Bengal Energy Announces Fiscal 2025 Fourth Quarter Results
Bengal Energy (TSX: BNG, BNGLF) reported its fiscal 2025 fourth quarter and year-end results, showing significant declines in key metrics. The company's Q4 crude oil sales revenue dropped 46% to $1.0 million compared to $1.8 million in Q4 fiscal 2024, primarily due to lower realized prices and reduced production.
Production decreased to 126 barrels of oil per day (bopd) in Q4 fiscal 2025, down 22% from 162 bopd in Q4 fiscal 2024, mainly due to downhole issues in four Cuisinier wells. The company reported a net loss of $3.0 million in Q4 fiscal 2025, compared to an $11.6 million loss in the same period last year.
The company's Proved Plus Probable (2P) Reserves stood at 1,817 thousand barrels as of March 31, 2025, slightly down from 1,857 Mbbls in the previous year. The net present value (NPV10, before tax) of Bengal's 2P Reserves remained stable at $42.6 million ($0.09 per share) compared to $42.1 million in fiscal 2024.
Bengal maintains assets in Australia's Cooper Basin, including interests in multiple Petroleum Leases (PLs) and Authority to Prospect (ATP) blocks. The company is evaluating results from its water injection program at Cuisinier, though mechanical failures have led to extended shut-in periods.
Bengal Energy (TSX: BNG, BNGLF) ha comunicato i risultati del quarto trimestre e dell'intero anno fiscale 2025, evidenziando cali significativi nei principali indicatori. I ricavi dalle vendite di petrolio greggio nel quarto trimestre sono diminuiti del 46% a 1,0 milioni di dollari rispetto a 1,8 milioni di dollari nel quarto trimestre fiscale 2024, principalmente a causa di prezzi realizzati più bassi e una produzione ridotta.
La produzione è scesa a 126 barili di petrolio al giorno (bopd) nel quarto trimestre fiscale 2025, in calo del 22% rispetto ai 162 bopd del quarto trimestre fiscale 2024, principalmente a causa di problemi nel sottosuolo in quattro pozzi Cuisinier. La società ha riportato una perdita netta di 3,0 milioni di dollari nel quarto trimestre fiscale 2025, rispetto a una perdita di 11,6 milioni nello stesso periodo dell'anno precedente.
Le riserve Proved Plus Probable (2P) dell'azienda ammontavano a 1.817 mila barili al 31 marzo 2025, leggermente inferiori rispetto ai 1.857 Mbbl dell'anno precedente. Il valore attuale netto (NPV10, al lordo delle tasse) delle riserve 2P di Bengal è rimasto stabile a 42,6 milioni di dollari (0,09 dollari per azione) rispetto a 42,1 milioni nel 2024 fiscale.
Bengal detiene asset nel Cooper Basin in Australia, inclusi interessi in diverse concessioni petrolifere (PL) e blocchi di autorizzazione alla prospezione (ATP). La società sta valutando i risultati del programma di iniezione d'acqua a Cuisinier, anche se guasti meccanici hanno causato periodi prolungati di fermo impianto.
Bengal Energy (TSX: BNG, BNGLF) informó sus resultados del cuarto trimestre y del año fiscal 2025, mostrando descensos significativos en métricas clave. Los ingresos por ventas de petróleo crudo en el cuarto trimestre cayeron un 46% a 1,0 millones de dólares comparado con 1,8 millones en el cuarto trimestre fiscal 2024, principalmente debido a menores precios realizados y producción reducida.
La producción disminuyó a 126 barriles de petróleo por día (bopd) en el cuarto trimestre fiscal 2025, un 22% menos que los 162 bopd del cuarto trimestre fiscal 2024, principalmente por problemas en el subsuelo en cuatro pozos Cuisinier. La compañía reportó una pérdida neta de 3,0 millones de dólares en el cuarto trimestre fiscal 2025, frente a una pérdida de 11,6 millones en el mismo periodo del año anterior.
Las reservas Probadas Más Probables (2P) de la empresa se situaron en 1.817 mil barriles al 31 de marzo de 2025, ligeramente por debajo de los 1.857 Mbbl del año anterior. El valor presente neto (NPV10, antes de impuestos) de las reservas 2P de Bengal se mantuvo estable en 42,6 millones de dólares (0,09 dólares por acción) comparado con 42,1 millones en el año fiscal 2024.
