Bengal Energy Announces Independent Oil and Natural Gas Resource Report

Calgary, Alberta--(Newsfile Corp. - March 30, 2022) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") announces the issuance of its independent oil and natural gas Resource assessment report dated March 30, 2022, with an effective date of March 20, 2022 (the "Resource Report").

Highlights of Resource Report:

  • At March 20, 2022, the Company's unrisked Best Estimate Contingent Resources were 1.1 million stock tank barrels ("MMstb") of light crude and medium crude oil and 19.0 billion standard cubic feet ("Bscf") of conventional natural gas for a total of 4.3 million barrels of oil equivalent ("Mmboe").
  • At March 20, 2022 the Company's unrisked Best Estimate Prospective Resources were 10.6 MMstb of light crude and medium crude oil and 29.3 Bscf of conventional natural gas for a total of 15.5 Mmboe.
  • These are estimated Resources associated with all of the Company's tenements in the Cooper Basin, which includes Authority to Prospect ("ATP") 732, ATP 934 and Petroleum Lease ("PL") 1109, PL 1110, PL 188 and PL 411.

The Resource Report excludes any of the reserves carried by the Company in its producing ATP 752 Cuisinier Oilfield.

Bengal's President & CEO Chayan Chakrabarty said:

"We believe that the significant volumes of both natural gas and crude oil Resources set out in the Resource Report (19.8 Mmboe of Contingent and Prospective Resources), combined with current oil and natural gas pricing, bodes well for Bengal's future development programs designed to convert Resources to reserves.

The size of the Resources indicated by the Resource Report will, we believe, allow Bengal to pursue a number of development options utilising spare capacity in existing production infrastructure. As an example, the Wareena project is already pipeline connected and requires a moderate work program to be brought onstream. Also, we believe that ATP 934 prospects, (which are all proximal), can be connected to the existing pipeline infrastructure, saving time and capital as we work towards commercialising the Resources associated with this tenement. We believe that Bengal has the ability to work towards successfully commercialising the Resources indicated by the Resource Report and, with success, to materially increase our production, reserves and ability to generate cash flow for the benefit of all stakeholders.

The Resource Report was prepared by ERC Equipoise, Perth ("ERCE"), an independent consultancy specialising in geoscience evaluation, engineering and economic assessment, whom the Company engaged to evaluate the Company's Contingent and prospective oil and natural gas Resources across its tenements in the Cooper Basin license acreage in Queensland, Australia, specifically in ATP 732, ATP 934, PL 188, PL 1110, PL 1109, and PL 411 (collectively, the "Resource Properties"). The title to the Resource Properties is in good standing, with PL 188 expiring June 3, 2028, PL 411 expiring September 22, 2029, PL1109 expiring March 25, 2031, PL1110 expiring March 25, 2031, ATP 934 expiring February 28, 2027, and ATP 732 expiring March 31, 2023. ATP 732 and ATP 934 are anticipated to be extended under PL or Potential Commercial Area ("PCA") applications for up to 15 years. There is no guarantee any PL or ATP licence extension or PCA application will be granted. The volumes presented in the Resource Report and the following tables assume that all such extensions/applications are granted.

The Resource Report has been prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional information in respect of the Company's reserves data and other oil and gas information under NI 51-101, is filed on its profile on SEDAR at www.sedar.com.

Further details of the findings in the Resource Report and the basis of its preparation are set out below.

Resource Report

The Resource Report is based on the Company's working interest in the Resource Properties, which is 100% with the exception of 62,256 acres in the south western portion of ATP 934 where the Company's working interest is 40%.

The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this press release. In addition to the discussion below, see "Forward-looking Information" for a statement of principal assumptions and risks that may apply. Unless otherwise indicated in this press release, all references to Contingent and Prospective Resource volumes are Best Estimate Resource volumes and all Resources in the tables below are Contingent and Prospective Resource volumes.

