Business
Bengal Energy Announces Fiscal Q2 2011 Results
Bengal Energy Announces Fiscal Q2 2011 Results
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n Nov. 12, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, Nov. 12 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announced its financial and operating\n results for the second quarter of fiscal 2011.\n\n\nHaving established a platform for significant growth, Bengal focused its\n activities in the second fiscal quarter of 2011 on further enhancing\n its world-class assets in India and Australia. The Company raised\n equity needed to develop its projects and prospects, added two new\n directors to its Board and began an active drilling program on the\n Barta Block in the Cooper Basin of Australia in November 2010.\n\n\nRecent Highlights\n\n\n\nAppointed Richard A.N. Bonnycastle and Robert D. Steele to the board of\n directors;\n\n\nClosed a common share equity financing in September at $1.00 per share\n for total gross proceeds of $12 million. Net proceeds are being used to\n fund Bengal's ongoing capital expenditure programs in India and\n Australia and for general working capital purposes; and\n\n\nIncreased production, oil and gas revenue and capital expenditures in\n the second quarter of fiscal 2011 compared with the first quarter of\n fiscal 2011. Production year over year declined primarily as a result\n of the disposition of four natural gas wells in Canada in September\n 2009. This decline was offset by higher than anticipated production\n from the Company's Cuisinier-1 oil discovery in Australia's Cooper\n Ba...