CALGARY, ALBERTA -- (Marketwired) -- 03/03/14 -- Bonavista Energy Corporation ("Bonavista") (TSX: BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.22019 to 1.22558. This increase will be effective on March 17, 2014 (the "Effective Date").

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

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                                   Five day
                                   Weighted
                                   Average              Effective
                                Trading Price            Date of
                                 of Bonavista Increase     the     Exchange
  Record              Bonavista common shares    in     increase   Ratio as
  Date of   Opening   Dividend     (Prior to  Exchange     in       of the
 Bonavista  Exchange per common   the end of    Ratio   Exchange   Effective
 Dividend    Ratio      share     the Month)     (1)      Ratio      Date
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 February
    28,                                                 March 17,
    2014    1.22019     $0.07       $15.85     0.00539    2014      1.22558
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(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.