Summary:

Company Net Contingent Resources at March 20, 2022[(1),(2),(3),(4),(5),(6), (7),(8),(9)]

Company Net Contingent Resources
Field / DiscoveryResource sub-classChance of DevelopmentLight Crude Oil and Medium Crude Oil (MMbbl)Conventional Natural Gas (Bcf)
1C (Low)2C (Best)3C (High)1C (Low)2C
(Best)
3C (High)
Wareena Field1Development on Hold290%---1.407.1018.00
Ramses DiscoveryDevelopment on Hold260%0.100.300.902.108.0024.60
Ghina Discovery Development Unclarified250%---1.303.9011.60
Caracal DiscoveryDevelopment on Hold270%0.100.804.30---
Deterministic Total--0.201.105.204.81954.2

  
Resource estimates reported here are ERCE estimates, effective March 20, 2022

  1. See definitions for "Contingent Resources", "Low Estimate", "High Estimate", "Best Estimate", "1C", "2C", "3C", "Development on Hold" and "Development Unclarified" below.
  2. The Wareena Field Contingent Resources are post-production as at March 20, 2022, being the effective date of the Resource Report.
  3. All fields and discoveries are Contingent on proving a commercial hydrocarbon flow rate.
  4. Company net Contingent Resources are based on Bengal's working interest in the permits.
  5. Contingent Resources volumes shown have had shrinkage applied to account for CO2 removal and include hydrocarbon gas only.
  6. No allowance for fuel and flare volumes has been made.
  7. The chance of development is defined as the probability of a project being commercially viable. As all Contingent Resources are considered to be discovered, the chance of commerciality for Contingent Resources is equal to the chance of development. "Chance of development" is the estimated probability that, once discovered, a known accumulation will be commercially developed. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies, such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are extremely difficult to quantify, the chance of development is uncertain and must be used with caution. See "Risks and Significant Positive and Negative Factors" discussed below.
  8. There is no certainty that it will be commercially viable to produce any portion of the Resources. There is no certainty that any portion of the Contingent Resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the Resources.
  9. Totals are added arithmetically which means statistically there is a greater than 90% chance of exceeding the Total 1C and less than a 10% chance of exceeding the Total 3C.

Company Net Prospective Resources at March 20, 2022 [(1),(2),(3),(4),(5),(6),(7)

Company Net Prospective Resources
ProspectCOSLight Crude Oil and Medium Crude Oil (MMbbl)Conventional Natural Gas (Bcf)
1U (Low)2U (Low)3U (Low)1U (Low)2U (Low)3U (Low)
Karnak63%---3.810.025.9
ATP 934 Prospects11 - 26%---8.229.344.9
ATP 732 Prospects8 - 32%3.210.637.1---
Total-3.210.637.112.029.370.8

 
Resource estimates reported here are ERCE estimates, effective March 20, 2022

  1. See definitions for "Prospective Resources", "Low Estimate", "High Estimate", "Best Estimate", "1U", "2U" and "3U".
  2. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the Resources.
  3. Company net Prospective Resources are based on Bengal's working interest in the permits
  4. The Prospective Resources have also not been adjusted for chance of development. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies, such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing.
  5. Prospective Resources volumes shown have had shrinkage applied to account for CO2 removal and include hydrocarbon gas only.
  6. No allowance for fuel and flare volumes has been made.
  7. Totals are added arithmetically which means statistically there is a greater than 90% chance of exceeding the Total Low Case and less than a 10% chance of exceeding the Total Best Case.

Contingent Resources

The following are the specific contingencies that Bengal anticipates will be required to allow the classification of the Resources to Reserves:

