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Press release from Marketwire

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

Tuesday, March 01, 2011

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio16:01 EST Tuesday, March 01, 2011CALGARY, ALBERTA--(Marketwire - March 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 1.00413 to 1.00804. This increase will be effective on March 15, 2011.The following are the details of the calculation of the Exchange Ratio: Record Date of Bonavista Energy Corporation Dividend Opening Exchange Ratio Bonavista 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 Ratio Exchange Ratio as of Effective DateFebruary 28, 2011 1.00413 $0.12 $30.790.00391March 15, 2011 1.00804The increase in the Exchange Ratio is calculated by multiplying the Bonavista Energy Corporation Dividend 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 www.bonavistaenergy.com for detailed corporate information.FOR FURTHER INFORMATION PLEASE CONTACT: Glenn A. HamiltonBonavista Energy CorporationSenior Vice President & CFO(403) 213-4300OR1500, 525 - 8th Avenue SWBonavista Energy CorporationCalgary, AB T2P1G1www.bonavistaenergy.com