Bonavista Energy Corporation Announces Increase to

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA -- (Marketwire) -- 01/02/13 -- Bonavista Energy Corporation (TSX:BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.13313 to 1.14261. This increase will be effective on January 15, 2013 (the "Effective Date").

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

 
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                                   Five day                                 
                                   Weighted                                 
                                    Average                                 
                                    Trading                                 
                                   Price of                                 
                                  Bonavista             Effective           
                                     common               Date of           
                       Bonavista     shares                   the   Exchange
Record Date             Dividend     (Prior   Increase   increase   Ratio as
 of           Opening        per     to the         in         in     of the
 Bonavista   Exchange     common     end of   Exchange   Exchange  Effective
 Dividend       Ratio      share  the Month)  Ratio (1)     Ratio       Date
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December                                                  January           
 31, 2012     1.13313      $0.12     $14.35    0.00948   15, 2013    1.14261
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(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. Contacts: Glenn A. Hamilton Senior Vice President & CFO (403) 213-4300

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