Bengal mantiene activos en la Cuenca Cooper de Australia, incluyendo participaciones en múltiples concesiones petroleras (PL) y bloques de autorización para prospectar (ATP). La empresa está evaluando los resultados de su programa de inyección de agua en Cuisinier, aunque fallas mecánicas han provocado períodos prolongados de cierre.
Bengal Energy (TSX: BNG, BNGLF)는 2025 회계연도 4분기 및 연말 실적을 발표하며 주요 지표에서 상당한 감소를 보였습니다. 회사의 4분기 원유 판매 수익은 2024 회계연도 4분기 180만 달러에서 46% 감소한 100만 달러를 기록했으며, 이는 주로 낮은 실현 가격과 생산 감소 때문입니다.
생산량은 2025 회계연도 4분기 기준 일일 126배럴(bopd)로, 2024 회계연도 4분기 162 bopd에서 22% 줄었으며, 이는 주로 Cuisinier 유정 4곳의 지하 문제 때문입니다. 회사는 2025 회계연도 4분기에 순손실 300만 달러를 보고했으며, 이는 전년 동기 1,160만 달러 손실보다 감소한 수치입니다.
2025년 3월 31일 기준 회사의 증명 및 추정(2P) 매장량은 181만 7천 배럴로 전년 185만 7천 배럴에서 약간 감소했습니다. Bengal의 2P 매장량에 대한 세전 순현재가치(NPV10)는 2024 회계연도 4,210만 달러와 비교해 4,260만 달러(주당 0.09달러)로 안정적으로 유지되었습니다.
Bengal은 호주 쿠퍼 분지에 여러 석유 임대권(PL) 및 탐사 권한(ATP) 블록에 대한 지분을 보유하고 있습니다. 회사는 Cuisinier에서의 물 주입 프로그램 결과를 평가 중이나, 기계적 고장으로 인해 장기간 생산 중단이 발생했습니다.
Bengal Energy (TSX : BNG, BNGLF) a publié ses résultats du quatrième trimestre et de l'exercice 2025, montrant des baisses significatives dans les indicateurs clés. Le chiffre d'affaires des ventes de pétrole brut au quatrième trimestre a chuté de 46 % à 1,0 million de dollars contre 1,8 million de dollars au quatrième trimestre de l'exercice 2024, principalement en raison de prix réalisés plus bas et d'une production réduite.
La production a diminué à 126 barils de pétrole par jour (bopd) au quatrième trimestre de l'exercice 2025, en baisse de 22 % par rapport à 162 bopd au quatrième trimestre de l'exercice 2024, principalement en raison de problèmes en fond de puits dans quatre puits Cuisinier. La société a enregistré une perte nette de 3,0 millions de dollars au quatrième trimestre de l'exercice 2025, contre une perte de 11,6 millions au même trimestre de l'année précédente.
Les réserves prouvées plus probables (2P) de la société s'élevaient à 1 817 milliers de barils au 31 mars 2025, légèrement en baisse par rapport à 1 857 Mbbl l'année précédente. La valeur actuelle nette (NPV10, avant impôts) des réserves 2P de Bengal est restée stable à 42,6 millions de dollars (0,09 dollar par action) contre 42,1 millions pour l'exercice 2024.
Bengal détient des actifs dans le bassin Cooper en Australie, incluant des participations dans plusieurs permis pétroliers (PL) et blocs d'autorisation de prospection (ATP). La société évalue les résultats de son programme d'injection d'eau à Cuisinier, bien que des pannes mécaniques aient entraîné des périodes prolongées d'arrêt.
Bengal Energy (TSX: BNG, BNGLF) meldete seine Ergebnisse für das vierte Quartal und das Geschäftsjahr 2025, die deutliche Rückgänge bei wichtigen Kennzahlen zeigten. Der Umsatz aus Rohölverkäufen im Q4 sank um 46 % auf 1,0 Millionen US-Dollar im Vergleich zu 1,8 Millionen US-Dollar im Q4 des Geschäftsjahres 2024, hauptsächlich aufgrund niedrigerer realisierter Preise und geringerer Produktion.
Die Produktion sank im Q4 des Geschäftsjahres 2025 auf 126 Barrel Öl pro Tag (bopd), ein Rückgang von 22 % gegenüber 162 bopd im Q4 des Geschäftsjahres 2024, hauptsächlich aufgrund von Problemen in vier Cuisinier-Bohrlöchern. Das Unternehmen meldete im Q4 des Geschäftsjahres 2025 einen Nettverlust von 3,0 Millionen US-Dollar, verglichen mit einem Verlust von 11,6 Millionen im gleichen Zeitraum des Vorjahres.
