Bengal Energy Announces Fiscal 2026 Third Quarter Results

Executive Summary

• Bengal Energy reported Q3 FY2026 crude oil sales revenue of C$1.0 M, a 29% decline versus the prior year quarter.
• Net loss for the quarter was C$0.4 M, unchanged from Q3 FY2025; funds (used in) operations were a negative C$0.129 M.
• Production fell to 115 bopd (10,615 bbls for the quarter), down 7% YoY, with work‑over wells not yet back to pre‑work‑over volumes.

Key Details

• Revenue: Crude oil sales revenue C$1.012 M in Q3 FY2026 vs. C$1.431 M in Q3 FY2025 (−29%).
• Realized Oil Price: US$63.63/bbl in Q3 FY2026 vs. US$74.61/bbl in Q3 FY2025 (‑15%).
• Production: 115 bopd (10,615 bbls) in Q3 FY2026 vs. 124 bopd (11,420 bbls) in Q3 FY2025 (‑7%).
• Operating Netback: C$299 k for the quarter (C$28.17/bbl), down from C$706 k (C$61.83/bbl) YoY.
• Funds (used in) Operations: (C$129 k) for Q3 FY2026 vs. +C$23 k in Q3 FY2025; driven by lower revenue offset partially by reduced operating and G&A expenses.
• Net Loss: C$415 k for the quarter, identical to prior year quarter; per‑share loss $0.00 (basic & diluted).
• Cash Flow from Operating Activities: (C$415 k) used in Q3 FY2026 vs. +C$298 k generated in Q3 FY2025.
• Capital Expenditures: C$2 k incurred in the quarter, down from C$12 k YoY.
• Work‑over Activity: Four wells were work‑overed and returned to production; volumes have not yet recovered to pre‑work‑over levels. The company is seeking clarification from the operator on production allocations among JV partners.
• Business Development: Ongoing discussions about potential farm‑out opportunities, acquisitions, and divestitures remain stalled due to low oil prices and limited junior equity market activity.

Notable Quotes

• “We continue to monitor our production performance closely while navigating a challenging price environment,” said Chayan Chakrabarty, President & CEO.

All amounts are presented in Canadian dollars unless otherwise noted.