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Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA -- (Marketwired) -- 02/03/14 -- Bonavista Energy Corporation ("Bonavista") (TSX: BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.21443 to 1.22019. This increase will be effective on February 17, 2014 (the "Effective Date").

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

                                      Five day
                               Average Trading           Effective
                                      Price of             Date of
                                     Bonavista                 the  Exchange
Record                Bonavista  common shares  Increase  increase  Ratio as
 Date of     Opening   Dividend  (Prior to the        in        in    of the
 Bonavista  Exchange per common     end of the  Exchange  Exchange Effective
 Dividend      Ratio      share         Month) Ratio (1)     Ratio      Date
January                                                   February
 31, 2014    1.21443      $0.07         $14.75   0.00576  17, 2014   1.22019

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

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