  • ATP 732 - The Wyandra formation surrounding the Caracal discovery in ATP 732 has been assigned Contingent Resources, with the classification as Development on Hold. During the initial well completion the Wyandra formation was perforated and live oil was swabbed to surface at sub economic rates. The ongoing acid stimulation and well workover of the Wyandra Formation is designed to remediate near well bore damage and allow for commercial production rates. Estimated total cost to achieve commercial production is $1,700,000 with estimated first production in June of 2022. The predevelopment study assumes use of a mobile pumping unit and portable oil storage tanks.
  • PL 188 - The Poolowanna Formation in PL 188 has been assigned Contingent Resources, with the classification as Development Unclarified. This classification is primarily a result of a drill stem test performed on the Ramses 2 well, which recovered an estimated 588 barrels of oil per day. Further evaluation work is required to determine the extent of this oil discovery and levels of sustainable oil production. Estimated total cost to achieve commercial production is $2,000,000 with estimated first production in Q4 2025. The predevelopment study assumes use of a mobile pumping unit and portable oil storage tanks.
  • PL 188 - The Toolachee and Patchawara Formations in PL 188 have been assigned Contingent Resources with the classification of Development on Hold. The existing Ramses 1 well was drilled on a seismically defined anticline targeting the Toolachee and Patchawarra Formations, north of the Coonaberry field. Wireline logs in Well Ramses-1 well encountered 2.8m of net gas pay within the PC35 sandstone interval of the Toolachee Formation and 4m of gas pay in the VC35/40 reservoir of the Patchawarra Formation. A drill stem test of the Ramses 1 Patchawarra formation recovered natural gas at a rate of .332 MMscf/d. The Ramses-2 well was drilled over the period December 2006 to January 2007, to test and appraise the Permian gas discovery made by Well Ramses-1. Wireline log analysis indicated the Toolachee Formation contained 4.4m of conventional gas pay and the Patchawarra Formation contains 4.5m of gas pay. Estimated total cost to achieve commercial production at Ramses is $2,500,000 with estimated first production in Q4 2024. The predevelopment study assumes the wells will be fracture stimulated and pipeline connected into the Coonaberry system.
  • PL 1109 - Ghina - The Toolachee formation in PL1109 has been assigned a Contingent Resources, with the classification as Development Unclarified. This classification is primarily due to the results of the Ghina well from which well logs indicate a thin pay zone in the Toolachee formation. An extended production test is planned for the Ghina well at a cost of approximately $600,000. Further drilling to expand the size of the discovery is required prior to commercialization and pipeline connection. Such work is planned within the next three years.
  • PL 1110 - Wareena - The Wareena 1 and 5 wells show historic Toolachee formation cumulative production of 6.3 billion cubic feet of natural gas recovered and shipped to market via the Wareena to Coonaberry pipeline which is 100% owned by Bengal. Wareena is classified as Development on Hold. Well production ceased with water breakthrough. Well workovers to reduce or remove water production in these wells and rejuvenation of the now shut- in pipeline connection to the Coonaberry pipeline terminal is ongoing. The work program is expected to cost approximately $2,600,000. The predevelopment study assumes dewatering followed by pipeline connection into the Coonaberry terminal.

Prospective Resources

Prospective Resources (undiscovered) have been assigned to the Wyandra, Hutton and Murta formations in ATP 732, the Toolachee and Patchawarra formations in PL188, the Toolachee and Patchawara formations in ATP 934, the Toolachee and Patchawarra formation in PL 1110, the Toolachee formation in PL 1109 and the Toolachee and Patchawarra formations in PL411.

Background to the 2022 Resource Evaluation

During the calendar year 2022, the Company initiated an internal comprehensive review of its assets with a view to better understanding field subsurface mapping, reservoir simulation modelling and well performance to estimate the remaining potential of the assets. The 2022 studies included a detailed review of the seismic data base and subsequent remapping of the discovered and prospect hydrocarbon areas.

Key findings of the Company 2022 subsurface review included an increase in the number of geophysically defined prospects on ATP 732 and ATP 934, as well as a better understanding of the stratigraphy and expansion possibilities on PL's in the Wareena, Ghina, Ramses and Karnak areas.

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:

The above estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to discovered and undiscovered accumulations. These estimates are unrisked and have associated risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The estimate of raw gas and oil and has been determined on a probabilistic basis in accordance with the COGE Handbook and NI 51-101 standards as at March 20, 2022. Bengal has commenced a production development program with the objective of validating the Contingent and Prospective Resources outlined above.[1]

Contingent Resources

The Contingent Resources shown have been estimated by ERCE as at March 20, 2022. Resource estimates carry a risk of development. The estimates have been determined using probabilistic and statistic volumetric methods based on the interpretation of porosity, hydrocarbon saturation and net reservoir thickness from the logging program, the analysis of potential hydrocarbon columns from the pressure data and the fluid properties derived from the gas and oil samples and applied to the structure map with recovery factors calculated using analogues and industry standards.

