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Bengal Energy Announces Fiscal 2022 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - August 10, 2021) - Bengal Energy Ltd. (TSX: BNG) ("Benga...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2022 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - August 10, 2021) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the first quarter of fiscal 2022 ended June 30, 2021. FIRST QUARTER FISCAL 2022 HIGHLIGHTS: The following is an overview of the financial and operational results during the three month period ended June 30, 2021. All amounts are in Canadian funds, unless otherwise noted: Financial Summary: Sales Revenue - Crude oil sales revenue was $1.5 million in the first quarter of fiscal 2022, which is 41% higher than the $1.1 million recorded in Q1 fiscal 2021. The higher sales revenue is due to a 90% increase in realized crude oil prices only partially offset by a 26% decline in production compared to the previous quarter. Funds from (used in) Operations1 - Bengal generated funds from operations of $0.1 million during Q1 fiscal 2022 compared to $0.2 million of funds used in Q1 fiscal 2021. Bengal used $0.8 million of cash from operations during Q1 fiscal 2022 compared to $0.3 million of cash generated from operations in Q1 fiscal 2021. Net Income - Bengal reported a net loss of $0.2 million for the current quarter compared to a net income of $0.4 million in Q1 fiscal 2021. Operational Summary:Production Volumes - The Company's share of total production in the current quarter was 15,981 bbls, which is a 26% decline from the 21,617 bbls produced in the first quarter of fiscal 2021. The current quarter production averaged 176 bbls/d compared to 238 bbls/d produced in the first quarter of fiscal 2021. Suspended production at three wells due to workover activities resulted in a loss of approximately 30 bbls/d during the quarter. These wells were brought online in July 2021.Capital Expenditures - Bengal completed the construction of its water injection pilot project during the fourth quarter of fiscal 2021 and completed the necessary remediation activities to commence injection by the end of June 2021. Development drilling in Cuisinier is expected to commence during calendar 2022 following the evaluation of the recent water injection pilot. OPERATING SUMMARY ($000s except per share, %,      volumes and operating netback amounts)      Three months ended June 30    2021  ...