Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio 
CALGARY, ALBERTA -- (Marketwire) -- 02/01/13 -- Bonavista Energy
Corporation (TSX:BNP) ("Bonavista") is pleased to announce the
increase to the Exchange Ratio of its exchangeable shares from
1.14261 to 1.14844. This increase will be effective on February 15,
2013 (the "Effective Date"). 
The following are the details of the calculation of the Exchange

                                      Five day                              
                                      Price of           Effective          
                                     Bonavista             Date of          
                                        common                 the  Exchange
Record                  Bonavista       shares  Increase  increase  Ratio as
 Date of    Opening      Dividend    (Prior to        in        in    of the
 Bonavista Exchange    per common   the end of  Exchange  Exchange Effective
 Dividend     Ratio         share   the Month) Ratio (1)     Ratio      Date
January                                                   February          
 31, 2013   1.14261   $      0.07  $     13.72   0.00583  15, 2013   1.14844

(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.
Bonavista Energy Corporation
Glenn A. Hamilton
Senior Vice President & CFO
(403) 213-4300 
1500, 525 - 8th Avenue SW
Calgary, AB T2P 1G1
Press spacebar to pause and continue. Press esc to stop.