The existence of potentially moveable hydrocarbons and the determination of the presence of movable hydrocarbons was via petrophysical analysis and in the case of Wareena and Caracal of gas and oil produced to surface.

These Contingent Resources were aggregated probabilistically at the reservoir level within individual fields and these fields were summed together arithmetically and hence the aggregate Low estimate may be a very conservative estimate and the High estimate may be a very optimistic estimate due to the portfolio effects of arithmetic summation.

These are classified as Contingent Resources according to the COGE Handbook and NI 51-101 standards as the development concept has not yet been finalized or sanctioned.

Risks and Significant Positive and Negative Factors

The development of the Contingent and Prospective Resources identified in the Resource Report is dependent upon the following factors.

Factors regarding Development of Resources

Key positive factors relevant to the development of the Resource Properties include:

  • consistent growth in the local economy resulting in a steady increase in demand for crude oil natural gas in the region; and
  • positive commodity price outlook for sales of natural gas and crude oil.

Key negative factors relevant to the development of the Resource Properties include:

  • potential for loss of access to processing and transportation systems which are owned by third parties;
  • the emergence of new or alternative gas or energy supplies and the consequential impact on demand from the Resource Properties; and
  • adverse weather conditions and surface access difficulties.

Factors regarding Resource Estimates

Significant positive factors relevant to the estimates of the Company's crude oil and natural gas Resources include:

  • the Company's knowledge of the Resource Properties based on significant production history;
  • the Company's knowledge of drilling and completion techniques used to develop Resource Properties; and
  • the Company's strong track record of developing similar projects according to its plans.

Significant negative factors relevant to the estimate of the Company's crude oil natural gas Resources include:

  • uncertainty in assumptions about forecasted demand; and
  • uncertainty in assumptions about natural gas and oil pricing.

Resource Definitions

"Contingent Resources" are those quantities of petroleum estimated, as of the given date, to be potentially recoverable from known accumulations using established technology or technology under development but which are not currently considered to be commercially recoverable due to one or more contingencies.

Contingent Resources may be divided into the following project maturity sub-classes:

  • "development pending" is assigned to Contingent Resources for a particular project where resolution of final conditions for development is being actively pursued (high chance of development).
  • "development on hold" is assigned to Contingent Resources for a particular project where there is a reasonable chance of development, but there are major non-technical contingencies to be resolved that are usually beyond the control of the operator.
  • "development unclarified" is assigned to Contingent Resources for a particular project where evaluation is incomplete and there is ongoing activity to resolve any risks or uncertainties.
  • "development not viable" is assigned to Contingent Resources for a particular project where no further data acquisition or evaluation is currently planned and there is a low chance of development.

Contingent Resources are defined probabilistically as:

  • 1C: Low Estimate of Contingent Resources
  • 2C: Best Estimate of Contingent Resources
  • 3C: High Estimate of Contingent Resources

"economic" means those Contingent Resources that are currently economically recoverable.

"Prospective Resources" are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development.

Prospective Resources are defined probabilistically as:

  • 1U: Low Estimate of Prospective Resources
  • 2U: Best Estimate of Prospective Resources
  • 3U: High Estimate of Prospective Resources

"Resources" encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced.

"risked" means the applicable reported volumes or revenues have been risked (or adjusted) based on the chance of commerciality of such Resources in accordance with the COGE Handbook. In accordance with the COGE Handbook for Contingent Resources, the chance of commerciality is solely based on the chance of development based on all contingencies required for the re-classification of the Contingent Resources as reserves being resolved. Therefore, risked reported volumes and values of Contingent Resources reflect the risking (or adjustment) of such volumes or values based on the chance of development of such Resources.

"unrisked" means applicable reported volumes or values of Resources have not been risked (or adjusted) based on the chance of commerciality of such Resources. In accordance with the COGE Handbook for Contingent Resources, the chance of commerciality is solely based on the chance of development based on all contingencies required for the re-classification of the Contingent Resources as reserves being resolved. Therefore, unrisked reported volumes and values of Contingent Resources do not reflect the risking (or adjustment) of such volumes or values based on the chance of development of such Resources.

