Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio 
CALGARY, ALBERTA -- (Marketwired) -- 05/01/13 -- Bonavista Energy
Corporation (TSX:BNP) ("Bonavista") is pleased to announce the
increase to the Exchange Ratio of its exchangeable shares from
1.16014 to 1.16535. This increase will be effective on May 15, 2013
(the "Effective Date"). 
The following are the details of the calculation of the Exchange

                                     Five day                              
                              Average Trading           Effective          
                                     Price of             Date of          
                     Bonavista      Bonavista                 the  Exchange
Record                Dividend  common shares  Increase  increase  Ratio as
 Date of      Opening      per  (Prior to the        in        in    of the
 Bonavista   Exchange   common     end of the  Exchange  Exchange Effective
 Dividend       Ratio    share         Month) Ratio (1)     Ratio      Date
April 30,                                                 May 15,          
2013          1.16014    $0.07         $15.59   0.00521      2013   1.16535

(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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