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Gold/Mining/Energy : KERM'S KORNER
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To: Arnie who wrote (7413)11/25/1997 8:23:00 AM
From: Herb Duncan  Read Replies (7) of 15196
 
FINANCING / Bonavista Petroleum Ltd. Announcing $10 Million
Equity Financing

TSE SYMBOL: BNP

NOVEMBER 25, 1997



CALGARY, ALBERTA--(6:00 AM - MST)Bonavista Petroleum Ltd.
("Bonavista") announces today that it has entered into a
Bought-Deal financing agreement with a syndicate of investment
underwriters led by Newcrest Capital Inc. to issue 2.5 million
Special Warrants at $4.00 each, with each Special Warrant being
exchangeable into one common share of Bonavista for no additional
consideration. This issue is subject to normal regulatory
approval and closing is expected on or before December 11, 1997.
Bonavista intends on filing a prospectus to qualify the
distribution of common shares on exercise of the Special Warrants.

Proceeds from this offering will be used to expand Bonavista's
1998 capital program to $25 Million and to fund the acquisition of
certain operated gas processing facilities in existing producing
areas.

This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any
jurisdiction. The special warrants offered will not be and have
not been registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirement.
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