Bengal Energy Announces Fiscal 2026 Second Quarter Results
Bengal Energy (OTC:BNGLF) reported Q2 fiscal 2026 results for the quarter ended September 30, 2025, showing weaker operating and financial metrics versus prior year.
Key figures: crude oil sales of CAD $0.9M (down 24% YoY), production 114 bopd (down 10% YoY), realized price US$68.97/bbl (down 16% YoY), funds used in operations CAD (0.4M), and net loss CAD (0.7M). Operating netback fell to CAD $15.10/bbl from CAD $42.84/bbl a year earlier. Production was reduced by well downtime and Cooper Basin flooding, and planned farm-out and M&A initiatives remain stalled while oil prices and equity markets are weak.
Bengal Energy (OTC:BNGLF) ha riportato i risultati del secondo trimestre fiscale 2026 per il trimestre conclusosi il 30 settembre 2025, mostrando metriche operative e finanziarie inferiori rispetto all'anno precedente.
Principali cifre: vendite di petrolio greggio pari a CAD 0,9 M (in diminuzione del 24% rispetto all'anno precedente), produzione 114 bopd (in ribasso del 10% YoY), prezzo realizzato US$68,97/bbl (in calo del 16% YoY), fondi impiegati nelle operazioni CAD (0,4 M), e perdita netta CAD (0,7 M). Il margine operativo è sceso a CAD 15,10/bbl da CAD 42,84/bbl un anno prima. La produzione è stata ridotta a causa di fermi di pozzi e delle inondazioni della Cooper Basin, e le iniziative pianificate di farm-out e fusioni/acquisizioni rimangono bloccate mentre i prezzi del petrolio e i mercati azionari sono deboli.
Bengal Energy (OTC:BNGLF) informó resultados del segundo trimestre fiscal 2026 para el trimestre terminado el 30 de septiembre de 2025, mostrando métricas operativas y financieras más débiles frente al año anterior.
Cifras clave: ventas de petróleo crudo de CAD 0,9 M (caída del 24% interanual), producción 114 bopd (caída del 10% interanual), precio realizado US$68,97/bbl (caída del 16% interanual), fondos utilizados en operaciones CAD (0,4 M), y pérdida neta CAD (0,7 M). El margen operativo cayó a CAD 15,10/bbl desde CAD 42,84/bbl un año antes. La producción se redujo debido a fallos de pozos y las inundaciones de Cooper Basin, y las iniciativas planificadas de farm-out y fusiones/adquisiciones siguen estancadas mientras los precios del petróleo y los mercados de valores son débiles.
Bengal Energy (OTC:BNGLF) 는 2025년 9월 30일 종료된 2026 회계연도 2분기 결과를 보고했고, 전년 대비 운영 및 재무 지표가 약화되었습니다.
주요 수치: 원유 매출 CAD 0.9 백만 달러 (전년 대비 -24%), 생산량 114 bopd (전년 대비 -10%), 실현가격 US$68.97/bbl (전년 대비 -16%), 운용에 사용된 자금 CAD (0.4M), 순손실 CAD (0.7M). 영업 순이익은 전년의 CAD 42.84/bbl에서 CAD 15.10/bbl로 감소. 생산은 정비 중지와 Cooper Basin의 홍수로 감소했고, 농업전개 및 M&A 계획은 석유 가격과 주식시장이 약세한 상황에서 여전히 지연되고 있습니다.
Bengal Energy (OTC:BNGLF) a publié les résultats du deuxième trimestre fiscal 2026 pour le trimestre clos le 30 septembre 2025, montrant des indicateurs opérationnels et financiers plus faibles par rapport à l'année précédente.
Chiffres clés : ventes de pétrole brut de CAD 0,9 M (en baisse de 24 % sur un an), production de 114 bopd (en baisse de 10 % sur un an), prix réalisé US$68,97/bbl (en baisse de 16 % sur un an), fonds utilisés dans les opérations CAD (0,4 M), et perte nette CAD (0,7 M). Le bénéfice opérationnel est tombé à CAD 15,10/bbl contre CAD 42,84/bbl un an plus tôt. La production a été réduite en raison de pannes de puits et des inondations du Cooper Basin, et les initiatives prévues de farm-out et de fusions-acquisitions restent bloquées tant que les prix du pétrole et les marchés boursiers restent faibles.
Bengal Energy (OTC:BNGLF) meldete die Ergebnisse des zweiten Geschäftsjahresquartals 2026 für das Quartal zum 30. September 2025, die im Vergleich zum Vorjahr schwächere operative und finanzielle Kennzahlen zeigten.
Schlüsseldaten: Rohölverkäufe CAD 0,9 Mio. (YoY -24%), Produktion 114 bopd (YoY -10%), realisierter Preis US$68,97/bbl (YoY -16%), in Betrieb verwendete Mittel CAD (0,4 M), Nettos Verlust CAD (0,7 M). Operating Netback fiel auf CAD 15,10/bbl von CAD 42,84/bbl ein Jahr zuvor. Die Produktion wurde durch Bohrstillstände und Überschwemmungen im Cooper Basin reduziert, und geplante Farm-out- und F&A-Initiativen bleiben blockiert, während Ölpreise und Aktienmärkte schwach sind.
Bengal Energy (OTC:BNGLF) أبلغت عن نتائج الربع الثاني من السنة المالية 2026 للربع المنتهي في 30 سبتمبر 2025، مع مؤشرات تشغيلية ومالية أضعف مقارنة بالعام الماضي.
