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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (14221)	12/11/1998 5:47:00 PM
From: Kerm Yerman	Read Replies (3) of 15196

FINANCING / Bonavista Petroleum Announces $8.2 Million Equity Financing BONAVISTA PETROLEUM LTD. TSE SYMBOL: BNP DECEMBER 11, 1998 CALGARY, ALBERTA--(10:00 AM - MST) - Bonavista Petroleum Ltd. ("Bonavista") announces today that it has completed a flow-through share financing with three limited partnership institutions and employees of Bonavista. A total of 925,000 flow-through common shares have been issued at a price of $8.90 per share for total proceeds of $8.2 million, of which $1.2 million was subscribed for by Bonavista employees. Bonavista will use the proceeds from this offering to fund the recently announced expanded 1998 and 1999 capital programs. Bonavista is an independent Canadian oil and gas exploration, development and production company with its common shares trading on The Toronto Stock Exchange under the symbol "BNP".

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