Mr. Glenn Hamilton reports

BONAVISTA ENERGY TRUST ANNOUNCES INCREASE TO EXCHANGEABLE SHARE RATIO

Bonavista Energy Trust will increase the exchange ratio of the exchangeable shares of Bonavista Petroleum Ltd. from 2.33604 to 2.35147. This increase will be effective on Sept. 15, 2010.

The details of the calculation of the exchange ratio are shown in an attached table.

                       CALCULATION OF EXCHANGE RATIO

                                       Five-day
                                       weighted
                                        average
                                        trading          Effective
                                       price of            date of          
                                         BNP.UN Increase       the  Exchange
Record date of              Bonavista (prior to       in  increase  ratio as
Bonavista       Opening  Energy Trust   the end exchange        in        of
Energy Trust   exchange  distribution    of the    ratio  exchange effective
distribution      ratio      per unit    month)      (1)     ratio      date

                                                             Sept.          
Aug. 31,                                                       15,         
2010            2.33604         $0.16    $24.22  0.01543      2010   2.35147

1. 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 exchangeable shares can exchange all or a portion of their holdings into Bonavista Energy units, at any time, by giving notice to their investment adviser or Valiant Trust Company at its principal transfer office in Suite 310, 606 -- 4th St. SW, Calgary, Alta., T2P 1T1.