Bonavista Energy Trust
TSX : BNP.UN

Bonavista Energy Trust

August 11, 2005 15:45 ET

Bonavista Energy Trust Announces Second Quarter Results

CALGARY, ALBERTA--(CCNMatthews - Aug. 11, 2005) - Bonavista Energy Trust (TSX:BNP.UN) is pleased to report to unitholders its interim consolidated financial and operating results for the three and six month periods ended June 30, 2005.



------------------------------------------------------------------------
Highlights
------------------------------------------------------------------------
Three Months Six Months
ended ended
June 30, % June 30, %
2005 2004 Change 2005 2004 Change
------------------------------------------------------------------------
(unaudited) (restated) (restated)

Financial
($ thousands,
except per unit)

Production
revenue 194,961 148,867 31 382,658 290,103 32
Funds from
operations
(1)(4) 109,014 85,252 28 211,686 166,578 27
Per unit (2)(4) 1.14 1.07 7 2.23 2.10 6

Cash distributions 63,648 47,205 35 126,932 94,379 34
Per unit 0.83 0.75 11 1.65 1.50 10
Percentage of
funds from
operations
distributed 58% 55% 3 60% 57% 3

Net income (3)(4) 62,461 48,458 29 119,941 98,794 21
Per unit(2)(3)(4) 0.65 0.61 7 1.26 1.25 1

Total assets 1,799,158 1,244,318 45

Long-term debt,
net of working
capital 345,079 237,170 45

Convertible
debentures 155,693 94,325 65

Unitholders' equity 992,086 652,632 52

Capital
expenditures:
Exploitation
and development 41,103 30,173 36 92,538 67,904 36
Acquisitions,
net 4,882 54,477 (91) 11,441 114,285 (90)

Weighted average
outstanding
equivalent
trust units
(thousands)(2)
Basic 95,621 79,571 20 95,059 79,296 20
Diluted 102,675 84,479 22 102,376 83,476 23
------------------------------------------------------------------------

Operating
(boe conversion - 6:1 basis)

Production:
Natural gas
(mmcf/day) 171 147 16 174 146 19
Oil and liquids
(bbls/day) 20,186 17,855 13 21,021 17,745 18
Total oil
equivalent
(boe/day) 48,760 42,286 15 50,024 42,107 19

Product prices:(5)
Natural gas
($/mcf) 7.43 6.89 8 7.15 6.68 7
Oil and liquids
($/bbl) 43.01 35.07 23 41.37 34.77 19

Operating
expenses
($/boe) 6.79 5.43 25 6.62 5.36 24

General &
administrative
expenses
($/boe) 0.46 0.35 31 0.45 0.33 36

Cash costs
($/boe) (1) 8.90 7.01 27 8.68 6.83 27

Operating
netback
($/boe) (1) 26.68 23.73 12 25.44 23.21 10
------------------------------------------------------------------------


------------------------------------------------------------------------
Trust Unit Three Months Ended
Trading Statistics ----------------------------------------------------
June 30, March 31, December 31, September 30,
2005 2005 2004 2004
------------------------------------------------------------------------
($ per unit,
except volume)

High 31.94 32.24 28.88 26.00
Low 28.11 26.30 23.59 22.52
Close 30.85 30.13 27.10 25.89
Average Daily
Volume 227,737 400,285 269,429 245,067
------------------------------------------------------------------------
------------------------------------------------------------------------

NOTES:

(1) Funds from operations, cash costs and operating netback do not have
a standardized measure prescribed by Canadian Generally Accepted
Accounting Principles and therefore may not be comparable with the
calculations with similar measures for other companies. Funds from
operations are determined before changes in non-cash working capital
to analyze operating performance and leverage. See Management's
Discussion and Analysis.
(2) Includes Exchangeable Shares and Exchangeable Units, which are
convertible into Trust Units on certain terms and conditions.
(3) For comparative purposes net income is presented as net income
before non-controlling interest for 2004.
(4) Net income and funds from operations including per unit amounts have
been restated on the adoption of the new accounting standards for
convertible debentures.
(5) Product prices presented are before transportation costs.


MESSAGE TO UNITHOLDERS

Bonavista Energy Trust ("Bonavista" or the "Trust") is pleased to report to its unitholders (the "Unitholders"), its consolidated financial and operating results for the three and six months ended June 30, 2005. The results of the second quarter of 2005 represent eight consecutive quarters of continuous profitable growth for Bonavista since commencing operations as an energy trust. The continued successful execution of Bonavista's proven strategies in the second quarter of 2005 is a testament to the validity and effectiveness of an operationally and technically focused energy trust. The second quarter of 2005 is also highlighted by very strong commodity prices for both oil and natural gas and an increased selection of drilling and acquisition opportunities for Bonavista. This favourable environment creates the opportunity for Bonavista to continue to record robust and profitable results, both operationally and financially throughout 2005 and beyond.

Other significant accomplishments for Bonavista include:

- Delivered a total return to its Unitholders of 144%, comprised of a 103% increase in unit price and a 41% return from cash distributions since inception as an energy trust on July 2, 2003 to date. For the first six months in 2005, the total return to investors was 20%, which is in the top decile of industry performance. The monthly cash distribution has been maintained at $0.275 per unit per month and results in a cash-on-cash yield of approximately 10%;

- Operationally, production volumes were 48,760 boe per day during the second quarter of 2005, which represents a 15% increase over the 42,286 boe per day reported in the second quarter of 2004 and a 41% increase over the 34,600 boe per day on commencement as an energy trust on July 2, 2003. The current production rate is approximately 51,000 boe per day;

- Increased undeveloped land position to 1.2 million net acres at June 30, 2005, further enhancing future drilling prospect inventory to over two years of drilling;

- Invested $46.0 million of capital during the second quarter of 2005, with $41.1 million in exploitation and development activities and $4.9 million in five synergistic acquisitions within our core regions;

- Generated funds from operations of $109.0 million ($1.14 per unit) and distributed 58% to Unitholders for the three months ended June 30, 2005, with the remaining funds from operations used to fund capital expenditures and growth;

- Continued to record strong profitable growth in the second quarter of 2005 with average return on equity of 29% and a strong net income to funds from operations ratio of 57%; and

- Expanded its existing loan facility to $600 million, which provides significant financial flexibility to take advantage of future investment opportunities in 2005 and beyond.

