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Bengal Energy Announces Fourth Quarter and Fiscal 2021 Year End Results
Calgary, Alberta--(Newsfile Corp. - June 21, 2021) - Bengal Energy Ltd. (TSX: BNG) ("Bengal"...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fourth Quarter and Fiscal 2021 Year End ResultsCalgary, Alberta--(Newsfile Corp. - June 21, 2021) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the fourth quarter and the fiscal year ended March 31, 2021. FISCAL YEAR END & FOURTH QUARTER 2021 HIGHLIGHTS: The following is an overview of the financial and operational results during the three and twelve month periods ended March 31, 2021. All amounts are in Canadian funds, unless otherwise noted: Financial Summary: Long term debt - On February 26, 2021, the Company completed its debt settlement transaction between its wholly-owned subsidiary Bengal Australia Ltd. Pty and Westpac Banking Corporation (\"Westpac\") under its secured credit facility (the \"Credit Facility\") whereby the total balance outstanding of US$ 12.5 million was settled in exchange for a payment of US $10.0 million resulting in a gain on redemption of $3.5 million. In conjunction with this, the Company entered into a recapitalization transaction with Texada Capital Management Ltd. The transaction included the issuance of 330,720,000 common shares of the Company at a price of $0.05 per share for total proceeds of $16.5 million, of which $12.6 million (being the Canadian dollar equivalent of US $10.0 million based on the daily average CAD$/USD$ foreign exchange rate published by the Bank of Canada as at February 24, 2021) were used as settlement payment to Westpac. Reserves - Bengal's independently evaluated Proved Plus Probable (\"2P\") reserves for the fiscal year ended March 31, 2021 are 5,789 thousand barrels of oil (\"Mbbls\") and Proved reserves are 2,163 Mbbls. The net present value (NPV10, before tax) of Bengal's 2P reserves are $87.6 million, or $0.21 per share. The 2P after tax net asset value is $69.1 million.Sales revenue - Crude oil sales revenue was $1.6 million in the fourth quarter of fiscal 2021, which is 40% higher than the $1.1 million recorded in Q4 fiscal 2020. Full year fiscal 2021 sales revenue was $5.2 million compared to $8.1 million for the full year fiscal 2020. The decrease in sales revenue during the current fiscal year was due to a combination of naturally declining production volumes and lower realized crude oil prices, which continued to be impacted by demand disruptions associ...