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Press release from Marketwire

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio

Wednesday, December 01, 2010

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio16:05 EST Wednesday, December 01, 2010CALGARY, ALBERTA--(Marketwire - Dec. 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 2.38222 to 2.39600. This increase will be effective on December 15, 2010.The following are the details of the calculation of the Exchange Ratio:Record Date of Bonavista Energy Trust DistributionOpening Exchange RatioBonavista Energy Trust Distribution per UnitFive day Weighted Average Trading Price of BNP.UN (Prior to the end of the Month)Increase in Exchange Ratio (1)Effective Date of the Increase in Exchange RatioExchange Ratio as of Effective DateNovember 30, 20102.38222$0.16$27.670.01378December 15, 20102.39600The 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: Senior Vice President & CFOGlenn A. Hamilton(403) 213-4300OR700, 311 - 6th Avenue SWBonavista Energy TrustCalgary, AB T2P