Strengths of Bonavista Energy Trust

Since the restructuring to an energy trust in July 2003, Bonavista has maintained a high level of technical and operational focus on its asset base. Our long-standing technical teams have a solid understanding of our asset base and possess the necessary discipline to deliver profitable results to our Unitholders for the long-term. We actively participate in undeveloped land acquisitions through either crown land sales, property purchases or farm-in opportunities which have continued to add to our already extensive low-risk drilling inventory. This has led to low cost reserve additions, lengthening of the reserve life index, and a growing production base. Our production base is weighted 59% towards natural gas, geographically focused within select medium depth, multi-zone regions in Alberta, Saskatchewan and British Columbia and has one of the lowest operating cost structures in the oil and natural gas sector. In addition, these high working interest assets are predominantly operated by the Trust, ensuring that operating and capital cost efficiencies are maintained. All of these attributes together result in top quartile operating netbacks for Bonavista.

Our team brings a successful track record of executing low to medium risk development programs, including both asset and corporate acquisitions, along with sound financial management. Unitholders benefit from a fully internalized, industry leading cost structure, which results in one of the lowest per unit overhead cost structures in the energy trust industry. The management team remains in place along with a strong Board of Directors, who possess extensive experience in oil and natural gas operations, corporate governances and financial management. Directors and management also own approximately 18% of the Trust, resulting in an alignment of interests with all Unitholders.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's discussion and analysis ("MD&A") of the financial condition and results of operations should be read in conjunction with Bonavista Energy Trust's ("Bonavista" or the "Trust") consolidated interim financial statements for the six months ended June 30, 2005 and the audited consolidated financial statements and MD&A for the years ended December 31, 2004 and 2003. Our audited consolidated financial statements, Annual Report, and other disclosure documents are filed on SEDAR at www.sedar.com or can be obtained from Bonavista's website at www.bonavistaenergy.com.

Basis of Presentation - The financial data presented below has been prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP"). The reporting and the measurement currency is the Canadian dollar. For the purpose of calculating unit costs, natural gas is converted to a barrel of oil equivalent ("boe") using six thousand cubic feet of natural gas equal to one barrel of oil unless otherwise stated.

Forward-Looking Statements - Certain information set forth in this document, including management's assessment of Bonavista's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Bonavista's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Bonavista's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Bonavista will derive there from. Bonavista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measurements - Within Management's discussion and analysis, references are made to terms commonly used in the oil and gas industry. Funds from operations and funds from operations per unit are not defined by GAAP in Canada and therefore may not be comparable with calculations of similar measures of other entities. These measures are referred to as non-GAAP measures and are used by management for the purposes of analyzing operating performance and leverage. Funds from operations is detailed on the Statement of Cash Flows. Funds from operations per unit is calculated based on the weighted average equivalent number of trust units outstanding consistent with the calculation of net income per unit. Netbacks equal total revenue less royalties and operating costs calculated on a boe basis. Total boe is calculated by multiplying the daily production by the number of days in the reporting period.

Operations - Bonavista's exploitation and development program in the first half of 2005 led to the drilling of 141 wells in its four core regions, with an overall success rate of 96%. This program resulted in 97 natural gas wells, 39 oil wells and five dry holes. Bonavista operated 91 of these wells, with an average working interest of 73% in the operated wells. Operatorship and high working interest ownership remain an integral part of our strategy to ensure control over the pace of our growth and control of spending on any given project. In addition to the exploitation and development program, Bonavista executed eight complementary acquisitions in its core regions during the first half of 2005.

Production - As a direct result of Bonavista's successful capital programs, production for the second quarter of 2005 increased 15% to 48,760 boe per day from 42,286 boe per day in 2004. Natural gas production increased 16% in the second quarter of 2005 to 171 mmcf per day from 147 mmcf per day for the same period a year ago, while total oil and liquids production in the second quarter of 2005 increased 13% to 20,186 bbls per day (comprised of 14,174 bbls per day of light and medium oil and 6,012 bbls per day of heavy oil) from 17,855 bbls per day (comprised of 11,629 bbls per day of light and medium oil and 6,226 bbls per day of heavy oil) for the same period a year ago. Production for the six months ended June 30, 2005 increased 19% to 50,024 boe per day when compared to 42,107 boe per day for the same period a year ago. More specifically, average natural gas production increased 19% to 174 mmcf per day from 146 mmcf per day in the first six months of 2004 while total oil and liquids production increased 18% to 21,021 bbls per day (comprised of 14,871 bbls per day of light and medium oil and 6,150 bbls per day of heavy oil) from 17,745 bbls per day (comprised of 11,375 bbls per day of light and medium oil and 6,370 bbls per day of heavy oil) in the first six months of 2004.

During the second quarter of 2005, Bonavista's production was affected by the previously planned and announced maintenance turnarounds at certain third party natural gas processing facilities. The impact from these turnarounds on Bonavista's second quarter production volumes was approximately 2,100 boe per day, and on its third quarter average production volumes is expected to be approximately 750 boe per day. During these turnarounds the Trust used this opportunity to complete required maintenance on its own facilities and wells, which produce into these third party facilities. Our current production is approximately 51,000 boe per day consisting of 59% natural gas, 29% light and medium oil and 12% heavy oil. We will continue to focus on a diversified commodity investment approach to minimize our dependence on any one product.

Production revenue - Production revenue for the second quarter of 2005 increased by 31% to $195.0 million from $148.9 million in the second quarter of 2004. This increase is attributable to a 15% increase in production volumes and a 14% increase in commodity prices. In the second quarter of 2005, natural gas prices averaged $7.43 per mcf, up 8% from $6.89 per mcf for the same period in 2004. The average oil and liquids price also increased 23% to $43.01 per bbl (comprised of $48.40 per bbl for light and medium oil and $30.31 per bbl for heavy oil) in the second quarter of 2005 from $35.07 per bbl (comprised of $38.36 per bbl for light and medium oil and $28.93 per bbl for heavy oil) for the same period in 2004. Revenues for the six months ended June 30, 2005 increased by 32% to $382.7 million when compared to $290.1 million for the same period a year ago due to increased production volumes and commodity prices. In the first half of 2005, natural gas prices averaged $7.15 per mcf, up 7% from $6.68 per mcf for the same period in 2004. The average oil and liquids price also increased 19% to $41.37 per bbl (comprised of $46.55 per bbl for light and medium oil and $28.87 per bbl for heavy oil) in the first half of 2005 from $34.77 per bbl (comprised of $38.30 per bbl for light and medium oil and $28.48 per bbl for heavy oil) for the same period in 2004.

