Bonavista Energy Corporation (Bonavista) is engaged in the business of acquiring, developing and holding interests in oil and natural gas properties and assets. As of December 31, 2011, the Company produced 72,000 barrels of oil equivalent per day from a reserves base of 345 million barrels of oil equivalent. Its operations are geographically focused within three regions of Western Canada, which includes Western region, Northern region and Eastern region. During the year ended December 31, 2011, the Company acquired approximately 117,200 net acres of undeveloped land. On August 10, 2011, Bonavista acquired a private oil and natural gas company. On October 3, 2011, Bonavista acquired a private oil and natural gas company.