Die nachgewiesenen plus wahrscheinlichen (2P) Reserven des Unternehmens beliefen sich zum 31. März 2025 auf 1.817 Tausend Barrel, leicht rückläufig gegenüber 1.857 Tausend Barrel im Vorjahr. Der Barwert (NPV10, vor Steuern) der 2P-Reserven von Bengal blieb mit 42,6 Millionen US-Dollar (0,09 US-Dollar pro Aktie) im Vergleich zu 42,1 Millionen im Geschäftsjahr 2024 stabil.
Bengal hält Vermögenswerte im Cooper-Becken in Australien, darunter Beteiligungen an mehreren Petroleum-Lizenzen (PL) und Erlaubnisblöcken zur Exploration (ATP). Das Unternehmen bewertet die Ergebnisse seines Wasserinjektionsprogramms in Cuisinier, obwohl mechanische Ausfälle zu längeren Stillstandszeiten geführt haben.
- Net present value of 2P Reserves remained stable at $42.6 million
- Workover activities restored production in three of four affected wells
- Company owns strategic 26km high-pressure gas pipeline connecting to large raw gas network
- Water injection program showed evidence of arresting overall field decline
- Q4 revenue declined 46% year-over-year to $1.0 million
- Production decreased 22% to 126 bopd in Q4 fiscal 2025
- Reported net loss of $3.0 million in Q4 fiscal 2025
- 2P Reserves declined to 1,817 Mbbls from 1,857 Mbbls year-over-year
- Water injection program suffering from equipment failures and likely to be suspended
- Funds used in operations of $502,000 compared to positive $329,000 in prior year
Calgary, Alberta--(Newsfile Corp. - June 30, 2025) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial and operating results for the year end and fourth quarter of fiscal 2025 ended March 31, 2025.
FOURTH-QUARTER FISCAL 2025 HIGHLIGHTS:
The following is an overview of the financial and operational results during the three months ending March 31, 2025. All amounts are in Canadian funds unless otherwise noted:
Financial summary:
Reserves - Bengal's independently evaluated Proved Plus Probable ("2P") Reserves for the fiscal year ended March 31, 2025, are 1,817 thousand barrels of oil ("Mbbls") compared to 1,857 Mbbls at March 31, 2024. 1P Reserves are 845 Mbbls compared to 872 Mbbls at March 31, 2024. The Company is committed to future drilling activities at the Cuisinier field and recognizes the accretive upside to further development. Any future activity will be subject to the completion of a field development plan incorporating the results of Cuisinier water-injection program and equity or debt financing. The remaining future development capital is subject to both internal approval and availability of capital. The net present value (NPV0F 10, before tax) of Bengal's 2P Reserves, net of future development costs, at March 31, 2025 is
Sales revenue - Crude oil sales revenue was
Funds from operations1 - Funds used in operations was
Net loss - Bengal reported a net loss of
Operational summary:
Production volumes - The Company's share of total Cuisinier production in the current quarter was 11,323 bbls (126 bopd decrease of
OPERATING SUMMARY
Bengal has filed its consolidated financial statements and management's discussion and analysis for the quarter end March 31, 2025, with the Canadian securities regulators. The documents are available on SEDAR at www.sedarplus.ca or by visiting Bengal's website at www.bengalenergy.ca.
| ( | Three months ended March 31, | Year ended March 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Oil sales ($) | 973 | 1,815 | 5,558 | 7,033 | ||||||||
| Operating netback(1) ($) | 109 | 993 | 2,327 | 3,377 | ||||||||
| Cashflow (used in) operating activities | (270 | ) | (287 | ) | (392 | ) | (273 | ) | ||||
| Funds (used in) from operations(1) ($) | (502 | ) | 329 | (570 | ) | 301 | ||||||
| -Per share ($) (basic and diluted) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||
| Net loss | (2,993 | ) | (11,647 | ) | (4,181 | ) | (12,728 | ) | ||||
| -Per share ($) (basic and diluted) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||
| Capital expenditures ($) | - | 77 | 70 | 474 | ||||||||
| Oil production (bbl/d) | 126 | 162 | 138 | 172 | ||||||||
| Operating netback(1) ($/bbl) | 9.62 | 67.49 | 46.35 | 53.64 | ||||||||
| (1) Non-IFRS and Other Financial Measures. | ||||||||||||
Business Overview
Bengal's producing and non-producing assets are situated in Australia's Cooper Basin, a region featuring large accumulations of very light and high-quality crude oil and natural gas. The Company's core Australian assets, Petroleum Lease ("PL") 303 Cuisinier, Authority to Prospect ("ATP") 934 Barrolka, Potential Commercial Area ("PCA") 332 (formerly ATP 732) Tookoonooka, and four petroleum licenses are situated within an area of the Cooper Basin that is well served with production infrastructure and take-away capacity for produced crude oil and natural gas. Still in early stages in terms of appraisal and development, Bengal believes these assets offer attractive upside potential for both oil and gas. Australia presents a stable political, fiscal, and economic environment in which to operate, and a favourable royalty regime for oil and gas production. In addition, Bengal owns a 26km 6" high pressure gas pipeline (PPL 138) connecting the Wareena field to a large raw gas network passing Bengal's prospects at ATP 934.
