Bonavista Energy Trust

Bonavista Energy Trust

January 03, 2005 15:47 ET

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BONAVISTA ENERGY TRUST

TSX SYMBOL: BNP.UN

JANUARY 3, 2005 - 15:47 ET

Bonavista Energy Trust Announces Increase to
Exchangeable Share Ratio

CALGARY, ALBERTA--(CCNMatthews - Jan. 3, 2005) - Bonavista Energy Trust
(TSX:BNP.UN) is pleased to announce the increase to the Exchange Ratio
of the Exchangeable Shares of Bonavista Petroleum Ltd. from 1.22603 to
1.23834. This increase will be effective on January 15, 2005.



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

------------------------------------------------------------------------
Five day
Weighted
Average
Record Trading Effective
Date of Bonavista Price of Date
Bonavista Energy BNP.UN of the Exchange
Energy Trust (Prior to Increase Increase Ratio
Trust Opening Distri- the end in in as of
Distri- Exchange bution of the Exchange Exchange Effective
bution Ratio per Unit Month) Ratio (xx) Ratio Date
------------------------------------------------------------------------
December January
31, 2004 1.22603 $0.275 $27.38 0.01231 15, 2005 1.23834
------------------------------------------------------------------------


(xx) The increase in the Exchange ratio is calculated by multiplying the
Bonavista Energy Trust Distribution per Unit by the Exchange ratio
immediately prior to the Record Date and dividing by the five day
weighted average trading price of BNP.UN.

A holder of Bonavista Petroleum Ltd. Exchangeable Shares can exchange
all or a portion of their holdings into Bonavista Energy Trust Units, 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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Bonavista Energy Trust
    Keith A. MacPhail
    President & CEO
    (403) 213-4300
    or
    Ronald J. Poelzer
    Executive Vice President & CFO
    (403) 213-4300
    or
    Greg R. Warner
    Vice President, Finance
    (403) 213-4300
    or
    Bonavista Energy Trust
    700, 311 6th Avenue SW
    Calgary, AB T2P 3H2
    (403) 213-4300
    Website: www.bonavistaenergy.com