Bonavista Energy Trust Confirms Cash Distribution for September 15, 2008

CALGARY, ALBERTA–(EMWNews – Aug. 15, 2008) – Bonavista Energy Trust (TSX:BNP.UN) (“Bonavista”) announces that the monthly cash distribution generated from August production will be $0.30 per trust unit. This monthly distribution is comprised of the base distribution of $0.28 per trust unit, plus a supplementary distribution of $0.02 per trust unit. The supplementary distribution results from current realized commodity prices exceeding base budget prices. The recent commodity price volatility, coupled with a current review of our capital program for additional investment opportunities has caused us to maintain the current monthly distribution. We will continue to closely monitor the impact of these issues and the necessity to adjust our monthly distribution in the near future. Our long-term objective is to distribute between 50% and 60% of our cash flow. The combined base and supplementary distribution of $0.30 per trust unit incorporates the withholding of sufficient funds to finance capital expenditures required to modestly grow the current production base which should provide a stronger base of cash flow leading to consistent and sustainable distributions into the future. Our distribution policy is reviewed monthly and is based on a number of factors including current and future commodity prices, foreign exchange rates, our commodity hedging program, our current operations and available investment opportunities. Bonavista has declared this distribution to be paid on September 15, 2008 for unitholders of record on August 31, 2008 with an ex-distribution date of August 27, 2008.

Forward Looking Statements

Corporate information provided herein contains forward-looking information. The reader is cautioned that assumptions used in the preparation of such information, particularly those pertaining to cash distributions, production volumes, commodity prices, operating costs and drilling results, which are considered reasonable by Bonavista at the time of preparation, may be proven to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. There is no representation by Bonavista that actual results achieved during the forecast period will be the same in whole or in part as those forecast.