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Bonavista Energy Corporation Announces Increase to

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA -- (Marketwire) -- 11/01/12 -- Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.11726 to 1.12477. This increase will be effective on November 15, 2012 (the "Effective Date").

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

                                      Five day                              
                                      Price of           Effective          
                                     Bonavista             Date of          
                         Bonavista      common                 the  Exchange
                          Dividend      shares  Increase  increase  Ratio as
Record Date of    Opening      per   (Prior to        in        in    of the
 Bonavista       Exchange   common  the end of  Exchange  Exchange Effective
 Dividend           Ratio    share  the Month) Ratio (1)     Ratio      Date
October 31,                                                    15,          
 2012             1.11726    $0.12      $17.86   0.00751      2012   1.12477
(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 for detailed corporate information. Contacts: Glenn A. Hamilton Senior Vice President & CFO (403) 213-4300

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

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