Calgary, Alberta--(Newsfile Corp. - October 16, 2026) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") reports that crude oil sold under its third-party marketing agreements in fiscal 2027 to date has realized a material premium to quoted Brent.

For Bengal crude with bills of lading from May to September 2026, the volume-weighted invoice price was US$116.63 per barrel. The volume-weighted EIA Europe Brent spot price on those sale dates was US$91.50. The premium was therefore US$25.13 per barrel (approximately 27%).

Naphtha sold during this period realized a lower premium. The volume-weighted naphtha premium was US$2.42 per barrel. Naphtha is not the basis of the premium statement in this release.

Including crude and naphtha sales from its production stream, Bengal realized a volume-weighted price of US$109.34 against volume-weighted Brent of US$95.06, which is a premium of US$14.28 per barrel (approximately 15%).

The incremental positive cashflows generated from the higher-than-anticipated crude oil premium is expected to be used to settle longer-term joint venture payables and for the acquisition of long lead items associated with the Company's Ramses-2 test program.

How the comparison is made

The sale date is compared to quoted prices on that date unless that date was not a trading day in which case the comparison uses the prior EIA trading day.

The realized price is the invoice unit price before marketing and wharfage. Those charges are deducted from cash received and are not part of the product-price comparison. GST is excluded. Royalty is not deducted on the invoice and is not in this comparison.

The benchmark is the U.S. Energy Information Administration Europe Brent Spot Price FOB. ICE front-month futures closes are a different series and are not used.

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.

This release contains a price comparison that is not an IFRS measure, not a netback, and not a measure prescribed by National Instrument 51-101. It is calculated from a defined set of Santos invoices and a defined Brent series. It should not be read as a forecast of future realizations. Future premiums will depend on the pricing terms of the aggregation agreement, the product slate, quality, freight and the Brent price on future sale dates.

Forward-looking information in this release includes the statement that the comparison is year to date and that future realizations are not assured. Actual results may differ materially. Bengal undertakes no obligation to update these forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319300

Source: Bengal Energy Ltd.