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Press release from Marketwire

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio

Thursday, April 01, 2010

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio16:01 EDT Thursday, April 01, 2010 CALGARY, ALBERTA--(Marketwire - April 1, 2010) - Bonavista Energy Trust (TSX:BNP.UN) is pleased to announce the increase to the Exchange Ratio of the Exchangeable Shares of Bonavista Petroleum Ltd. from 2.25913 to 2.27443. This increase will be effective on April 15, 2010. The following are the details of the calculation of the Exchange Ratio: ---------------------------------------------------------------------------- Five day Weighted Average Trading Effective Price of Date Bonavista BNP.UN of the Exchange Record Date Energy (Prior Increase Increase Ratio of Bonavista Opening Trust to the in in as of Energy Trust Exchange Distribution end of Exchange Exchange Effective Distribution Ratio per Unit the Month) Ratio(1) Ratio Date ---------------------------------------------------------------------------- March 31, April 15, 2010 2.25913 $0.16 $23.63 0.01530 2010 2.27443 ---------------------------------------------------------------------------- (1) The increase in the Exchange Ratio is calculated by multiplying the Bonavista Energy Trust Distribution per Unit by the Exchange Ratio immediately prior to the Record Date and dividing by the five day weighted average trading price of BNP.UN. A holder of Bonavista Petroleum Ltd. Exchangeable Shares can exchange all or a portion of their holdings into Bonavista Energy Trust Units, 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.FOR FURTHER INFORMATION PLEASE CONTACT: Glenn A. Hamilton Senior Vice President & CFO (403) 213-4300 or Bonavista Energy Trust 700, 311 - 6th Avenue SW Calgary, AB T2P 3H2 www.bonavistaenergy.com