Bonavista Energy About Us Operations Financial Corporate Responsibility Careers Timeline An amazing thing happens when you bring a group of talented people together — they get better. Since our inception in 1997, we’ve built our company around this simple idea. Together we’ve earned a reputation for excellence and a proven track record of value creation. We are Bonavista. And we are All together better. Recent News Mon, 01 Nov 2021 10:00:00 -0400 Bonavista Announces the Appointment of Derek Mendham as Chief Financial Officer Mon, 12 Jul 2021 10:03:00 -0400 Bonavista Announces the Appointment of K. Earl Reynolds as President & CEO Wed, 12 Aug 2020 08:30:00 -0400 Bonavista Completes Recapitalization Transaction All together better.® LEGAL SITE MAP © 2014 Bonavista Energy Corporation. All Rights Reserved. p: 403.213.4300 | f: 403.262.5184 | Emergency: 1-866-971-8317

Bonavista Energy About Us Operations Financial Corporate Responsibility Careers Timeline Investor Portal Recapitalization Transaction News Releases Bonavista Completes Recapitalization Transaction Calgary, Alberta--(Newsfile Corp. - August 12, 2020) - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") today announced the completion of its previously announced recapitalization transaction (the "Recapitalization Transaction") as further described in the Company's management information circular dated July 2, 2020 and implemented pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act (the "Plan of Arrangement"). As previously announced, pursuant to the approvals obtained in respect of the Plan of Arrangement all existing shareholders, other than G2S2 Capital Inc. ("G2S2"), and its affiliates and associates, will receive $0.05 in cash in exchange for each of their pre-consolidation Common Shares under the Plan of Arrangement to be paid by G2S2. "We are grateful for the support of stakeholders and business partners to proceed with closing of the Recapitalization Transaction," said Jason Skehar, President and Chief Executive Officer of Bonavista. "By significantly reducing our outstanding debt obligations and balancing our capital structure with the closing of this Recapitalization Transaction, Bonavista will be in superior position to pledge sustainability in practically any commodity price environment and effectively pursue our strategic objectives. We thank all stakeholders, our directors and our employees for their support and commitment to Bonavista." The Company expects its Common Shares to be delisted from the Toronto Stock Exchange on or about August 12, 2020. For further information, please contact: Jason E. Skehar President & CEO or Dean M. Kobelka Vice President, Finance & CFO Bonavista Energy Corporation 900, 207-9th Avenue SW Calgary, AB T2P 1K3 Phone: (403) 213-4300 Website: www.bonavistaenergy.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61490 All together better.® LEGAL SITE MAP © 2014 Bonavista Energy Corporation. All Rights Reserved. p: 403.213.4300 | f: 403.262.5184 | Emergency: 1-866-971-8317