Commodity hedging - As part of our financial management strategy, the Trust has adopted a disciplined commodity-hedging program. The purpose of the hedging program is to reduce volatility in the financial results, protect acquisition economics and stabilize cash flow and unitholder distributions against the unpredictable commodity price environment. At any given period of time our hedging strategy is restricted to a maximum hedge position of 60% of forecasted production net of royalties and primarily utilizes costless collars in our hedging portfolio. This strategy limits the Trust's exposure to downturns in commodity prices while allowing for more participation in commodity price increases. In the second quarter of 2005, our hedging program resulted in a net loss of $3.8 million and for the six months ended June 30, 2005, a net loss of $5.7 million was experienced due to the stronger than expected commodity prices realized throughout the period. A summary of hedging contracts in place as at June 30, 2005 is outlined in note 6 of the Notes to the Interim Consolidated Financial Statements.

Royalties - Royalties, net of the Alberta Royalty Tax Credit, increased 22% from $32.3 million for the three months ended June 30, 2004 to $39.5 million in 2005 primarily as a result of the higher revenues derived from the increases in production volumes and commodity prices realized. Royalties as a percentage of revenue for the second quarter decreased from 21.7% in 2004 to 20.3% in 2005, as a result of royalty credits relating to annual gas cost allowance assessment. For the three months ended June 30, 2005, royalties as a percentage of revenues by product were 21.8% for natural gas, 19.6% for light and medium oil and 11.8% for heavy oil. For the six months ended June 30, 2005, royalties net of the Alberta Royalty Tax Credit increased 24% to $78.3 million from $63.0 million for the same period a year ago, for the similar reasons discussed above. In addition royalties as a percentage of revenue for the six months period also decreased from 21.7% in 2004 to 20.5% in 2005. For the six months ended June 30, 2005, royalties as a percentage of revenues by product were 22.1% for natural gas, 19.7% for light and medium oil and 11.9% for heavy oil.

Transportation costs - For the three months ended June 30, 2005, transportation costs were $7.0 million ($1.57 per boe) compared to $4.4 million ($1.14 per boe) in 2004. The 59% increase in transportation costs is primarily due to higher production in 2005 versus 2004. Transportation costs for the six months ended June 30, 2005 were $14.1 million ($1.55 per boe) compared to $8.2 million ($1.07 per boe) for the same period a year ago. The increase in transportation costs on a boe basis in 2005 is primarily due to the acquisition of assets in British Columbia in December 2004 that have higher per unit transportation costs relative to Bonavista's other assets. Transportation costs by product for the second quarter of 2005 were $0.28 per mcf for natural gas, $0.84 per bbl for light and medium oil and $2.65 per bbl for heavy oil and for the first half of 2005 were $0.28 per mcf for natural gas, $0.77 per bbl for light and medium oil and $2.76 per bbl for heavy oil.

Operating expenses - Primarily driven by strong commodity prices and record levels of activity, the industry is experiencing significant increasing pressure on all costs. This, coupled with planned turnarounds at third party production facilities in the second quarter resulted in increased average per unit operating costs. These combined factors resulted in operating costs increasing to $6.79 per boe for the three months ended June 30, 2005 from $5.43 per boe in the same quarter of 2004. The breakdown of the second quarter of 2005 operating costs was $0.97 per mcf for natural gas, $7.86 per bbl for light and medium oil and $8.92 per bbl for heavy oil. Operating costs for the second quarter of 2005 were $30.1 million, an increase of 44% over the $20.9 million incurred for the same period a year ago. For the six months ended June 30, 2005, operating costs increased to $6.62 per boe from $5.36 per boe in the comparable period of 2004. Operating costs by product for the first half of 2005 were $0.93 per mcf for natural gas, $7.79 per bbl for light and medium oil and $8.80 per bbl for heavy oil. Operating costs for the six months ended June 30, 2005 were $59.9 million compared to $41.0 million for the same period a year ago, an increase of 46%. Notwithstanding recent increases, Bonavista continues to place significant emphasis on the control of operating costs and remains one of the lowest cash cost producers in the industry.

General and administrative expenses - General and administrative expenses, after overhead recoveries, increased to $2.0 million for the three months ended June 30, 2005 from $1.4 million in the same period in 2004 and increased to $4.1 million for the six months ended June 30, 2005 from $2.5 million in the same period in 2004. On a per boe basis, general and administrative expenses increased 31% for the three months ended June 30, 2005 to $0.46 per boe from $0.35 per boe in the same period in 2004 and increased 36% for the six months ended June 30, 2005 to $0.45 per boe from $0.33 per boe in the same period in 2004. These increases are largely due to the higher staffing levels required to manage our larger operations and increasing cost pressures, primarily driven by strong commodity prices and record levels of industry activities. Through the Technical Services Agreement with NuVista Energy Ltd., Bonavista provides administrative services and receives a fee determined on a cost recovery basis. The fee charged under this agreement was $380,000 related to general and administrative activities rendered for the three months ended June 30, 2005 and $677,000 for the six months ended June 30, 2005. In connection with its Trust Unit Incentive Rights Plan, Bonavista also recorded a unit-based compensation charge of $595,000 and $1.2 million for the three and six months ended June 30, 2005 respectively, compared to $341,000 and $631,000 for the same periods of 2004.

Financing expenses - Financing expenses, which include interest expense related to bank debt and convertible debentures, increased to $6.1 million for the three months ended June 30, 2005 from $3.7 million for the same period of 2004, and on a boe basis increased to $1.38 per boe in the second quarter of 2005 from $0.96 per boe in the second quarter of 2004. For the six months ended June 30, 2005 financing expenses increased to $12.2 million from $6.8 million for the same period in 2004, and on a boe basis increased to $1.34 per boe for the first half of 2005 from $0.89 per boe in the same period in 2004. These increases are primarily due to the higher average debt levels resulting from our expanded capital programs. Amortization and accretion expenses related to the Trust's convertible debentures for the three months ended June 30, 2005 was $474,000 compared to $273,000 for the three months ended June 30, 2004. For the six months ended June 30, 2005 amortization and accretion expenses increased to $959,000 from $454,000 for the same period in 2004. This increase is largely attributable to the amortization of the issue costs and accretion expenses related to the $135 million of convertible debentures issued on December 31, 2004. The amortization component reflects the charge to net income of the debenture issue costs over the term of the debenture. The fair value of the conversion option of the debentures is classified as equity. Over the term of the debentures, the carrying value will accrete to the principal balance, at maturity, with the charge to financing expenses. The adoption of the new accounting policy is more fully detailed in note 1 of the Notes to the Interim Consolidated Financial Statements. During the second quarter of 2005, Bonavista paid cash interest of $7.6 million compared to $1.8 million in 2004. For the six months ended June 30, 2005 Bonavista paid cash interest of $12.3 million compared to $3.6 million for the same period in 2004.

