Bonavista Energy Corporation revised capital budget and production guidance for the year 2015. To reflect the current outlook for commodity prices, the company's 2015 capital budget has been revised to between $375 and $425 million, drilling between 70 and 80 net wells. Previously announced 2015 exploration and development budget has been reduced by approximately 30% from between $525 and $575 million, and the budgeted $100 million disposition component has been removed.

Notwithstanding a curtailment of 3,500 boe per day in annual guidance due to planned turnaround activity, 2015 annual and exit production is expected to grow approximately 7%. Annual production for 2015 is now forecast to average between 81,000 and 83,000 boe per day. This represents a modest 2% reduction in annual production guidance and an 11% reduction in capital spending program compared to previous November 2014 guidance.

This revised and capital program will result in a sustainable total payout ratio of approximately 110% for 2015 based on current commodity strip pricing.