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Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

/ -- CALGARY, ALBERTA -- (Marketwired) -- 10/03/16 -- Bonavista Energy Corporation (TSX: BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.42573 to 1.42923. This increase will be effective on October 17, 2016 (the "Effective Date").

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

                                  Five day
                                  Price of            Effective
                                 Bonavista             Date of
                                   common                the    Exchange
  Record              Bonavista    shares   Increase  increase  Ratio as
  Date 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
 September                                             October
 30, 2016   1.42573     $0.01      $4.07     0.00350  17, 2016   1.42923
(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 Computershare at its principal transfer office in Suite 600, 530 - 8th Avenue S.W., Calgary, Alberta, T2P 3S8.

Please visit our website at for detailed corporate information.

Bonavista is a mid-sized dividend paying energy corporation focused on the efficient development of high quality oil and natural gas assets while providing sustainable value to shareholders.

Dean M. Kobelka
Vice President, Finance & CFO

Berk Sumen
Investor Relations Lead

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

Distribution channels: Energy