Market Overview

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio


CALGARY, ALBERTA--(Marketwire - Nov. 1, 2012) - Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.11726 to 1.12477. This increase will be effective on November 15, 2012 (the "Effective Date").

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

Five day
Price of Effective
Bonavista Date of
Bonavista common the Exchange
Dividend shares Increase increase Ratio as
Record Date of Opening per (Prior to in in of the
Bonavista Exchange common the end of Exchange Exchange Effective
Dividend Ratio share the Month) Ratio (1) Ratio Date
October 31, 15,
2012 1.11726 $0.12 $17.86 0.00751 2012 1.12477
(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 for detailed corporate information.

Glenn A. Hamilton
Senior Vice President & CFO
(403) 213-4300

Bonavista Energy Corporation
1500, 525 - 8th Avenue SW
Calgary, AB T2P 1G1

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