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Press release from Marketwire

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

Monday, December 03, 2012

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio16:01 EST Monday, December 03, 2012CALGARY, ALBERTA--(Marketwire - Dec. 3, 2012) - Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.12477 to 1.13313. This increase will be effective on December 17, 2012 (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 shareFive 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 DateNovember 30, 2012 1.12477 $0.12 $16.150.00836December 17, 2012 1.13313(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 - 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: Contact Information: Glenn A. HamiltonSenior Vice President & CFO(403) 213-4300Bonavista Energy Corporation1500, 525 - 8th Avenue SWCalgary, AB T2P 1G1www.bonavistaenergy.com