Bonavista Energy Trust
TSX : BNP.UN

Bonavista Energy Trust

December 15, 2008 13:08 ET

Bonavista Energy Trust Confirms Cash Distribution for January 15, 2009

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2008) - Bonavista Energy Trust ("Bonavista") (TSX:BNP.UN) announces that the monthly cash distribution generated from December production will be $0.30 per trust unit. This monthly distribution is comprised of the base distribution of $0.28 per trust unit, plus a supplementary distribution of $0.02 per trust unit. Although we remain very concerned with the recent global financial crisis and downward trend in commodity prices, we have elected to maintain our current monthly distributions. We will continue to closely monitor the impact of these issues and should the economic environment and the outlook for commodity prices not improve in the near term, adjustments to our future monthly distributions are likely. Our long-term objective is to distribute between 50% and 60% of our cash flow. Our current distribution policy allows for the retention of sufficient funds to finance capital expenditures required to maintain or modestly grow the current production base. This should provide a stronger base of cash flow leading to consistent and sustainable distributions into the future. Our distribution policy is reviewed monthly and is based on a number of factors including current and future commodity prices, foreign exchange rates, our commodity hedging program, our current operations and available investment opportunities.

Bonavista has declared this distribution to be paid on January 15, 2009 for unitholders of record on December 31, 2008 with an ex-distribution date of December 29, 2008.

Forward Looking Statements

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
    CEO
    (403) 213-4300
    or
    Ronald J. Poelzer
    Executive Vice President
    (403) 213-4300
    or
    Glenn A. Hamilton
    Senior Vice President & CFO
    (403) 213-4300
    or
    700, 311 - 6th Avenue SW
    Calgary, AB T2P 3H2
    (403) 213-4300
    Website: www.bonavistaenergy.com