الأرقام الرئيسية: مبيعات النفط الخام CAD 0.9 مليون (بانخفاض 24% على أساس سنوي)، الإنتاج 114 برميلًا يوميًا (بانخفاض 10% على أساس سنوي)، السعر المحقق US$68.97/ب/barrel (بانخفاض 16% على أساس سنوي)، الأموال المستخدمة في التشغيل CAD (0.4M)، والخسارة الصافية CAD (0.7M). انخفض هامش التشغيل إلى CAD 15,10/bbl من CAD 42,84/bbl قبل عام. تم تقليل الإنتاج بسبب توقفات الآبار وفيضانات Cooper Basin، وتظل مبادرات Farm-out وM&A المخطط لها معطلة بينما الأسعار النفط وأسواق الأسهم ضعيفة.
- Operating netback positive at CAD $15.10/bbl
- General & administrative costs reduced by CAD $0.2M in the quarter
- Capital expenditures remained low at CAD $56k, preserving cash
- Oil sales down 24% YoY to CAD $0.9M
- Production decreased 10% YoY to 114 bopd
- Realized price down 16% YoY to US$68.97/bbl
- Funds from operations used CAD (0.4M) in Q2
- Net loss CAD (0.7M) in Q2
- Operational disruption from downtime and Cooper Basin flooding causing uncertain timing and volumes
Calgary, Alberta--(Newsfile Corp. - November 10, 2025) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial and operating results for the year end and second quarter of fiscal 2026 ended September 30, 2025.
SECOND-QUARTER FISCAL 2026 HIGHLIGHTS:
The following is an overview of the financial and operational results during the three and six months ending September 30, 2025. All amounts are in Canadian funds unless otherwise noted:
Financial summary:
Sales revenue - Crude oil sales revenue was
Funds from operations1 - Funds used in operations was
Net loss - Bengal reported a net loss of
Operational summary:
Production volumes - The Company's share of total Cuisinier production in the current quarter was 10,530 (114 bopd), a decrease of
OPERATING SUMMARY
Bengal has filed its consolidated financial statements and management's discussion and analysis for the quarter end September 30, 2025, with the Canadian securities regulators. The documents are available on SEDAR at www.sedarplus.ca or by visiting Bengal's website at www.bengalenergy.ca.
| ( | Three months ended September 30, | Six months ended September 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Oil sales ($) | 946 | 1,252 | 1,989 | 3,154 | ||||||||
| Operating netback(1) ($) | 159 | 500 | 749 | 1,512 | ||||||||
| Cashflow (used in) operating activities | (520 | ) | (129 | ) | (239 | ) | (420 | ) | ||||
| Funds (used in) from operations(1) ($) | (402 | ) | (294 | ) | (379 | ) | (91 | ) | ||||
| -Per share ($) (basic and diluted) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||
| Net loss | (678 | ) | (608 | ) | (936 | ) | (818 | ) | ||||
| -Per share ($) (basic and diluted) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||
| Capital expenditures ($) | 56 | 9 | 56 | 58 | ||||||||
| Oil production (bbl/d) | 114 | 127 | 117 | 150 | ||||||||
| Operating netback(1) ($/bbl) | 15.10 | 42.84 | 34.94 | 55.06 | ||||||||
(1) Non-IFRS and Other Financial Measures.
Business development
From time to time, Bengal has been in discussions regarding potential farm-out opportunities surrounding its exploration and development portfolio, as well as other corporate initiatives including acquisitions and divestitures aimed at increasing shareholder value. With oil prices under pressure and junior equity markets virtually closed for oil and gas companies, Bengal has been unable to advance these initiatives to date.
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 September 30, | Six months ended September 30, | ||||||||||
| ( | 2025 | 2024 | 2025 | 2024 | ||||||||
| Oil sales | 946 | 1,252 | 1,989 | 3,154 | ||||||||
| Royalties | (59 | ) | (120 | ) | (160 | ) | (263 | ) | ||||
| Operating expense | (728 | ) | (632 | ) | (1,080 | ) | (1,379 | ) | ||||
| Operating netback | 159 | 500 | 749 | 1,512 | ||||||||
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 September 30, | Six months ended September 30, | ||||||||||
| ( | 2025 | 2024 | 2025 | 2024 | ||||||||
| Cash flow from operating activities | (520 | ) | (129 | ) | (239 | ) | (420 | ) | ||||
| Add back (deduct): | ||||||||||||
| Changes in non-cash working capital | 118 | (165 | ) | (140 | ) | 329 | ||||||
| Funds from (used in) operations | (402 | ) | (294 | ) | (379 | ) | (91 | ) | ||||
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 September 30, | Six months ended September 30, | ||||||||||
| ($/bbl) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Oil sales | 89.84 | 107.28 | 92.77 | 114.85 | ||||||||
| Royalties | (5.60 | ) | (10.28 | ) | (7.46 | ) | (9.58 | ) | ||||
| Operating expense | (69.14 | ) | (54.16 | ) | (50.37 | ) | (50.21 | ) | ||||
| Operating netback | 15.10 | 42.84 | 34.94 | 55.06 | ||||||||
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 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 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, 2025, under the heading "Risk Factors" and in Bengal's management's discussion and analysis for the Q2 of the fiscal year ending March 31, 2026, 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, 2025.
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 September 30, 2025 MD&A.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273896
FAQ
What were Bengal Energy (BNGLF) Q2 fiscal 2026 oil sales and how did they change year-over-year?
How did Bengal's production (bopd) for Q2 2026 compare to Q2 2025 for BNGLF?
What was Bengal's operating netback per barrel in Q2 fiscal 2026 and why does it matter for BNGLF investors?
Did Bengal generate positive funds from operations in Q2 fiscal 2026 (BNGLF)?
What operational issues affected Bengal Energy's Q2 2026 results for BNGLF?
Are Bengal's farm-out or acquisition plans progressing given Q2 2026 results (BNGLF)?
