Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

(TSX: BNP)

CALGARY, July 3, 2018 /CNW/ – Bonavista Energy Corporation (“Bonavista”) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.46484 to 1.47487. This increase will be effective on July 16, 2018 (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

June 29,
2018

1.46484

$0.01

$1.46

0.01003

July 16, 2018

1.47487

(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 – 8^th Avenue S.W., Calgary, Alberta, T2P 3S8.

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

Bonavista is focused on creating premium shareholder value through the efficient development of high quality oil and natural gas assets.

SOURCE Bonavista Energy Corporation

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