Mr. Chayan Chakrabarty reports

BENGAL ENERGY ANNOUNCES FISCAL 2027 FIRST QUARTER RESULTS

Bengal Energy Ltd. has released its financial and operating results for the first quarter of fiscal 2027 ended June 30, 2026.

First quarter fiscal 2027 highlights

The following is an overview of the financial and operational results during the three months ending June 30, 2026. All amounts are in Canadian funds unless otherwise noted.

Financial summary

Sales revenue: Crude oil sales revenue was $1.4-million in the first quarter of fiscal 2027, 30 per cent higher than $1-million in the first quarter of fiscal 2026. The increase stemmed from higher pipeline oil volume accrued in the current fiscal quarter compared with the same period in fiscal 2026 and higher realized oil prices. Realized oil prices averaged $124.26 (U.S.) per barrel during Q1 fiscal 2027, 87 per cent higher than $66.56 (U.S.) per barrel during Q1 fiscal 2026.

Funds from operations: Funds from operations were $50,000 during the first quarter of fiscal 2027, compared with funds from operations of $23,000 in Q1 fiscal 2026. Higher sales revenue was partially offset by increased operating expense.

Net loss: Bengal reported a net loss of $200,000 in the first quarter of fiscal 2027, consistent with the first quarter of fiscal 2026. Pricing was higher in the first quarter of fiscal 2027, offset by lower volumes between the two periods.

Operational summary

Production volumes: The company's share of total Cuisinier production in the current quarter was 9,860 barrels (108 barrels of oil per day), a decrease of 10 per cent compared with production of 10,910 barrels (120 barrels of oil per day) in the first quarter of fiscal 2026. Production volumes from four wells worked over in Q2 fiscal 2026 have yet to reach preworkover levels and the joint venture is evaluating total field performance.

Operating summary

Bengal has filed its consolidated financial statements and management discussion and analysis for the quarter ended June 30, 2026, with the Canadian securities regulators. The documents are available on SEDAR+ or by visiting Bengal's website.

Business development

Bengal is in continuing discussions regarding potential farmout 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.

About Bengal Energy Ltd.

Bengal Energy 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 Toronto Stock Exchange under the symbol BNG.

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