Bonavista Energy Corporation
TSX : BNP

Bonavista Energy Corporation

May 02, 2011 16:01 ET

Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

CALGARY, ALBERTA--(Marketwire - May 2, 2011) - Bonavista Energy Corporation("Bonavista") (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.01211to 1.01642. This increase will be effective on May 16, 2011. (the "Effective Date").

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

----------------------------------------------------------------------------
                                  Five day                                  
                                  Weighted                                  
                                   Average                                  
                                   Trading                                  
                                  Price of                                  
                                 Bonavista                                  
                                    common             Effective    Exchange
Record                Bonavista     shares  Increase Date of the Ratio as of
 Date of     Opening   Dividend  (Prior to        in increase in         the
 Bonavista  Exchange per common the end of  Exchange    Exchange   Effective
 Dividend      Ratio      share  the Month) Ratio (1)      Ratio        Date
----------------------------------------------------------------------------
April 30,                                                May 16,            
 2011       1. 01211      $0.12     $28.16   0.00431        2011     1.01642
----------------------------------------------------------------------------
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.

Contact Information

  • Bonavista Energy Corporation
    Glenn A. Hamilton
    Senior Vice President & CFO
    (403) 213-4300

    Bonavista Energy Corporation
    1500, 525 - 8th Avenue SW
    Calgary, AB T2P1G1
    www.bonavistaenergy.com