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Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA -- (Marketwired) -- 07/02/14 -- Bonavista Energy Corporation (TSX:BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.24133 to 1.24666. This increase will be effective on July 15, 2014 (the "Effective Date").

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

--------------------------------------------------------------------------
                                   Five day                               
                                   Weighted                               
                                   Average                                
                                   Trading                                
                                   Price of            Effective          
                                  Bonavista             Date of           
                                    common                the    Exchange 
Record Date            Bonavista    shares   Increase  increase  Ratio as 
     of      Opening    Dividend   (Prior to    in        in      of the  
 Bonavista   Exchange  per common the end of Exchange  Exchange  Effective
  Dividend    Ratio      share    the Month) Ratio (1)   Ratio     Date   
--------------------------------------------------------------------------
  June 30,                                             July 15,           
    2014     1.24133     $0.07      $16.30    0.00533    2014     1.24666 
--------------------------------------------------------------------------
                                                                          
(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:
Glenn A. Hamilton
Senior Vice President & CFO

Bonavista Energy Corporation
1500, 525 - 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300

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