CALGARY, ALBERTA -- (Marketwired) -- 08/04/15

Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.33399 to 1.34335. This increase will be effective on August 17, 2015 (the "Effective Date").

The following are the details of the calculation of the Exchange Ratio:

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                                  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,                                              August 17,           
   2015      1.33399    $0.035      $4.99     0.00936     2015      1.34335 
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(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.                                         

A holder 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 advisor or Valiant Trust Company at its principal transfer office in Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1.

Please visit our website at www.bonavistaenergy.com for detailed corporate information.

Bonavista is a mid-sized energy corporation committed to maintaining its emphasis on operating high quality oil and natural gas properties, providing a balance of growth and income to our shareholders while ensuring financial strength and sustainability.

Contacts:
Bonavista Energy Corporation
Dean M. Kobelka
Vice President, Finance & CFO

Berk Sumen
Manager, Investor Relations

1500, 525 - 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300
www.bonavistaenergy.com