Depreciation, depletion and accretion expenses - Depreciation, depletion and accretion expenses increased 29% to $46.5 million for the three months ended June 30, 2005 from $36.1 million in the same period of 2004. For the six months ended June 30, 2005 depreciation, depletion and accretion expenses increased by 29% to $93.1 million from $72.2 million in the same period of 2004. Both increases were due to higher production levels and a larger asset base in 2005. The average unit cost also increased to $10.47 per boe in the second quarter of 2005 from $9.39 per boe in the same period of 2004 and for the six months ended June 30, 2005 the average cost increased to $10.29 per boe from $9.42 per boe for the same period a year ago. This increase is due to the overall higher cost of adding new reserves, which is a trend being experienced throughout the industry.

Income and other taxes - For the three months ended June 30, 2005, the provision for income and other taxes was $232,000, compared to $1.0 million during the same period of 2004. The lower tax provision in the second quarter of 2005 when compared to 2004 was due to the decrease to corporate income tax rates effective in the first quarter of 2005 compared to 2004. For the six months ended June 30, 2005, the provision for income and other taxes was a reduction of $1.1 million, compared to a reduction of $3.6 million during the same period of 2004. The lower recovery is similarly due to the decrease in the corporate income tax rates effective in 2005 from 2004. For each of the three and six month periods ended June 30, 2005, Bonavista paid capital tax installments of $1.3 million and $1.9 million respectively, compared to $600,000 and $1.2 million for the same periods a year ago.

Funds from operations and net income - For the three months ended June 30, 2005, Bonavista experienced a 28% increase in funds from operations to $109.0 million ($1.14 per unit, basic) from $85.3 million ($1.07 per unit, basic) recorded in the same period in 2004. This increase was primarily due to increased production levels and higher average commodity prices realized in the second quarter of 2005 when compared to 2004. For similar reasons, in the six month period ended June 30, 2005 Bonavista experienced a 27% increase in funds from operations to $211.7 million ($2.23 per unit, basic) from $166.6 million ($2.10 per unit, basic) for the same period in 2004. Net income before non-controlling interest for the three months ended June 30, 2005 also increased to $62.5 million ($0.65 per unit, basic), a 29% increase from $48.5 million ($0.61 per unit, basic) in the first quarter of 2004. For the six months ended June 30, 2005, net income before non-controlling interest increased to $119.9 million ($1.26 per unit, basic) from $98.8 million ($1.25 per unit, basic) in the first half of 2004. The increases in net income in both periods are also largely attributable to increases in production levels and commodity prices realized.

Capital expenditures - Capital expenditures of $46.0 million in the three months ended June 30, 2005 consisted of $4.9 million on property acquisitions and $41.1 million on exploitation and development spending. For the same period in 2004, capital expenditures were $84.7 million, consisting of $54.5 million of acquisitions and $30.2 million on exploitation and development activities. The decrease in capital expenditures in the second quarter of 2005 over the same period in 2004 is a result of unusually wet spring weather along with the completion of fewer acquisitions. Capital expenditures for the six month period ended June 30, 2005 of $104.0 million consisted of $11.4 million on acquisition and $92.6 million on exploitation and development spending. For the same period in 2004, capital expenditures were $182.2 million consisting of $114.3 million of net property acquisitions and $67.9 million of exploitation and development activities.

Liquidity and capital resources - As at June 30, 2005, bank debt, net of working capital was $345.1 million with an attractive debt to annualized funds from operations ratio of 0.8:1 (1.2:1 including convertible debentures). Based on our recently increased banking facility to $600 million, Bonavista has $254.9 million of unused bank borrowing capability, leaving us with significant flexibility to finance expanded capital programs or future acquisition opportunities as they arise.

In 2005, Bonavista plans to invest $230 million to expand its Core Regions, which will be financed through a combination of funds from operations and bank debt. The Trust is committed to the fundamental principle of maintaining financial flexibility and the prudent use of debt. As such, the 2005 capital expenditure program is based on using a conservative amount of debt in our financing structure.

Unitholders' equity - As at June 30, 2005, Bonavista had 95,838,577 equivalent Trust Units outstanding. This includes 14,293,109 Exchangeable Shares and 1,000 Exchangeable Units, which combined are exchangeable into 18,528,300 additional Trust Units. The exchange ratio in effect at June 30, 2005 for Exchangeable Shares was 1.29624 to 1. As of August 11, 2005, Bonavista had 96,201,362 equivalent Trust Units outstanding. This includes 14,266,186 Exchangeable Shares and 1,000 Exchangeable Units, which combined are exchangeable into 18,655,750 additional Trust Units. The exchange ratio in effect at August 11, 2005 for Exchangeable Shares was 1.30762 to 1.

As at June 30, 2005, Unitholders' Equity included $3.4 million, representing the ascribed value of the conversion feature of the debentures, determined at the time of issue, net of amounts attributed to debentures that have been converted into Trust Units. Of the 100,000, 7.5% convertible debentures issued on January 29, 2004, 68,930 debentures converted to Trust Units to the end of the second quarter of 2005, leaving 31,070 debentures with a principal amount of $31.1 million outstanding at June 30, 2005. On December 31, 2004, the Trust also issued 135,000, 6.75% convertible debentures in conjunction with the property acquisition in British Columbia. These debentures have a principal amount of $135 million and from date of issuance to June 30, 2005, 1,107 of these debentures have been converted, leaving 133,893 debentures outstanding, with a principal amount of $133.9 million.