Under the State of Queensland Regulatory process, ATPs are granted by the State generally for a period of twelve years with one-third of the original grant area expiring every four years. At the end of the final term of the ATP, an application can be made to continue a portion of the permit in the form of a Potential Commercial Area ("PCA"). PCAs have a life span of five to fifteen years. PCA applications include a commercial viability report that indicates that the area is likely to be commercially viable within the applied term. This allows for extra time to commercialize any identified Resource. These PCAs remain a part of the ATP until expiry. If a discovery of oil or gas is made, an application for a PL is made to allow for production. PLs are granted for up to a thirty-year term.
Bengal has a
Following extensive public consultation, in late December 2023 the Queensland government released a document outlining its plans for increased restrictions to petroleum activities within the rivers and floodplains area of the Lake Eyre Basin (LEB) catchment. Bengal Energy areas affected by this are the western portion of the Durham Downs block (ATP 934) where Bengal holds a
In the Wompi portion of the Bengal ATP 752 permit (Bengal
PL 303 Barta Block Cuisinier (controlling permit ATP 752) (
The Company continues to evaluate the results of its water injection program at Cuisinier. The injection of produced formation water has resulted in both increased production in up to four offsetting wells and reduced water handling charges. Whilst the JV has observed compelling evidence that the overall field decline has been temporarily arrested with a modest upward trend in oil production during periods of operation, the water injection program has suffered from extended shut-in periods due to equipment failure and lack of available replacement parts. The program was intermittently operational during fiscal 2025; however, its impact to the joint venture is not currently measurable given unexplained changes to the Operator's allocation methodology. Bengal continues to challenge the Operator on this performance shortfall; however, despite reservoir response, it is expected that the operator will permanently suspend the pilot due to ongoing mechanical failures. Based on the results of the pilot, despite mechanical failures, the operator is evaluating suitable locations to implement a waterflood in the main part of the reservoir. Bengal is strongly encouraging the operator to focus its development activities on pressure maintenance in the reservoir before considering new drilling activity.
PL 114 Wareena, PL 157 Ghina, PL 188 Ramses, PL 411 Karnak, PPL 138 pipeline (
The Company has a
Included in this program are: two potential recompletions at Ramses; the Wareena 5 well; the Ghina recompilation; and the redrill or sidetracking opportunity at the Karnak well. The reinstatement of the existing gas pipeline will support the production of raw gas into existing infrastructure. The Company completed workover activities at Wareena 1 and Wareena 5 in November 2022. Initial test results indicate Wareena 1 would require additional stimulation and dewatering to yield commercial production rates. The Company is encouraged by wellhead pressure measured at Wareena 5 and believes that additional testing is justified upon the availability of financing and field equipment.
The
PCA 332 Tookoonooka (
Bengal conducted an acid treatment in 2022 on the Caracal-1 well to improve well bore inflow with positive results and moderate inflow of very light 53-degree gravity oil from the Wyandra zone. While not immediately commercially viable, these results are being evaluated with the possibility of fracture stimulation being considered to further enhance productivity being put in place. The well is currently suspended with shut-in pressure data being monitored.
