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Bengal Energy Announces Fiscal 2022 Fourth Quarter Results
Calgary, Alberta--(Newsfile Corp. - June 17, 2022) - Bengal Energy Ltd. (TSX: BNG) ("Bengal"...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2022 Fourth Quarter ResultsCalgary, Alberta--(Newsfile Corp. - June 17, 2022) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the fourth quarter of fiscal 2022 ended March 31, 2022. FOURTH-QUARTER FISCAL 2022 HIGHLIGHTS: The following is an overview of the financial and operational results during the three-and twelve-months ending March 31, 2022. All amounts are in Canadian funds unless otherwise noted: Financial Summary: Reserves - Bengal's independently evaluated Proved Plus Probable (\"2P\") reserves for the fiscal year ended March 31, 2022, are 5,778 thousand barrels of oil (\"Mbbls\") and Proved (\"1P\") reserves are 2,145 Mbbls compared to 5,789 Mbbls and 2,163 Mbbls for 2P and 1P reserves respectively at March 31, 2021. The net present value (NPV10, before tax) of Bengal's 2P reserves, net of future development costs, at March 31, 2022, is $149.0 million, or $0.30 per share compared to $87.6 million at March 31, 2021. The 2P after-tax net asset value is $115 million for the current year compared to $69.2 million in the prior year.Sales revenue - Crude oil sales revenue was $2.4 million in the fourth quarter of fiscal 2022, which is 50% higher than the $1.6 million recorded in Q4 fiscal 2021. Full year fiscal 2022 sales revenue was $7.7 million compared to $5.2 million for the full year fiscal 2021.Funds from (used in) operations1 - Bengal generated $0.5 million of funds from operations during Q4 fiscal 2022 compared to a $0.2 million funds used in operations during Q4 fiscal 2021. For the full-year fiscal 2022, the Company generated $1.4 million of funds from operations compared to $0.2 million during the prior fiscal year. Net income - Bengal reported net income of $0.2 million for the current quarter compared to net income of $3.9 million in the fourth quarter of fiscal 2021. For the full-year fiscal 2022, the Company reported a net loss of $0.4 million compared net income of $3.9 million in the prior year. Several non-operational items contributed to net income during the prior year that were absent in the current period, including $3.7 million of foreign exchange gains and a $3.5 million gain on the settlement of the Company's Credit Facility. Private placement - On March 7, 2022, the Company closed a private placeme...