Distributions - The Trust declared distributions of $63.6 million ($0.83 per unit) to its unitholders in the second quarter of 2005. These distributions amounted to only 58% of cash flow generated during this period. The remaining 42% of cash flow generated in this period was used to fund our active exploitation, development and acquisition programs. For the six months ended June 30, 2005, the Trust distributed $126.9 million, amounting to 60% of cash flow generated during the period, while the remaining 40% of cash flow was reinvested to fund exploitation, development and acquisition programs.

Bonavista announces its distribution policy on a quarterly basis. The amount of the cash distribution is determined by the Board of Directors and is dependent upon the commodity price environment, production levels, and the amount of capital expenditures to be financed from funds from operations. Our distribution policy incorporates the withholding of funds from operations to finance capital expenditures, which will provide more sustainable distributions in the long term. Bonavista's current monthly distribution rate is $0.275 per unit which is comprised of a regular base monthly distribution of $0.25 per unit plus a supplementary monthly distribution of $0.025 per unit due to the strength of current commodity prices.

Quarterly financial information - The following table highlights Bonavista's performance for the eight quarterly periods extending from September 30, 2003 to June 30, 2005. For the quarterly periods ending September 30, 2003 to December 31, 2004, net income is reduced by net income attributable to exchangeable shares, as the exchangeable shares did not meet the conditions for equity treatment for these periods under the accounting abstract "Exchangeable Shares Issued by Subsidiaries of Income Trusts". Subsequent to December 31, 2004, the terms of the exchangeable shares were amended and the exchangeable shares are classified as equity of the Trust:



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2005
------------------------
June 30 March 31
------------------------
($ thousands, except per unit amounts)

Production revenue 194,961 187,697
Net income before non controlling interest 62,461 57,480
Net income 62,461 57,480

Net income per unit:
Basic 0.65 0.61
Diluted 0.64 0.60
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2004 (restated)
----------------------------------------------
December 31 September 30 June 30 March 31
----------------------------------------------

($ thousands, except
per unit amounts)

Production revenue 155,077 154,264 148,868 141,236

Net income before non
controlling interest 51,199 49,031 48,458 50,336
Net income 41,780 39,611 39,039 40,917

Net income per unit:
Basic 0.62 0.61 0.61 0.64
Diluted 0.61 0.60 0.60 0.63
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---------------------------------------------------------------------
2003 (restated)
--------------------------
December 31 September 30
--------------------------

($ thousands, except per unit amounts)

Production revenue 109,800 106,242
Net income before non controlling interest 32,474 41,972
Net income 25,060 34,558

Net income per unit:
Basic 0.45 0.63
Diluted 0.45 0.63
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Since the reorganization into an energy trust on July 2, 2003, Bonavista has experienced growth in production volumes and production revenue in each quarter. Production revenue has increased over the past eight quarters due to the impact of increased production levels and the trend of increasing oil and natural gas commodity prices. Over this period, production revenue has increased 84% and net income before non-controlling interest related to exchangeable shares has increased 49%. The increase in net income before non-controlling interest is less than the increase in production revenue due to the significant pressure on costs being experienced by the entire industry, a direct result of higher commodity prices and activity levels.

New accounting policies:

a) Exchangeable shares - On March 8, 2005, the Emerging Issues Committee of the CICA amended EIC Abstract 151, Exchangeable Securities Issued by Subsidiaries of Income Trusts. EIC 151 requires that exchangeable shares issued by the subsidiaries of an income trust be classified as non-controlling interest unless each of two conditions is met. The first condition is that the holders of the exchangeable shares are entitled to receive distributions of earnings economically equivalent to distributions received by unitholders. The second condition is that the exchangeable shares are ultimately required, by a specified date, to be exchanged for units of the trust and are non-transferable to third parties. Effective for the first quarter of 2005, the terms of the exchangeable shares were amended to satisfy both conditions and therefore are classified as equity and not required to be classified as a non-controlling interest. Prior periods before January 1, 2005 have been restated because both conditions were not met to classify the Exchangeable Shares as equity.

b) Convertible debentures - Effective January 1, 2005, Bonavista retroactively adopted and implemented the new accounting policy relating to convertible debentures pursuant to requirements of the Canadian Institute of Chartered Accountants ("CICA") Handbook. The convertible debentures have been classified as debt net of the fair value of the conversion feature, and net of issue costs. The fair value of the conversion feature has been classified as part of Unitholders' Equity. Issue costs will be amortized over the term of the debenture, and the debt portion will accrete to the principal balance on maturity. The accretion, amortization of issue costs and interest on the convertible debentures is expensed in the consolidated statement of earnings.

OUTLOOK

The Trust continues to benefit from all the same qualities that drove the success of Bonavista Petroleum Ltd. as a public corporation prior to conversion. Today, we continue to apply the same proven principles and execute that strategy in a disciplined and cost-effective manner. The foundation of this strategy is to actively pursue low to medium risk drilling opportunities on the extensive undeveloped land base within our geographically concentrated areas of operations. We will also continue to search for strategic acquisition opportunities where we can add value utilizing our own technical expertise. To accomplish these goals, we rely upon the many talents of the Bonavista team, who possess a successful track record and a thorough understanding of our asset base within the Western Canadian Sedimentary Basin. This prudent approach to our capital investment program has been very effective in the past, and together with our steadfast commitment and attention to detail, will provide the foundation for the future success of the Trust.

For 2005, Bonavista's preliminary capital budget includes drilling approximately 300 wells on existing lands. Similar to 2004, these locations generally consist of low to medium risk prospects drilled within close proximity of company owned and operated infrastructure and a smaller percent of deeper, higher impact drilling within our Southern and Northwestern Alberta core regions. The capital required to complete this drilling program and our complementary acquisition program is approximately $230 million and should result in average daily production of approximately 51,000 boe per day in 2005.

We are proud of our achievements since converting to an energy trust in mid-2003 and are very excited about the opportunities that exist for Bonavista in the future. We sincerely appreciate the support of all our Unitholders endorsing our decision to reorganize into the Trust. We would also like to thank our employees for their significant effort and their continued enthusiasm and excitement as we continue this new phase as an energy trust. Our experienced team remains committed to applying the same proven strategies within the more efficient trust structure to continue adding unitholder value in the oil and natural gas business for many years to come.



