Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio 
CALGARY, ALBERTA -- (Marketwire) -- 03/01/13 -- Bonavista Energy
Corporation (TSX:BNP) ("Bonavista") is pleased to announce the
increase to the Exchange Ratio of its exchangeable shares from
1.14844 to 1.15469. This increase will be effective on March 15, 2013
(the "Effective Date"). 
The following are the details of the calculation of the Exchange

                                   Five day                                 
                                   Price of             Effective           
                                  Bonavista               Date of           
                      Bonavista      common                   the   Exchange
Record Date            Dividend      shares   Increase   increase   Ratio as
 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
February                                                March 15,           
 28, 2013     1.14844     $0.07      $12.86    0.00625       2013    1.15469
(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.
Glenn A. Hamilton
Senior Vice President & CFO 
Bonavista Energy Corporation
1500, 525 - 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300
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