Mr. Dean Kobelka reports

BONAVISTA ENERGY CORPORATION ANNOUNCES INCREASE TO EXCHANGEABLE SHARE RATIO

Bonavista Energy Corp. has increased the exchange ratio of its exchangeable shares from 1.33399 to 1.34335. This increase will be effective on Aug. 17, 2015.

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

 
                       CALCULATION OF EXCHANGE RATIO

                                  Five-day                                  
                                  weighted-                                  
                                   average                                  
                                   trading                                  
                                  price of            Effective           
                                 Bonavista              date of            
                                    common                  the   Exchange 
Record               Bonavista      shares  Increase   increase   ratio as 
date of    Opening    dividend   (prior to        in         in     of the  
Bonavista exchange  per common  the end of  exchange   exchange  effective
dividend     ratio       share   the month) ratio (1)     ratio       date   

July 31,                                                Aug. 17,           
2015       1.33399      $0.035       $4.99   0.00936       2015    1.34335 

(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.                                         

Holders 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 adviser or Valiant Trust Company at its principal transfer office in Suite 310, 606 4th St. Southwest, Calgary, Alta., T2P 1T1.