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Press release from Marketwire

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio

Monday, May 03, 2010

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio16:01 EDT Monday, May 03, 2010 CALGARY, ALBERTA--(Marketwire - May 3, 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 2.27443 to 2.28918. This increase will be effective on May 17, 2010. The following are the details of the calculation of the Exchange Ratio: ---------------------------------------------------------------------------- Five day Weighted Average Effective Trading Date of Price of Increase the Exchange Record Date of Bonavista BNP.UN in Increase Ratio as Bonavista Opening Energy Trust (Prior to Exchange in of Energy Trust Exchange Distribution the end of Ratio Exchange Effective Distribution Ratio per Unit the Month) (1) Ratio Date ---------------------------------------------------------------------------- May 17, April 30, 2010 2.27443 $0.16 $24.67 0.01475 2010 2.28918 ---------------------------------------------------------------------------- (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 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