Consolidated Balance Sheets
June 30, December 31,
(thousands) 2005 2004
------------------------------------------------------------------------
(unaudited) (restated)

Assets:

Accounts receivable $ 97,962 $ 76,821
Oil and natural gas properties
and equipment 1,673,675 1,659,194
Goodwill 27,521 27,521
------------------------------------------------------------------------

$ 1,799,158 $ 1,763,536
------------------------------------------------------------------------
------------------------------------------------------------------------

Liabilities and Unitholders' Equity:

Accounts payable and accrued
liabilities $ 108,816 $ 92,286
Long-term debt 334,225 309,094
Other long-term obligations 6,999 9,102
Convertible debentures 155,693 185,533
Asset retirement obligations 60,761 58,531
Future income taxes 140,578 144,119

Exchangeable shares -
non-controlling interest - 93,191

Unitholders' equity:
Unitholders' capital 694,565 660,163
Contributed surplus 3,183 2,475
Exchangeable shares 92,913 -
Convertible debentures 3,368 3,994
Accumulated earnings 600,690 480,749
Accumulated cash distributions (402,633) (275,701)
------------------------------------------------------------------------
992,086 871,680
------------------------------------------------------------------------
$ 1,799,158 $ 1,763,536
------------------------------------------------------------------------
------------------------------------------------------------------------


Consolidated Statements of Operations and Retained Earnings

(thousands, except per unit amounts)

Three Months ended Six Months ended
June 30, June 30,
2005 2004 2005 2004
------------------------------------------------------------------------
(unaudited) (restated) (restated)

Revenues:
Production $ 194,961 $ 148,867 $ 382,658 $ 290,103
Royalties, net of
Alberta Royalty
Tax Credit (39,505) (32,265) (78,322) (62,964)
Transportation costs (6,952) (4,393) (14,051) (8,217)
------------------------------------------------------------------------
148,504 112,209 290,285 218,922
------------------------------------------------------------------------

Expenses:
Operating 30,116 20,900 59,939 41,067
General and administrative 2,043 1,363 4,092 2,543
Financing 6,124 3,705 12,168 6,809
Amortization and accretion
of convertible debentures 474 273 959 454
Unit-based compensation 595 341 1,189 631
Depreciation, depletion
and accretion 46,459 36,146 93,138 72,184
------------------------------------------------------------------------

85,811 62,728 171,485 123,688
------------------------------------------------------------------------

Income before taxes
and non-controlling
interest 62,693 49,481 118,800 95,234
Income and other taxes
(reduction) 232 1,023 (1,141) (3,560)
------------------------------------------------------------------------

Net income before
non-controlling interest 62,461 48,458 119,941 98,794

Non-controlling interest
- exchangeable shares - (9,420) - (18,839)
------------------------------------------------------------------------

Net Income 62,461 39,038 119,941 79,955
Accumulated earnings,
beginning of period as
previously reported 590,734 384,566 534,153 325,924
Retroactive application
of changes in accounting
policies (52,505) (24,247) (53,404) (6,522)
------------------------------------------------------------------------

Accumulated earnings,
end of period $ 600,690 $ 399,357 $ 600,690 $ 399,357
------------------------------------------------------------------------

Net income per unit
- basic $ 0.65 $ 0.61 $ 1.26 $ 1.25
------------------------------------------------------------------------

Net income per unit
- diluted $ 0.64 $ 0.60 $ 1.23 $ 1.22
------------------------------------------------------------------------
------------------------------------------------------------------------


Consolidated Statements of Cash Flows

(thousands) Three Months ended Six Months ended
June 30, June 30,
2005 2004 2005 2004
------------------------------------------------------------------------
(unaudited) (restated) (restated)

Cash provided by (used in):
Operating Activities:
Net income $ 62,461 $ 39,038 $ 119,941 $ 79,955
Items not requiring cash
from operations:
Depreciation, depletion
and accretion 46,459 36,146 93,138 72,184
Non-controlling interest
- exchangeable shares - 9,420 - 18,839
Amortization and accretion
of convertible debentures 474 273 959 454
Unit-based compensation 595 341 1,189 631
Future income taxes
(reduction) (975) 34 (3,541) (5,485)
------------------------------------------------------------------------

Funds flow from operations 109,014 85,252 211,686 166,578
Asset retirement
expenditures (805) (366) (1,411) (521)
Decrease (Increase) in
non-cash working capital
items 6,939 (6,593) (9,297) 1,117
------------------------------------------------------------------------

115,148 78,293 200,978 167,174
------------------------------------------------------------------------
------------------------------------------------------------------------

Financing Activities:
Issuance of equity, net
of issue costs 825 - 2,224 (30)
Issuance of convertible
debentures, net of
issue costs - (2) (5) 95,771
Cash distributions (63,648) (47,205) (126,932) (94,379)
Increase (Decrease)
in long-term debt (4,827) 51,663 25,131 21,383
Decrease (Increase) in
non-cash working capital
items (1,513) 1,901 2,583 3,194
------------------------------------------------------------------------

(69,163) 6,357 (96,999) 25,939
------------------------------------------------------------------------
------------------------------------------------------------------------

Investing Activities:
Business acquisition - - - (69,924)
Exploitation and
development (41,103) (30,173) (92,538) (67,904)
Property acquisitions (4,882) (54,669) (12,003) (55,477)
Property dispositions - 192 562 192
------------------------------------------------------------------------

(45,985) (84,650) (103,979) (193,113)
------------------------------------------------------------------------
------------------------------------------------------------------------

Decrease in cash - - - -
Cash, beginning of period - - - -
------------------------------------------------------------------------
------------------------------------------------------------------------

Cash, end of period $ - $ - $ - $ -
------------------------------------------------------------------------
------------------------------------------------------------------------


Notes to Interim Consolidated Financial Statements

Six months ended June 30, 2005

The unaudited interim consolidated financial statements include the accounts of the Trust, its subsidiaries, and its partnerships, and have been prepared by management in accordance with Canadian Generally Accepted Accounting Principles using the same accounting policies as those set out in note 1 to the audited Consolidated Financial Statements for the year ended December 31, 2004, except as outlined below. The interim consolidated financial statements and notes should be read in conjunction with the consolidated financial statements for the year ended December 31, 2004. Certain amounts have been reclassified to conform to the current year's presentation.

