CALGARY, ALBERTA--(Marketwire - Nov. 1, 2011) - Bonavista Energy Corporation (TSX:BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.03943 to 1.04424. This increase will be effective on November 15, 2011 (the "Effective Date").

The following are the details of the calculation of the Exchange Ratio:

Record Date of Bonavista Dividend

Opening Exchange Ratio

Bonavista Dividend per common share

Five day Weighted Average Trading Price of Bonavista common shares (Prior to the end of the Month)

Increase in Exchange Ratio (1)

Effective Date of the increase in Exchange Ratio

Exchange Ratio as of the Effective Date

October 31, 2011

1.03943

$0.12

$25.95

0.00481

November 15, 2011

1.04424

1. The increase in the Exchange Ratio is calculated by multiplying the Bonavista dividend per common share by the Exchange Ratio immediately prior to the Record Date and dividing by the five day weighted average trading price of Bonavista's common shares.

A holder of Bonavista exchangeable shares can exchange all or a portion of their holdings into Bonavista common shares, at any time, by giving notice to their investment advisor or Valiant Trust Company at its principal transfer office in Suite 310, 606 – 4^th Street S.W., Calgary, Alberta, T2P 1T1.

Please visit our website at www.bonavistaenergy.com for detailed corporate information.

FOR FURTHER INFORMATION PLEASE CONTACT:

Senior Vice President & CFO
Glenn A. Hamilton
(403) 213-4300

OR

1500, 525 - 8th Avenue SW
Bonavista Energy Corporation
Calgary, AB T2P 1G1
www.bonavistaenergy.com