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Press release from Marketwire

Bonavista Energy Corporation Announces Closing of Bought Deal Financing

Wednesday, August 17, 2011

Bonavista Energy Corporation Announces Closing of Bought Deal Financing08:47 EDT Wednesday, August 17, 2011CALGARY, ALBERTA--(Marketwire - Aug. 17, 2011) -This news release is not an offer to sell or a solicitation of offers to buy the Common Shares in the United States. The Common Shares have not been and will not be registered under the United States Securities Act and may not be offered or sold in the United States except in transactions exempt from such registration.NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWBonavista Energy Corporation (TSX:BNP) ("Bonavista") is pleased to announce that it has completed its previously announced bought deal financing for gross proceeds of approximately $200 million. Pursuant to the offering, Bonavista, through a syndicate of underwriters co-led by TD Securities Inc. and CIBC World Markets Inc., and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Peters & Co. Limited, FirstEnergy Capital Corp., HSBC Securities (Canada) Inc. and Macquarie Capital Markets Canada Ltd., issued 7.0 million common shares at a price of $28.55 per common share. Bonavista Energy Corporation is a mid-sized energy corporation committed to maintaining its emphasis on operating high quality oil and natural gas properties, providing moderate growth and delivering consistent dividends to its shareholders while ensuring financial strength and sustainability. Bonavista's common shares trade on the Toronto Stock Exchange under the symbol BNP.Please visit our website at www.bonavistaenergy.com for detailed corporate information.FOR FURTHER INFORMATION PLEASE CONTACT: Chairman & CEOKeith A. MacPhail(403) 213-4300ORPresident & COOJason E. Skehar(403) 213-4300ORSenior Vice President & CFOGlenn A. Hamilton(403) 213-4300OR1500, 525 - 8th Avenue SWBonavista Energy CorporationCalgary, AB T2P 1G1(403) 213-4300www.bonavistaenergy.com