Bonavista Energy Trust

Bonavista Energy Trust

June 01, 2006 15:52 ET

Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA--(CCNMatthews - June 1, 2006) - 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 1.42672 to 1.44018. This increase will be effective on June 15, 2006.

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

Five day
Record Trading Effective
Date of Bonavista Price of Date
Bonavista Energy BNP.UN of the Exchange
Energy Trust (Prior Increase Increase Ratio
Trust Opening Distri- to the in in as of
Distri- Exchange bution end of Exchange Exchange Effective
bution Ratio per Unit the Month) Ratio (xx) Ratio Date
May 31, June 15,
2006 1.42672 $0.33 $34.97 0.01346 2006 1.44018

(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.

Contact Information

  • Bonavista Energy Trust
    Keith A. MacPhail
    President & CEO
    (403) 213-4300
    Ronald J. Poelzer
    Executive Vice President & CFO
    (403) 213-4300
    Greg R. Warner
    Vice President, Treasury & Tax
    (403) 213-4300