Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio

Wed Jul 2, 1:23 PM

CALGARY, ALBERTA--(Marketwire - July 2, 2008) - Bonavista Energy Trust (TSX: BNP-UN.TO) is pleased to announce the increase to the Exchange Ratio of the Exchangeable Shares of Bonavista Petroleum Ltd. from 1.82966 to 1.84491. This increase will be effective on July 15, 2008. 

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

----------------------------------------------------------------------------
                                    Five day
                                    Weighted
                                     Average
                                     Trading            Effective
                                    Price of              Date of
                         Bonavista    BNP.UN                  the  Exchange
Record Date                 Energy (Prior to   Increase  Increase  Ratio as
of Bonavista  Opening        Trust   the end         in        in        of
Energy Trust Exchange Distribution    of the   Exchange  Exchange Effective
Distribution    Ratio     per Unit     Month)  Ratio (1)    Ratio      Date
----------------------------------------------------------------------------
     June 30,                                             July 15,
        2008  1.82966       $ 0.30   $ 35.99     .01525      2008   1.84491
----------------------------------------------------------------------------

(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.

Contacts

Keith A. MacPhail
Bonavista Energy Trust
President & CEO
(403) 213-4300

Executive Vice President
Ronald J. Poelzer
(403) 213-4300

Senior Vice President & CFO
Glenn A. Hamilton
(403) 213-4300

Calgary, AB T2P 3H2
700, 311 - 6th Avenue SW
Website: www.bonavistaenergy.com