Bonavista Energy Corporation Confirms Dividend for January

Bonavista Energy Corporation Confirms Dividend for January 15, 2013 
CALGARY, ALBERTA -- (Marketwire) -- 12/17/12 -- Bonavista Energy
Corporation ("Bonavista") (TSX:BNP) confirms that its monthly cash
dividend generated from December production will be $0.12 per common
share, payable on January 15, 2013. Our long term objective is to
maintain a dividend policy that provides an attractive return to our
shareholders, while reinvesting the remainder of our funds from
operations to increase our production and equity value.  
Our dividend policy is reviewed monthly and is based on a number of
factors, including current and future commodity prices, foreign
exchange rates, our commodity hedging program, current operations and
future investment opportunities.  Despite weak natural gas prices, we
elected to preserve the current dividend level in 2012 through a
combination of capital spending adjustments, shareholder
participation in our Dividend Reinvestment Plan, Stock Dividend
Program and non-core asset divestitures.   
As we move into 2013, we are monitoring the impact of the factors
affecting the current dividend and remain concerned about sustained
low natural gas prices and the more recent decrease in natural gas
liquids and oil pricing, as they relate to long-term sustainability. 
Similarly, we will remain flexible with our 2013 capital budget of
between $400 and $450 million in order to ensure a suitable balance
between growth and income in our business model. 
Bonavista has declared this dividend to be paid on January 15, 2013
to common shareholders of record on December 31, 2012, with an
ex-dividend date of December 27, 2012. The Board of Directors of
Bonavista declared the dividend payable in either cash or common
shares at the election of the shareholder. Any common shareholder
choosing to receive common shares instead of cash must submit his or
her stock dividend confirmation notice no later than 4:30 p.m.
(Calgary time) on the fourth business day immediately prior to the
record date for the declared dividend payment, being December 26,
This dividend has been designated as an "eligible dividend" for
Canadian income tax purposes. 
Stock Dividend Program  
At its annual and special meeting of shareholders held on May 3,
2012, the Bonavista shareholders approved the implementation of a
Stock Dividend Program which enables common shareholders to elect to
receive dividends in the form of common shares at 95% of the weighted
average market price calculated 5 days before the payment date and
all fees associated with the Stock Dividend Program will be paid by
Bonavista. Participation in the Stock Dividend Program is optional.  
While the Stock Dividend Program is similar to Bonavista's Dividend
Reinvestment Plan, the Stock Dividend Program has certain advantages
which are described in more detail in Bonavista's Management
Information Circular dated March 19, 2012 which is available on SEDAR
at and on Bonavista's website at For further information regarding the Stock
Dividend Program, please contact Valiant Trust Company at
Dividend Reinvestment Plan  
Bonavista also has a Dividend Reinvestment Plan which enables
eligible common shareholders to increase their investment in
Bonavista by reinvesting their monthly cash dividend. We expect to
maintain the Dividend Reinvestment Plan as a complement to our Stock
Dividend Program indefinitely. 
Forward Looking Statements 
Corporate information provided herein contains forward-looking
information. The reader is cautioned that assumptions used in the
preparation of such information, particularly those pertaining to
cash dividends, production volumes, commodity prices, operating costs
and drilling results, which are considered reasonable by Bonavista at
the time of preparation, may be proven to be incorrect. Actual
results achieved during the forecast period will vary from the
information provided herein and the variations may be material. There
is no representation by Bonavista that actual results achieved during
the forecast period will be the same in whole or in part as those
Bonavista Energy Corporation
Keith A. MacPhail
Chairman & CEO
(403) 213-4300 
Bonavista Energy Corporation
Jason E. Skehar
President & COO
(403) 213-4300 
Bonavista Energy Corporation
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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