Alberta - Bengal Energy Ltd. (TSX: BNG) ('Bengal' or the 'Company') today announces its financial and operating results for the fourth quarter of fiscal 2022 ended March 31, 2022.
Financial Summary
Reserves - Bengal's independently evaluated Proved Plus Probable ('2P') reserves for the fiscal year ended March 31, 2022, are 5,778 thousand barrels of oil ('Mbbls') and Proved ('1P') reserves are 2,145 Mbbls compared to 5,789 Mbbls and 2,163 Mbbls for 2P and 1P reserves respectively at March 31, 2021. The net present value (NPV10, before tax) of Bengal's 2P reserves, net of future development costs, at March 31, 2022, is $149.0 million, or $0.30 per share compared to $87.6 million at March 31, 2021. The 2P after-tax net asset value is $115 million for the current year compared to $69.2 million in the prior year.
Sales revenue - Crude oil sales revenue was $2.4 million in the fourth quarter of fiscal 2022, which is 50% higher than the $1.6 million recorded in Q4 fiscal 2021. Full year fiscal 2022 sales revenue was $7.7 million compared to $5.2 million for the full year fiscal 2021. Funds from (used in) operations1 - Bengal generated $0.5 million of funds from operations during Q4 fiscal 2022 compared to a $0.2 million funds used in operations during Q4 fiscal 2021. For the full-year fiscal 2022, the Company generated $1.4 million of funds from operations compared to $0.2 million during the prior fiscal year.
Net income - Bengal reported net income of $0.2 million for the current quarter compared to net income of $3.9 million in the fourth quarter of fiscal 2021. For the full-year fiscal 2022, the Company reported a net loss of $0.4 million compared net income of $3.9 million in the prior year. Several non-operational items contributed to net income during the prior year that were absent in the current period, including $3.7 million of foreign exchange gains and a $3.5 million gain on the settlement of the Company's Credit Facility.
Private placement - On March 7, 2022, the Company closed a private placement to issue 52.3 million shares for $4.2 million of proceeds.
Working capital1 - At March 31, 2022 the Company had $5.5 million of working capital and no debt. Operational Summary
Production volumes - The Company's share of total production in the current quarter was 15,647 bbls of light crude oil, which is a 14% decline from the 18,222 bbls produced in the fourth quarter of fiscal 2021. The current quarter production averaged 174 bbls/day compared to 202 bbls/day (1) Non-IFRS and Other Financial Measures are defined in the Non-IFRS and Other Financial Measures section of this press release. produced in the fourth quarter of fiscal 2021. Full year fiscal 2022 saw total production of 66,797 bbls compared to 80,530 bbls for full year fiscal 2021. The full year fiscal 2022 production per day averaged 183 bbls compared to 221 bbls/day for the full year fiscal 2021.
Capital expenditures - During the year, the Company commenced capital programs on two of its 100% owned and operated projects at Wareena (Petroleum Lease ('PL') 1110 & Producing Pipeline ('PPL') 138) and Caracal (Authority to Prospect ('ATP') 732). Bengal incurred $2.2 million in capital expenditures during Q4 fiscal 2022 as compared to $0.5 million in Q4 fiscal 2021 and a total of $4.3 million during the current year compared to $1.2 million during fiscal 2021. Work in these projects is currently ongoing.
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'.
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
Contact:
Jerrad Blanchard
Tel: (403) 205-2526
Email: investor.relations@bengalenergy.ca
Web: www.bengalenergy.ca
BENGAL ENERGY LTD. 
