Corporate Overview
Bonavista Energy Trust is a Calgary-based conventional oil and gas royalty trust created through the reorganization of Bonavista Petroleum Ltd. in July 2003. Our base of operations are geographically focused within Alberta, Saskatchewan and North Eastern British Columbia, and possess a high level of company operated properties allowing for timely and low cost production additions. Production for 2009 is expected to average approximately 51,500 – 52,500 BOE per day, and is well balanced consisting of 55% natural gas and 45% oil and liquids. Currently monthly distributions of $0.16 per unit are generated from our ability to maintain or modestly grow our production base through the application of our technical and operational expertise in a disciplined and cost effective manner. Bonavista Energy Trust is also one of North America's largest energy trusts, with a market capitalization of approximately $2.7 billion CDN as at January 1, 2009, and trades on the Toronto Stock Exchange under the symbol of BNP.UN.

Bonavista Energy Trust's core strategy involves:

• delivering sustainable monthly cash distributions to its unitholders;
• applying a strong technical focus to its high quality assets;
• developing low cost, low risk economic opportunities on its large and prospective undeveloped land
  base;
• focusing on low cost operations;
• ensuring a high level of capital efficiency and cost discipline; and
• maintaining financial strength and flexibility.