Bonavista Energy Corporation Announces Closing of Bought Deal Financing and Ansell Area Asset Acquisition

CALGARY, ALBERTA--(Marketwired - Jul 10, 2014) - Bonavista Energy Corp. ("Bonavista") (TSX:BNP) is pleased to announce that it has completed its previously announced bought deal financing for gross proceeds of approximately $201 million (the "Offering"). Pursuant to the Offering, Bonavista, through a syndicate of underwriters led by CIBC and including RBC Capital Markets, Scotiabank, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Peters & Co. Limited, AltaCorp Capital Inc. and FirstEnergy Capital Corp., issued 12,100,000 common shares at a price of $16.60 per common share.

A portion of the proceeds from the Offering were used to fund Bonavista's acquisition of certain natural gas weighted assets (the "Acquired Assets") in the Ansell area of its Deep Basin Core Area, which was completed on July 7, 2014. The remainder of the proceeds have been used to reduce bank indebtedness and will be used to enhance development on the Acquired Assets. The Acquired Assets mainly comprise of the vendor's 49% working interest in the Bonavista-operated Wilrich play as well as some minor lands in the immediate area.

Bonavista is a mid-sized energy corporation with high quality oil and natural gas operations in western Canada with a strategy to deliver a balance of growth and income to its shareholders while maintaining financial strength and sustainability.

Bonavista's common shares trade on the Toronto Stock Exchange under the symbol BNP.

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