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Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA -- (Marketwired) -- 12/02/13 -- Bonavista Energy Corporation (TSX: BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.20205 to 1.20836. This increase will be effective on December 16, 2013 (the "Effective Date").

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


                                   Five day
                                   Weighted
                                    Average
                                    Trading
                                   Price of
                                  Bonavista
                                     common              Effective  Exchange
Record Date            Bonavista     shares  Increase  Date of the  Ratio as
 of           Opening   Dividend  (Prior to        in  increase in    of the
 Bonavista   Exchange per common the end of  Exchange     Exchange Effective
 Dividend       Ratio      share the Month) Ratio (1)        Ratio      Date
----------------------------------------------------------------------------
November 29,  1.20205      $0.07     $13.34   0.00631 December 16,   1.20836
 2013                                                         2013
----------------------------------------------------------------------------

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.

Contacts:
Bonavista Energy Corporation
Glenn A. Hamilton
Senior Vice President & CFO
(403) 213-4300
www.bonavistaenergy.com

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