Bonavista Energy Trust Announces Increase to Exchangeable Share Ratio

Mon Nov 3, 2:32 PM

CALGARY, ALBERTA--(Marketwire - Nov. 3, 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 1.90081 to 1.92907. This increase will be effective on November 17, 2008.

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

----------------------------------------------------------------------------
                                     Five day
                                     Weighted 
                                      Average
                                      Trading           Effective
                                     Price of                Date  
                          Bonavista    BNP.UN              of 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
----------------------------------------------------------------------------
October 31,                                              November
2008           1.90081        $0.30    $20.18    .02826  17, 2008   1.92907
----------------------------------------------------------------------------

(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
(403) 213-4300
Website: www.bonavistaenergy.com