ATP 732 reached the end of its term in March of 2023, and the Company lodged an application over the northern portion of the ATP for continuation in the form of PCA 332 for a further 15 years. Based on the positive results from Caracal-1, the application was approved on January 30, 2023. The PCA, granted by the Queensland Government in record time, provides much-needed certainty for Bengal to focus on its hydrocarbon projects in the Talgeberry-Tintaburra corridor. The majority of PCA 332 is covered by 3D seismic which has outlined the prospective targets as described in the Company's press release: "Bengal Energy Announces Independent Oil and Natural Gas Resource Report" dated March 30, 2022. The Company announced the completion of its Field Resource Maturation and Development Plan for its Tookoonooka PCA332 on March 14, 2024.
ATP 934 Barrolka East (
ATP 934 is the Company's owned natural gas exploration block. Bengal received approval of a special amendment for ATP 934 in March 2021 which relinquished
AC/RL 10 Katandra (
The Katandra permit is in the offshore Ashmore-Cartier region of the Timor Sea and holds the Katandra 1 oil discovery and the up-dip, Katandra North opportunity. The opportunity is hosted in the prolific Berriasian sandstones of the Upper Vulcan Formation. Bengal, despite significant efforts to secure a farm-in partner for this permit, was unable to secure one with the appropriate expertise and financial capacity within prescribed timelines, and thus, on May 2, 2025, Bengal submitted a notification of withdrawal in relation to its renewal application of the retention lease. This was accepted by the Australian Government on May 6, 2025. Given there these assets had nil carrying value, there was no financial statement impact from this relinquishment.
Business development
Bengal is in ongoing discussions regarding potential farm-out opportunities surrounding its exploration and development portfolio as well as other corporate initiatives aimed at increasing shareholder value. The Company is unable to estimate the chance of success or update status until the culmination of any or all these initiatives.
Non-IFRS and Other Financial Measures
Non-IFRS Financial Measures
Within this Press Release, references are made to terms commonly used in the oil and gas industry. Operating netback, operating netback per barrel, funds from operations, funds from operations per share, adjusted net income, and adjusted net income per share do not have any standardized meaning under IFRS and are referred to as non-IFRS measures. Management believes the presentation of the non-IFRS measures above provides useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.
Operating Netback
Bengal utilizes operating netback as a key performance indicator and is utilized by Bengal to better analyze the operating performance of its petroleum and natural gas assets against prior periods. Operating netback is calculated oil sales deducting royalties and operating expenses. The following table reconciles petroleum and natural gas revenue to netback:
| Operating netback | Three months ended | Year ended | ||||||||||
| March 31, | March 31, | |||||||||||
| ( | 2025 | 2024 | 2025 | 2024 | ||||||||
| Oil sales | 973 | 1,815 | 5,558 | 7,033 | ||||||||
| Royalties | (89 | ) | (133 | ) | (438 | ) | (552 | ) | ||||
| Operating expense | (775 | ) | (689 | ) | (2,793 | ) | (3,104 | ) | ||||
| Operating netback | 109 | 993 | 2,327 | 3,377 | ||||||||
| Funds from (used in) operations | ||||||||||||
Management utilized funds from (used in) operations as a measure to assess the Company's ability to generate cash not subject to short-term movements in non-cash operating working capital. Funds from (used in) operations is calculated by adding back all non-cash expense deductions to the net loss for the period ended. The following table reconciles cash from operating activities to funds from operations, which is used in this MD&A:
| Funds from (used in) operations | Three months ended | Year ended | ||||||||||
| March 31, | March 31, | |||||||||||
| ( | 2025 | 2024 | 2025 | 2024 | ||||||||
| Cash flow (used in) operating activities | (270 | ) | (287 | ) | (392 | ) | (273 | ) | ||||
| Add back (deduct): | ||||||||||||
| Changes in non-cash working capital | (232 | ) | 616 | (178 | ) | 574 | ||||||
| Funds (used in) from operations | (502 | ) | 329 | (570 | ) | 301 | ||||||
Working capital
Bengal uses working capital to monitor its capital structure, liquidity, and its ability to fund current operations. Working capital is calculated as current assets, less current liabilities but excludes other obligations and the current portion of decommissioning obligations.
Non-IFRS Financial Ratios
Bengal uses operating netback per boe to assess the Company's operating performance on a per unit of production basis. Operating netback per barrel equals operating netback divided by the applicable number of barrels of production.
| Operating netback | Three months ended | Year ended | ||||||||||
| March 31 | March 31 | |||||||||||
| ($/bbl) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Oil sales | 85.93 | 123.36 | 110.70 | 111.71 | ||||||||
| Royalties | (7.86 | ) | (9.04 | ) | (8.72 | ) | (8.77 | ) | ||||
| Operating expense | (68.45 | ) | (46.83 | ) | (55.63 | ) | (49.30 | ) | ||||
| Operating netback | 9.62 | 67.49 | 46.35 | 53.64 | ||||||||
Bengal uses funds from operations per share to assess the ability of the Company to generate the funds necessary for financing, operating, and capital activities on a per-share basis. This is a non-IFRS measure calculated by dividing funds from operations by weighted average basic and diluted shares outstanding for the periods disclosed.
