Bonavista Energy Corporation Announces Increase to Exchangeable Share Ratio

FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP

Date issue: April 03, 2017
Time in: 5:49 PM e

Attention:

CALGARY, ALBERTA--(Marketwired - April 3, 2017) - Bonavista Energy Corporation (TSX:BNP) ("Bonavista") is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.43223 to 1.43643. This increase will be effective on April 17, 2017 (the "Effective Date").

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

/T/

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Five day Weighted Average Trading Price of Bonavista common Effective Exchange Record Bonavista shares Date of the Ratio as of Date of Opening Dividend (Prior to Increase in increase in the Bonavista Exchange per common the end of Exchange Exchange Effective Dividend Ratio share the Month) Ratio (1) Ratio Date ---------------------------------------------------------------------------- March 31, April 17, 2017 1.43223 $0.01 $3.41 0.00420 2017 1.43643 ---------------------------------------------------------------------------- (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.

/T/

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 Computershare at its principal transfer office in Suite 600, 530 - 8th Avenue S.W., Calgary, Alberta, T2P 3S8.

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

Bonavista is focused on creating premium shareholder value through the efficient development of high quality oil and natural gas assets.

- END RELEASE - 03/04/2017

For further information:
Dean M. Kobelka
Vice President, Finance & CFO
OR
Berk Sumen
Investor Relations Lead
OR
Bonavista Energy Corporation
1500, 525 - 8th Avenue SW
Calgary, AB T2P 1G1
Phone: (403) 213-4300
Website: www.bonavistaenergy.com

COMPANY:
FOR: BONAVISTA ENERGY CORPORATION
TSX SYMBOL: BNP

INDUSTRY: Energy and Utilities - Oil and Gas
RELEASE ID: 20170403CC0110

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