Bengal Energy Announces Fiscal 2026 First Quarter Results

Executive Summary

• Bengal Energy Ltd. reported financial and operating results for the first quarter of fiscal 2026 (ended June 30, 2025), showing a significant decline in revenue and production compared to the prior year period.
• Crude oil sales revenue dropped 45% to $1.0 million, driven by a 31% decrease in production volumes and a 26% decrease in realized pricing.
• The company reported a net loss of $0.3 million and funds from operations of $23 thousand, with production declines attributed to measurement changes, natural declines, and operational delays caused by flooding.

Key Details

• Financial Performance (Q1 Fiscal 2026 vs Q1 Fiscal 2025):
  • Oil Sales Revenue: $1.0 million (down 45% from $1.9 million).
  • Funds from Operations: $23 thousand (down from $203 thousand).
  • Net Loss: $0.3 million (compared to $0.2 million net loss in Q1 2025).
  • Operating Netback: $590 thousand total ($54.08/bbl), down from $1.0 million total ($64.08/bbl).
  • Cash Flow from Operating Activities: $281 thousand (compared to $(291) thousand used in Q1 2025).
• Operational Metrics:
  • Production Volume: 120 barrels of oil per day (bopd), a 31% decrease from 174 bopd in Q1 2025.
  • Total Production: 10,910 barrels for the quarter (down from 15,793 barrels).
  • Revenue per Barrel: Oil sales price realized was 26% lower than the prior year.
• Operational Drivers & Challenges:
  • Measurement Change: Production decrease partially attributed to a change in field measurement process by the operator from allocation to metering.
  • Natural Decline & Uptime: Natural declines and well uptime issues contributed to lower volumes.
  • Flooding Event: Incremental production from workover activity was delayed due to a flooding event in the Cooper Basin, which restricted surface operations.
• Business Development:
  • The company is in ongoing discussions regarding potential farm-out opportunities for its exploration and development portfolio.
  • No estimate of success or status update is available until the culmination of these initiatives.
• Regulatory Filings:
  • Consolidated financial statements and Management’s Discussion and Analysis (MD&A) for the quarter ended March 31, 2025, have been filed with Canadian securities regulators and are available on SEDAR.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.