1. Change in accounting policies:

a) Exchangeable securities - Non-controlling interest

On March 8, 2005 the accounting abstract "Exchangeable Securities Issued by Subsidiaries of Income Trusts" was amended effective for financial statements issued on or after June 30, 2005. Under the amended abstract, exchangeable shares are presented as equity of the Trust only if the exchangeable shares are entitled to receive distributions of earnings economically equivalent to distributions received by units of the trust and the holders of the exchangeable shares can only dispose of their shares by exchanging them for trust units. As the exchangeable shares of the Trust's subsidiary do not meet the transferability condition at December 31, 2004, they have been classified as a non-controlling interest outside of Unitholders' Equity.

Subsequent to December 31, 2004, the terms of the exchangeable shares were amended imposing the condition that holders of exchangeable shares can only dispose of their shares by exchanging them for trust units. The Exchangeable Shares have been reclassified as equity of the Trust and are included as Unitholders' Equity subsequent to December 31, 2004.

In accordance with the transitional provisions of the abstract, the Trust has retroactively restated prior periods. As a result of this change in accounting policy, the Trust has reflected a non-controlling interest on the consolidated balance sheet of $93.2 million as at December 31, 2004 as outlined in note 5 b). Each redemption of exchangeable shares held by previous Bonavista Petroleum Ltd. shareholders are accounted for as a step-purchase, which for the year ended December 31, 2004 resulted in an increase in property, plant and equipment of $23.3 million, an increase of unitholders' capital of $15.3 million and an increase in future income tax liability of $8.0 million. Funds from operations was not impacted by this change.

b) Convertible debenture

Effective January 1, 2005, the Trust retroactively adopted the new accounting policy on convertible debentures. The convertible debentures have been classified as debt net of the fair value of the conversion feature at the date of issue and net of issue costs. The fair value of the conversion feature has been classified as part of Unitholders' Equity. The details of the changes are outlined in note 4. Issue costs will be amortized over the term of the debentures and the debt portion will accrete up to the principal balance at maturity. The accretion and amortization of issue costs and interest on the convertible debentures are expensed on the consolidated statement of operations. Previously, the Trust included its obligation relating to convertible debentures in Unitholders' Equity and interest on the convertible debentures was charged to accumulated earnings, as the obligations could be settled with the issuance of equity.

The effect of this change in accounting policy has been recorded retroactively with restatement of prior periods. The effect of the adoption is presented below as increases (decreases):



------------------------------------------------------------------------
Consolidated Balance Sheet December 31, 2004
------------------------------------------------------------------------
(thousands)
Convertible debentures - debt component $ 185,533
Unitholders equity:
Convertible debentures $ (184,094)
Unitholders' capital $ (540)
Accumulated earnings $ (899)
------------------------------------------------------------------------

------------------------------------------------------------------------
Consolidated Statements Six Months ended Year ended
of Operations June 30, 2004 December 31, 2004
------------------------------------------------------------------------
(thousands, except per unit amounts)
Interest on convertible debentures $ 3,164 $ 6,400
Amortization and accretion of
convertible debentures 454 899
------------------------------------------------------------------------
Net income $ (3,618) $ (7,299)
------------------------------------------------------------------------
Net income per unit - basic $ - $ (0.01)
Net income per unit - diluted $ - $ (0.01)
------------------------------------------------------------------------
------------------------------------------------------------------------


2. Asset retirement obligations:

The Trust's asset retirement obligations result from net ownership interests in petroleum and natural gas assets including well sites, gathering systems and processing facilities. The Trust estimates the total undiscounted amount of expenditures required to settle its asset retirement obligations is approximately $290.1 million which will be incurred over the next 51 years. The majority of the costs will be incurred between 2018 and 2034. A credit-adjusted risk-free rate of 7.5% was used to calculate the fair value of the asset retirement obligations.



A reconciliation of the asset retirement obligations is provided below:

------------------------------------------------------------------------
Six Months ended
June 30,
2005 2004
------------------------------------------------------------------------
(thousands)
Balance, beginning of period $ 58,531 $ 38,654

Accretion expense 2,107 1,435
Liabilities incurred 903 817
Liabilities acquired 631 3,269
Liabilities settled (1,411) (521)
------------------------------------------------------------------------

Balance, end of period $ 60,761 $ 43,654
------------------------------------------------------------------------
------------------------------------------------------------------------


3. Long-term debt:

In June 2005, Bonavista and its lenders agreed to amend the Trust's bank loan facility to increase the maximum borrowing to $600 million. All other terms of the facility have remained unchanged.

4. Convertible debentures:

The debt component of the debentures has been recorded net of the fair value of the conversion feature and net of issue costs as described in note 1. The fair value of the conversion feature of the debentures in Unitholders' Equity at the date of issue was $4.7 million. The issue costs are amortized to earnings over the term of the obligation and the debt component of the obligation is adjusted for the amortization as well as for the portion of issue costs relating to conversions. The debt portion is accreted over the term of the obligation to the principal value on maturity with a corresponding charge to net income. The following table sets out the convertible debenture activities to June 30, 2005:



------------------------------------------------------------------------
Debt Equity
Component Component
------------------------------------------------------------------------
(thousands)
Balance, December 31, 2004 before restatement $ - $ 188,088
Adjustment for debt and equity components of
debentures 183,388 (183,388)
Accretion 230 -
Issue expenses related to conversions 1,246 -
Amortization of issue expense 669 -
Conversion to Trust Units - (706)
------------------------------------------------------------------------
Balance, December 31, 2004 after restatement 185,533 3,994
Accretion 267 -
Issue expenses related to conversions 737 -
Amortization of issue expense 692 -
Conversion to Trust Units (31,531) (626)
Issue expenses (5) -
------------------------------------------------------------------------
Balance, June 30, 2005 $ 155,693 $ 3,368
------------------------------------------------------------------------
------------------------------------------------------------------------


5. Unitholders' equity:

a) Trust Units:

------------------------------------------------------------------------
Number of Amount
Unitholders' capital Units (restated)
------------------------------------------------------------------------
(thousands)
Trust Units:
Balance, December 31, 2004 75,558,633 $ 660,163
Issued on conversion of exchangeable shares 123,178 278
Issued on conversion of debentures 1,418,841 31,531
Issued upon exercise of trust unit incentive plan 210,625 2,224
Adjustment to equity component of debenture
on conversion - 626
Issue expenses related to conversions - (737)
Unit Based Compensation - 480
------------------------------------------------------------------------
Balance, June 30, 2005 77,311,277 $ 694,565
------------------------------------------------------------------------
------------------------------------------------------------------------


b) Exchangeable shares:

The Trust retroactively applied the amended accounting abstract "Exchangeable Securities issued by a Subsidiary of an Income Trust" whereby the exchangeable shares issued by the Trust's subsidiary are reflected as a non-controlling interest on the consolidated balance sheet, as the conditions required to treat exchangeable shares as equity were not met at the time the exchangeable shares were issued. Net earnings were reduced by the amount of net earnings attributed to the non-controlling interest.

