Bonavista Energy announces increase to exchangeable share ratio

Bonavista Energy Trust (TSX:BNP.UN - News) is pleased to announce the increase to the Exchange Ratio of the Exchangeable Shares of Bonavista Petroleum Ltd. from 2.38222 to 2.39600. This increase will be effective on December 15, 2010.

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

  

  

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                                       Five day                             

                                       Weighted                             

                                        Average          Effective          

                                        Trading            Date of          

                                       Price of Increase       the  Exchange

Record Date               Bonavista      BNP.UN       in  Increase  Ratio as

 of Bonavista  Opening Energy Trust   (Prior to Exchange        in        of

 Energy Trust Exchange Distribution  the end of    Ratio  Exchange Effective

 Distribution    Ratio     per Unit  the Month)      (1)     Ratio      Date

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November 30,                                              December          

 2010          2.38222        $0.16      $27.67  0.01378  15, 2010   2.39600

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1.  The increase in the Exchange Ratio is calculated by multiplying the

    Bonavista Energy Trust Distribution per Unit by the Exchange Ratio

    immediately prior to the Record Date and dividing by the five day

    weighted average trading price of BNP.UN. 

A holder of Bonavista Petroleum Ltd. Exchangeable Shares can exchange all or a portion of their holdings into Bonavista Energy Trust Units, 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.