BOE Report

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA–(Marketwired – Jan. 2, 2015) – Bonavista Energy Corporation (TSX:BNP) (“Bonavista”) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.28262 to 1.29497. This increase will be effective on January 15, 2015 (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, 2014 1.28262 $0.07 $7.27 0.01235 January 15, 2015 1.29497
(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 www.bonavistaenergy.com for detailed corporate information.

Bonavista is a mid-sized energy corporation committed to prudently operating high quality oil and natural gas properties and providing consistent returns to our shareholders while ensuring financial strength and sustainability.

Bonavista Energy Corporation
Glenn A. Hamilton
Senior Vice President & CFO
(403) 213-4300

Berk Sumen
Manager, Investor Relations
(403) 213-4300
www.bonavistaenergy.com