The non-controlling interest on the consolidated balance sheet consists of the book value of exchangeable shares issued to Bonavista Petroleum Ltd. shareholders at the time of the Arrangement, plus net earnings attributable to the exchangeable shares based on the trust units issuable for exchangeable shares in proportion to total trust units issued and issuable each period end, less exchangeable shares redeemed.

Subsequent to December 31, 2004 the terms of the exchangeable shares were amended whereby the holders of exchangeable shares can only dispose of their shares by exchanging them for trust units. As a result the exchangeable shares meet the conditions for presentation as equity of the Trust and are included as Unitholders' Equity subsequent to December 31, 2004.



------------------------------------------------------------------------
Six Months ended June 30,
2005 2004
Number Amount Number Amount
------------------------------------------------------------------------
Balance, December 31
before restatement 14,391,286 $ 40,686 14,535,251 $ 41,092
Earnings attributable to
non-controlling interest - 52,505 - 14,828
------------------------------------------------------------------------
Balance, December 31 after
restatement 14,391,286 93,191 14,535,251 55,920
Earnings attributable to
non-controlling interest - - - 18,839
Exchanged for trust units (98,177) (278) (107,279) (303)
------------------------------------------------------------------------
Balance, June 30 14,293,109 $ 92,913 14,427,972 $ 74,456
------------------------------------------------------------------------
------------------------------------------------------------------------

c) Per Unit Amounts:

The following table summarizes the weighted average trust units,
exchangeable trust units, exchangeable shares and convertible debentures
used in calculating net income per trust unit:

------------------------------------------------------------------------
Three months
ended,
June 30, 2005

Number of Units
------------------------------------------------------------------------
Trust Units 77,072,556
Exchangeable Trust Units 1,000
Exchangeable Shares at exchange ratio 18,547,568
------------------------------------------------------------------------
Basic 95,621,124
Convertible Debentures 6,126,824
Trust Unit Incentive Rights 926,982
------------------------------------------------------------------------
Diluted 102,674,930
------------------------------------------------------------------------
------------------------------------------------------------------------


For the purposes of calculating diluted net income per unit, interest on convertible debentures for the particular period has been added back to net income as reported.

d) Trust Unit Incentive Rights Plan:

For the six months ended June 30, 2005, there were 610,000 trust unit rights issued with an exercise price of $27.44 per unit and an estimated fair value of $6.53 per unit. In addition, there were 2,043,875 trust unit rights outstanding with an average exercise price of $16.49 per unit as at June 30, 2005.

The fair value of each incentive right granted was estimated on the date of the grant using the Black-Scholes option-pricing model. In the pricing model, the risk free interest rate was 3.5%; volatility of 16%; a forfeiture rate of 10%; and an expected life of 4.5 years.



6. Financial instruments:

a) Hedge instruments:

As at June 30, 2005, the Trust has hedged by way of costless collars
to sell crude oil and natural gas as follows:

------------------------------------------------------------------------
Volume Average Price Term
------------------------------------------------------------------------

7,000 bbls/d US$ 35.14 July 1, 2005
- US$ 55.32 - WTI - September 30, 2005
1,000 bbls/d CDN$ 33.00 July 1, 2005
- CDN$ 41.70 - Bow River - December 31, 2005
7,000 bbls/d US$ 35.71 October 1, 2005
- US$ 55.75 - WTI - December 31, 2005
5,000 bbls/d US$ 36.40 January 1, 2006
- US$ 55.95 - WTI - March 31, 2006
1,000 bbls/d CDN$ 61.00 April 1, 2006
- CDN$ 75.00 - Bow River - June 30, 2006
5,000 bbls/d US$ 44.40 April 1, 2006
- US$ 57.57 - WTI - June 30, 2006
3,000 bbls/d US$ 50.00 July 1, 2006
- US$ 59.33 - WTI - September 30, 2006
1,000 bbls/d US$ 52.00 October 1, 2006
- US$ 65.00 - WTI - December 31, 2006
10,000 gjs/d CDN$ 7.00 November 1, 2005
- CDN$ 11.08 - AECO - March 31, 2006
------------------------------------------------------------------------
------------------------------------------------------------------------

As at June 30, 2005, the market deficiency of these financial
instruments was approximately $18.8 million.

b) Physical purchase contracts

As at June 30, 2005, the Trust has entered into direct sale costless
collars to sell natural gas as follows:

------------------------------------------------------------------------
Volume Average Price (CDN$/GJ) Term
------------------------------------------------------------------------

57,500 gjs/d $ 5.82 - $ 8.51 April 1, 2005 - October 31, 2005
20,000 gjs/d $ 6.75 - $ 10.63 November 1, 2005 - March 31, 2006
10,000 gjs/d $ 6.13 - $ 9.58 April 1, 2006 - October 31, 2006
------------------------------------------------------------------------
------------------------------------------------------------------------


INVESTOR INFORMATION

Bonavista Energy Trust is a natural gas weighted energy trust which is committed to maintaining its emphasis on operating high quality oil and natural gas properties, delivering consistent distributions to unitholders and ensuring financial strength and sustainability.

Corporate information provided herein contains forward-looking information. The reader is cautioned that assumptions used in the preparation of such information, particularly those pertaining to cash distributions, production volumes, commodity prices, operating costs and drilling results, which are considered reasonable by Bonavista at the time of preparation, may be proven to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. There is no representation by Bonavista that actual results achieved during the forecast period will be the same in whole or in part as those forecast.



Contact Information

  • Bonavista Energy Trust
    Keith A. MacPhail
    President & CEO
    (403) 213-4315
    or
    Ronald J. Poelzer
    Executive Vice President & CFO
    (403) 213-4308
    or
    Greg R. Warner
    Vice President, Finance
    (403) 514-7307
    or
    700, 311 - 6th Avenue SW
    Calgary, AB T2P 3H2
    (403)213-4300