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Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio and Reports on Voting from the 2014 Shareholders Meeting

CALGARY, ALBERTA -- (Marketwired) -- 05/02/14 -- Bonavista Energy Corporation (TSX:BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.23098 to 1.23596. This increase will be effective on May 15, 2014 (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
         of  Opening   Dividend  (Prior to        in increase in         the
  Bonavista Exchange per common the end of  Exchange    Exchange   Effective
   Dividend    Ratio      share the Month)  Ratio(1)       Ratio        Date
----------------------------------------------------------------------------
  April 30,                                              May 15,            
       2014  1.23098      $0.07     $17.29   0.00498        2014     1.23596
----------------------------------------------------------------------------

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.

Bonavista also announces that all matters presented for approval at the annual meeting of shareholders held today have been fully authorized and approved. A total of 123,411,497 votes, representing 61.23% of total votes entitled to vote at the meeting, were voted in connection with the matters considered at the meeting.

At the meeting, all of the nominees proposed as directors were duly elected as directors of Bonavista with a majority of votes cast by the shareholders present or represented at the meeting as follows:

Name of Nominee            Votes For Percent (%)  Votes Withheld Percent (%)
----------------------- ------------ ----------- --------------- -----------
Keith A. MacPhail        118,874,268       96.95       3,744,901        3.05
Ian S. Brown             117,420,002       95.76       5,199,167        4.24
Michael M. Kanovsky      121,338,812       98.96       1,280,357        1.04
Sue Lee                  114,074,158       93.03       8,545,011        6.97
Margaret A. Mckenzie     114,889,447       93.70       7,729,722        6.30
Ronald J. Poelzer        120,476,827       98.25       2,142,342        1.75
Christopher P. Slubicki  114,792,471       93.62       7,826,698        6.38
Jason E. Skehar          121,311,419       98.93       1,307,750        1.07

In addition, KPMG LLP, Chartered Accountants, were appointed as auditors of the Corporation to hold office until the next annual meeting, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

                           Votes For Percent (%)  Votes Withheld  Percent %)
                        ------------ ----------- --------------- -----------
                         123,063,893       99.72         347,604        0.28

Bonavista is a mid-sized energy corporation committed to maintaining its emphasis on operating high quality oil and natural gas properties, providing moderate growth and delivering consistent dividends to its shareholders and ensuring financial strength and sustainability.

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

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

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