Bonavista 2011 Oil & Gas Royalty Divestment	Bids Due: November 25, 2011	PDF IM 13 Pgs, 3 MB Confidentiality Agreement	Contact: Tom Caldwell 403-299-8453
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SALE TIMELINE AND PROCESS | DISCLAIMER

Bonavista Energy Corporation

Bonavista Energy Corporation is a Calgary-based oil and gas company with a proven track record of value creation. Since inception in 1997, Bonavista has consistently added shareholder value by pursuing a disciplined and effective strategy that focuses on long term profitability. Today, Bonavista is one of Canada's largest dividend paying energy companies, with a market capitalization of approximately $4.5 billion CDN and trades on the Toronto Stock Exchange under the symbol of BNP.

Sale Timeline and Process

Interested parties who execute a Confidentiality Agreement (attached) will have access to an online data room (“VDR”). The VDR will contain, among other items, land schedules, detailed engineering reports, and financial statements. Offers must be submitted by November 25, 2011 at 12 noon, MST. For further information please contact one of the RBC representatives listed below. Do not contact Bonavista directly.

Disclaimer

The sale process will be managed in accordance with procedures that will be established and communicated to Interested Parties from time to time. Bonavista Energy Corporation (the “Company” or “Bonavista”) and RBC Capital Markets including RBC Rundle, a member of RBC Capital Markets (collectively “RBC”), expressly reserve the right at any time, with or without providing notice or reasons, to: (i) amend or terminate the sale process; (ii) decline to permit any Interested Party to participate in the sale process; (iii) terminate discussions with any or all Interested Parties; (iv) reject any or all offers; (v) accept an offer other than the highest cash offer; (vi) negotiate with one or more Interested Parties with respect to a transaction; (vii) pursue other value maximizing alternatives; or (viii) limit access at any time to any additional information; all without any liability to the Company or RBC. In addition, the Company and RBC reserve the right to amend any information, which has been made available to Interested Parties either by way of addition, deletion or amendment.