CALGARY, ALBERTA -- (Marketwire) -- 12/03/12 -- Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.12477 to 1.13313. This increase will be effective on December 17, 2012 (the "Effective Date").

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

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                                    Five day                                
                                    Weighted                                
                                     Average                                
                                     Trading                                
                                    Price of                                
                                   Bonavista                                
                       Bonavista      common             Effective  Exchange
                        Dividend      shares  Increase Date of the  Ratio as
Record Date     Opening      per   (Prior to        in increase in    of the
 of Bonavista  Exchange   common  the end of  Exchange    Exchange Effective
 Dividend         Ratio    share  the Month) Ratio (1)       Ratio      Date
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November 30,                                          December 17,          
 2012           1.12477    $0.12      $16.15   0.00836        2012   1.13313
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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.