BOE Report

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA–(Marketwired – Jan. 4, 2016) – Bonavista Energy Corporation (“Bonavista”) (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.39313 to 1.40050. This increase will be effective on January 15, 2016 (the “Effective Date”).

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

Record
Date of
Bonavista
Dividend

Opening
Exchange
Ratio

Bonavista
Dividend
per
common
share

 Five day
Weighted
Average
Trading
Price of
Bonavista
common
shares
(Prior to
the end
of the
Month)

Increase in
Exchange
Ratio (1)

Effective
Date
of the
increase in
Exchange
Ratio

Exchange
Ratio
as of the
Effective
Date
December 31, 2015 1.39313 $0.01 $1.89 0.00737 January 15, 2016 1.40050
(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 Computershare at its principal transfer office in Suite 600, 530 – 8th Avenue S.W., Calgary, Alberta, T2P 3S8.

Please visit our website at www.bonavistaenergy.com for detailed corporate information.

Bonavista is a mid-sized dividend paying energy corporation focused on the efficient development of high quality oil and natural gas assets while providing sustainable value to shareholders.

Dean M. Kobelka
Vice President, Finance & CFO

Berk Sumen
Manager, Investor Relations

Bonavista Energy Corporation
1500, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300
www.bonavistaenergy.com