Mr. Jason Skehar reports

BONAVISTA ENERGY CORPORATION ADOPTS AN AMENDMENT TO ITS INCENTIVE AWARD PLANS

Bonavista Energy Corp. has approved an amendment to its restricted incentive award plan and performance incentive award plan to reduce the aggregate number of common shares available to be issued under both the plans to a rolling 5.4 per cent of its outstanding common shares, including common shares issuable upon the exchange of exchangeable shares, which meet the amount needed to satisfy existing grants. The amendment has been enacted to ensure that the aggregate shareholder value transfer (SVT) under the plans does not exceed the cap on SVT as recently recommended by Institutional Shareholder Services (ISS). It believes that the amendment will reduce the SVT under the plans, in aggregate, to be at or less than the 6-per-cent SVT cap set by ISS. The amendment will be voted upon at the coming annual and special meeting of the shareholders of Bonavista to be held at 3 p.m. MDT on May 2, 2019.

As discussed in the compensation discussion and analysis section of the company's information circular dated March 15, 2019, the company's compensation committee continues to act prudently regarding executive compensation, while balancing the need to attract and retain key talent to the organization with maintaining appropriate levels of dilution and continued emphasis on long-term variable pay.

The company believes the plans, as amended, are in compliance with ISS guidelines, and it encourages shareholders to vote for the resolution approving the amendments to the plans.

About Bonavista Energy Corp.

Bonavista is a Western Canadian energy corporation, focused on creating premium shareholder value through the efficient development of high-quality oil and natural gas assets.