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Press release from Marketwire

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

Tuesday, February 01, 2011

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio16:01 EST Tuesday, February 01, 2011CALGARY, ALBERTA--(Marketwire - Feb. 1, 2011) - Bonavista Energy Corporation (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of the Exchangeable Shares of Bonavista Energy Corporation from 1.00000 to 1.00413. This increase will be effective on February 15, 2011.The following are the details of the calculation of the Exchange Ratio:Record Date of Bonavista Energy Corporation DividendOpening Exchange RatioBonavista Energy Corporation Dividend per ShareFive day Weighted Average Trading Price of BNP (Prior to the end of the Month)Increase in Exchange Ratio (1)Effective Date of the Increase in Exchange RatioExchange Ratio as of Effective DateJanuary 31, 20111.00000$0.12$29.030.00413February 15, 20111.00413The increase in the Exchange Ratio is calculated by multiplying the Bonavista Energy CorporationDividend per Share by the Exchange Ratio immediately prior to the Record Date and dividing by the five day weighted average trading price of BNP. A holder of Bonavista Energy Corporation Exchangeable Shares can exchange all or a portion of their holdings into Bonavista Energy Corporation 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.FOR FURTHER INFORMATION PLEASE CONTACT: Senior Vice President & CFOGlenn A. Hamilton(403) 213-4300OR1500, 525 - 8th Avenue SWBonavista Energy CorporationCalgary, AB