"Uncertainty Ranges" are described by the COGE Handbook as low, best, and high estimates for Resources. The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or a probability distribution. Resources are provided as low, best and high estimates, as follows:

  • Low Estimate - This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the Low Estimate. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the low estimate.
  • Best Estimate - This is considered to be the Best Estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the Best Estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the Best Estimate.
  • High Estimate - This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the High Estimate. If probabilistic methods are used, there should be at least a 10 percent probability that the quantities actually recovered will equal or exceed the High Estimate.

Barrels of Oil Equivalent

When converting natural gas to equivalent barrels of oil, Bengal uses the widely recognized standard of 6 mcf to one boe. However, a boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Selected Definitions

The following terms used in this news release have the meanings set forth below:

bbl - barrel
boe - means barrel of oil equivalent of natural gas and crude oil on the basis of 1 boe for 6 mcf (this conversion factor is and industry accepted norm and is not based on either energy content or current prices)
Bscf - means billion standard cubic feet
mcf
- means one thousand cubic feet
MMboe
- means millions of boe
MMstb
- means million stock tank barrels

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", "project", "prospective", "intend", "believe", "should", "anticipate", "estimate", "new", "develop" or other similar words or statements or conditions 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, 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 fluctuation; results of exploration and testing activities, and the continued or anticipated performance of assets; and the ability to obtain required approvals and extensions from regulatory authorities.

We believe the expectations reflected in the forward-looking statements contained herein 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, if any, Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements. In particular, forward-looking statements contained herein include, but are not limited to, statements regarding: "Resources" and "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the Resources described exist in the quantities predicted or estimated, and that the Resources described can be profitably produced in the future. Additional forward-looking statements in this press release include, but are not limited to, statements regarding: expectations regarding future development of Resources and the Resource Properties; PL expiries and anticipated extensions with respect to the Resource Properties; statements regarding risks and positive and negative factors with respect to the Contingent and Prospective Resources; the anticipated continued upswing in Brent crude pricing and demand and Australia's East Coast natural gas prices and demand and the expected benefits of such to the Company and its shareholders; anticipated capital expenditures and future results of the Company's ongoing studies and models related to its shareholders; the Company's focus, plans, priorities and strategies; the Company's position in the business environment, particularly in the Australian business environment; the Company's development plans for the Wareena site and ATP 934 and the timing of the anticipated developments of such areas; any indications related to historical production, including with respect to the Cuisinier property; Bengal's cash generating ability and the positioning of the Company for continuous growth; Bengal believes the expectations reflected in the forward-looking statements contained herein 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 Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal's actual 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: Bengal's development and exploration opportunities; the economic conditions in North America, Australia and globally; the impact of ongoing global events, including European tensions and the COVID-19 pandemic and the ability of the Company to carry on its operations as currently contemplated in light of the such events; the failure to obtain required regulatory approvals or extensions; the failure to obtain an extension of any PL or PCA application; determinations by OPEC and other countries as to production levels; the failure to satisfy the conditions under farm-in and joint venture agreements; the failure of third parties to performance their obligations under contracts with the Company; the failure to secure required equipment and personnel; 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 pipeline infrastructure; the ability to access sufficient capital from internal and external sources; and stock market volatility. The historical production information should not be construed as an estimate of future production levels or future Resources/reserves of Bengal. Readers are encouraged to review the material risks discussed in Bengal's Annual Information Form under the heading "Risk Factors" and in Bengal's annual MD&A under the heading "Risk Factors". The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors that could affect the Company are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). 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 require pursuant to applicable securities laws.

This news release also contains information that may be considered a financial outlook under applicable securities laws about the Company's potential financial position, including, but not limited to, Bengal's cash generating ability, the positioning of the Company for continuous growth, the expectation of material production and that the same will generate free cash flow, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

FOR FURTHER INFORMATION PLEASE CONTACT:

Bengal Energy Ltd.
Chayan Chakrabarty, President & Chief Executive Officer
(403) 205-2526
Jerrad Blanchard, Chief Financial Officer
(403) 781-7021
Email:
investor.relations@bengalenergy.ca
Website: www.bengalenergy.ca


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118584

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