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Bengal Energy Announces Fiscal 2023 Third Quarter Results
Calgary, Alberta--(Newsfile Corp. - February 8, 2023) - Bengal Energy Ltd. (TSX: BNG) ("Bengal"...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2023 Third Quarter ResultsCalgary, Alberta--(Newsfile Corp. - February 8, 2023) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the third quarter of fiscal 2023 ended December 31, 2022. THIRD QUARTER FISCAL 2023 HIGHLIGHTS: The following is an overview of the financial and operational results during the three and nine-months ending December 31, 2022. All amounts are in Canadian funds unless otherwise noted: Financial Summary: Sales Revenue - Crude oil sales revenue was $1.6 million in the third quarter of fiscal 2023, which is 13% lower than the $1.9 million recorded in Q3 fiscal 2022. The lower sales revenue is due to decreased realized crude oil prices during the quarter, which impacted crude sales and resulted in a $0.5 million reduction in the accrued value of pipeline oil as defined on page 6 of the Company's December 31, 2022 MD&A. Funds from (used in) Operations1 - Bengal used $35 thousand of funds from operations during Q3 fiscal 2023. During Q3 fiscal 2022, Bengal generated $0.8 of funds from operations. Bengal generated $0.7 million of cash from operations during Q3 fiscal 2023 compared to $0.6 million of cash from operations in Q3 fiscal 2022. The difference between funds from operations and cash flow from operations during Q3 fiscal 2022 is impacted by the reduction in value of accrued accounts receivable as described above. Net Income - Bengal reported a net loss of $0.4 million for the current quarter compared to net loss of $0.5 million in Q3 fiscal 2022. Operational Summary:Production Volumes - The Company's share of total Cuisinier production in the current quarter was 16,532 barrels of crude oil (\"bbls\") or 180 barrels of oil per day (\"bopd\"), which is a 4% increase from the 15,966 bbls or 174 bopd produced in the previous quarter (Q2 fiscal 2023). Production resumed at the Cuisinier 29 and Barta North 1 wells during December 2022 and the Cuisinier waterflood pilot, which commenced activity in calendar Q4 2021 has started to demonstrate encouraging results. The Barta Joint Venture (\"JV\") has observed compelling evidence that the overall field decline has been temporarily arrested with a general upward trend in oil production rates at the wells surrounding the pilot injection location since December 2...