Bengal Energy Announces Fiscal 2026 First Quarter Results
Bengal Energy (TSX:BNG) reported its Q1 fiscal 2026 results, showing significant declines across key metrics. The company's crude oil sales revenue dropped 45% to $1.0 million compared to $1.9 million in Q1 fiscal 2024. Production decreased 31% to 120 barrels of oil per day (bopd) from 174 bopd in the previous year.
The company reported funds from operations of $23,000, down from $203,000 in Q1 fiscal 2024, and a net loss of $0.3 million. The production decline was attributed to changes in field measurement processes, natural declines, and delayed workover activity due to flooding in the Cooper Basin. Operating netback per barrel decreased to $54.08 from $64.08 year-over-year.
Bengal Energy (TSX:BNG) ha comunicato i risultati del primo trimestre dell'esercizio 2026, mostrando cali significativi nei principali indicatori. I ricavi dalle vendite di petrolio greggio sono scesi del 45% a 1,0 milioni di dollari rispetto a 1,9 milioni nel primo trimestre dell'esercizio 2024. La produzione è diminuita del 31% a 120 barili al giorno (bopd) rispetto ai 174 bopd dell'anno precedente.
La società ha registrato flussi di cassa operativi di 23.000 dollari, in calo rispetto ai 203.000 del primo trimestre 2024, e una perdita netta di 0,3 milioni di dollari. Il calo produttivo è stato attribuito a modifiche nelle procedure di misurazione del giacimento, a diminuzioni naturali e al rinvio dei lavori di manutenzione a causa delle inondazioni nel Cooper Basin. L'utile operativo netto per barile è sceso a 54,08 $ da 64,08 $ su base annua.
Bengal Energy (TSX:BNG) informó los resultados del primer trimestre del ejercicio fiscal 2026, mostrando descensos significativos en indicadores clave. Los ingresos por ventas de petróleo crudo cayeron un 45% hasta 1,0 millones de dólares respecto a 1,9 millones en el primer trimestre del ejercicio 2024. La producción disminuyó un 31% hasta 120 barriles por día (bopd) desde 174 bopd el año anterior.
La compañía registró fondos provenientes de las operaciones de 23.000 dólares, frente a 203.000 en el primer trimestre de 2024, y una pérdida neta de 0,3 millones de dólares. La caída de la producción se atribuyó a cambios en los procesos de medición en el yacimiento, a declinos naturales y al aplazamiento de trabajos de intervención debido a las inundaciones en el Cooper Basin. El netback operativo por barril disminuyó a 54,08 USD desde 64,08 USD interanual.
Bengal Energy (TSX:BNG)는 2026회계연도 1분기 실적을 발표했으며 주요 지표에서 큰 하락을 보였습니다. 원유 판매 수익은 전년 동기(2024회계연도 1분기)의 190만 달러에서 45% 감소한 100만 달러로 집계되었습니다. 생산량은 전년의 174 bopd에서 31% 감소한 120 배럴/일(bopd)로 줄었습니다.
회사는 영업 현금흐름 23,000달러를 보고했으며 이는 2024년 1분기의 203,000달러에서 감소한 수치이고, 순손실 30만 달러를 기록했습니다. 생산 감소는 유전 측정 절차 변경, 자연적인 생산 저하, Cooper Basin의 홍수로 인한 정비 작업 연기 때문으로 설명되었습니다. 배럴당 영업 넷백은 연간 기준으로 64.08달러에서 54.08달러로 하락했습니다.
Bengal Energy (TSX:BNG) a publié ses résultats du premier trimestre de l'exercice 2026, montrant des baisses marquées des principaux indicateurs. Les revenus des ventes de pétrole brut ont chuté de 45% à 1,0 million de dollars contre 1,9 million au premier trimestre de l'exercice 2024. La production a diminué de 31% à 120 barils par jour (bopd) contre 174 bopd l'année précédente.
La société a déclaré des fonds provenant des opérations de 23 000 dollars, en baisse par rapport à 203 000 au T1 2024, et une perte nette de 0,3 million de dollars. Le recul de la production a été attribué à des modifications des procédures de mesure sur le terrain, à des déclins naturels et au report des travaux de remise en état en raison des inondations dans le Cooper Basin. Le netback opérationnel par baril est passé de 64,08 $ à 54,08 $ en glissement annuel.