About Bengal
Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company is committed to growing shareholder value through international exploration, production, and acquisitions. Bengal's common shares trade on the TSX under the symbol "BNG". Additional information is available at www.bengalenergy.ca
CAUTIONARY STATEMENTS:
Forward-Looking Statements
This news release contains certain forward-looking statements or information ("forward-looking statements") as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal's control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "plan", "expect", "future", "prospective", "project", "intend", "believe", "should", "would," "anticipate", "estimate", or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the impact of economic conditions in North America and Australia and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. We believe the expectations reflected in those forward-looking statements are reasonable but, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements.
Forward-looking statements contained herein include, but are not limited to, statements regarding:
- Bengal's multi-phase water injection scheme, targeted fracture stimulation and the results thereof at ATP 752;
- Bengal's development plans for its four PLs at ATP 934.
The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal's actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: the failure to obtain required regulatory approvals or extensions; the failure to satisfy the conditions under farm-in and joint venture agreements; the failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America and Australia; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption
of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. Readers are encouraged to review the material risks discussed in Bengal's annual information form for the year ended March 31, 2024, under the heading "Risk Factors" and in Bengal's management's discussion and analysis for the Q3 of the fiscal year ending March 31, 2025, under the heading "Risk Factors". The Company cautions that the foregoing list of assumptions, risks, and uncertainties is not exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof and Bengal does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
Selected Definitions
The following terms used in this news release have the meanings set forth below:
bbl. - barrel
bbls - barrels
bbls/d -barrels per day
$/bbl - dollars per barrel
Q1- three months ended June 30
Q2- three months ended September 30
Q4 - three months ended March 31
Non-IFRS Measurements
Within this news release, references are made to terms commonly used in the oil and gas industry. Funds from (used in) operations, funds from (used in) operations per share, operating netback, netback per bbl, adjusted net income (loss) and adjusted net income (loss) per share do not have any standardized meaning under IFRS and previous GAAP and are referred to as non-IFRS measures. Funds from (used in) operations per share are calculated based on the weighted average number of common shares outstanding consistent with the calculation of net income (loss) per share. Operating netback includes realized losses on financial instruments. Netback per bbl is calculated by dividing revenue (including realized loss on financial instruments) less royalties, and operating expenses by the total production of the Company measured in bbl. Adjusted net income (loss) and adjusted net income (loss) per share are calculated based on Net income (loss) plus unrealized loss (gain) on financial instruments less unrealized foreign exchange loss (gain) and non-cash impairment of non-current assets. The Company's calculation of the non-IFRS measures included herein may differ from the calculation of similar measures by other issuers. Therefore, the Company's non-IFRS measures may not be comparable to other similar measures used by other issuers. Funds from operations is not intended to represent operating profit for the period nor should it be viewed as an alternative to operating profit, net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS. Non-IFRS measures should only be used with the Company's annual audited and interim financial statements. A reconciliation of these measures can be found in the tables on pages 16 of Bengal's management's discussion and analysis for the fiscal year ending March 31, 2024.
Disclosure of Oil and Gas Information
This document discloses test results which are not necessarily indicative of long-term performance or of ultimate recovery.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bengal Energy Ltd.
Chayan Chakrabarty, President & Chief Executive Officer Jerrad Blanchard, Chief Financial Officer
(403) 205-2526
Email: investor.relations@bengalenergy.ca Website: www.bengalenergy.ca
________________________
1 See "Non-IFRS and Other Financial Measures" on page 13 of the December 31, 2024 MD&A.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/257406
FAQ
What were Bengal Energy's (BNGLF) key financial results for Q4 fiscal 2025?
How much are Bengal Energy's (BNGLF) oil reserves worth as of March 2025?
What caused Bengal Energy's (BNGLF) production decline in Q4 2025?
What is the status of Bengal Energy's (BNGLF) water injection program?
How many barrels of proven and probable reserves does Bengal Energy (BNGLF) have?
What are Bengal Energy's (BNGLF) main assets in Australia?
