonavista's common shares.

A holder of Bonavista exchangeable shares can exchange all or a portion of their holdings into Bonavista common shares, at any time, by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office in Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1.

Please visit our website at www.bonavistaenergy.com for detailed corporate information.