CALGARY, ALBERTA--(Marketwired - April 1, 2016) - Bonavista Energy Corporation ("Bonavista") (TSX:BNP) is pleased to announce the increase to the Exchange Ratio of its exchangeable shares from 1.41580 to 1.42129. This increase will be effective on April 15, 2016 (the "Effective Date").

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

Record Date of Bonavista Dividend

Opening Exchange Ratio

Bonavista Dividend per common share
Five day Weighted Average Trading Price of Bonavista common shares
(Prior to the end of the Month)

Increase in Exchange Ratio (1)

Effective Date of the increase
in Exchange Ratio

Exchange Ratio as of the Effective Date
March 31, 2016 1.41580 $0.01 $2.58 0.00549 April 15, 2016 1.42129
(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.

As announced on February 25, 2016 with our 2015 year end results, effective April 1, 2016, our dividend policy has been changed to $0.01 per common share per quarter. As such, the first increase to the exchangeable share ratio under this revised policy is expected to be confirmed on July 1, 2016. Bonavista's dividend policy will be reviewed quarterly and be based on future commodity prices, foreign exchange rates, and our commodity hedging program, current operations and future investment opportunities.

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 for detailed corporate information.

Bonavista is a mid-sized dividend paying energy corporation focused on the efficient development of high quality oil and natural gas assets while providing sustainable value to shareholders.

Contact Information:

Dean M. Kobelka
Vice President, Finance & CFO

Berk Sumen
Manager, Investor Relations

Bonavista Energy Corporation
1500, 525 - 8th Avenue SW
Calgary, AB T2P 1G1
(403) 213-4300