Bengal Energy (TSX:BNG) veröffentlichte die Ergebnisse für das erste Quartal des Geschäftsjahres 2026 und verzeichnete deutliche Rückgänge bei wichtigen Kennzahlen. Die Erlöse aus Rohölverkäufen sanken um 45% auf 1,0 Mio. USD gegenüber 1,9 Mio. USD im ersten Quartal 2024. Die Produktion fiel um 31% auf 120 Barrel pro Tag (bopd) gegenüber 174 bopd im Vorjahr.
Das Unternehmen meldete Cashflow aus der Geschäftstätigkeit von 23.000 USD, nach 203.000 USD im Q1 2024, und einen Nettverlust von 0,3 Mio. USD. Der Produktionsrückgang wurde auf Änderungen bei den Feldmessverfahren, natürliche Rückgänge und verschobene Instandsetzungsarbeiten aufgrund von Überschwemmungen im Cooper Basin zurückgeführt. Das operative Netback pro Barrel sank im Jahresvergleich von 64,08 USD auf 54,08 USD.
- Operating expenses reduced by approximately $0.4 million
- G&A expenses decreased by $0.3 million
- Ongoing discussions for potential farm-out opportunities to increase shareholder value
- Crude oil sales revenue declined 45% year-over-year to $1.0 million
- Production decreased 31% to 120 bopd due to measurement changes and natural declines
- Funds from operations dropped 89% to $23,000 from $203,000
- Operating netback per barrel decreased 16% to $54.08
- Net loss increased to $0.3 million from $0.2 million year-over-year
Calgary, Alberta--(Newsfile Corp. - August 11, 2025) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial and operating results for the year end and first quarter of fiscal 2026 ended June 30, 2025.
FIRST-QUARTER FISCAL 2026 HIGHLIGHTS:
The following is an overview of the financial and operational results during the three months ending June 30, 2025. All amounts are in Canadian funds unless otherwise noted:
Financial summary:
Sales revenue - Crude oil sales revenue was
Funds from operations1 - Funds from in operations was
Net loss - Bengal reported a net loss of
Operational summary:
Production volumes - The Company's share of total Cuisinier production in the current quarter was 10,910 bbls (120 bopd) a decrease of
OPERATING SUMMARY
Bengal has filed its consolidated financial statements and management's discussion and analysis for the quarter end March 31, 2025, with the Canadian securities regulators. The documents are available on SEDAR at www.sedarplus.ca or by visiting Bengal's website at www.bengalenergy.ca.
| ( | Three months ended June 30, | |||||
| 2025 | 2024 | |||||
| Oil sales ($) | 1,043 | 1,902 | ||||
| Operating netback(1) ($) | 590 | 1,012 | ||||
| Cashflow (used in) operating activities | 281 | (291 | ) | |||
| Funds (used in) from operations(1) ($) | 23 | 203 | ||||
| -Per share ($) (basic and diluted) | (0.00 | ) | (0.00 | ) | ||
| Net loss | (258 | ) | (210 | ) | ||
| -Per share ($) (basic and diluted) | (0.00 | ) | (0.00 | ) | ||
| Capital expenditures ($) | - | 49 | ||||
| Oil production (bbl/d) | 120 | 174 | ||||
| Operating netback(1) ($/bbl) | 54.08 | 64.08 | ||||
| (1) Non-IFRS and Other Financial Measures. | ||||||
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 | |||||
| June 30 | ||||||
| ( | 2025 | 2024 | ||||
| Oil sales | 1,043 | 1,902 | ||||
| Royalties | (101 | ) | (143 | ) | ||
| Operating expense | (352 | ) | (747 | ) | ||
| Operating netback | 590 | 1,012 | ||||
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 | |||||
| June 30, | ||||||
| ( | 2025 | 2024 | ||||
| Cash flow from operating activities | 281 | (291 | ) | |||
| Add back (deduct): | ||||||
| Changes in non-cash working capital | (258 | ) | 494 | |||
| Funds from (used in) operations | 23 | 203 | ||||
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 | |||||
| June 30 | ||||||
| ($/bbl) | 2025 | 2024 | ||||
| Oil sales | 95.60 | 120.43 | ||||
| Royalties | (9.26 | ) | (9.05 | ) | ||
| Operating expense | (32.26 | ) | (47.30 | ) | ||
| Operating netback | 54.08 | 64.08 | ||||
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.
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 adoptionof 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
Q3 - three months ended December 31
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 12 of the March 31, 2025 MD&A.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/262110
FAQ
What were Bengal Energy's (BNG) key financial results for Q1 fiscal 2026?
Why did Bengal Energy's production decline in Q1 fiscal 2026?
What was Bengal Energy's operating netback per barrel in Q1 2026?
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