Bengal Energy Announces Results for the Quarter Ended June 30, 2009

About this update from Bengal Energy Ltd.

[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 13 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the\n"Company") today announced its financial and operating results for the quarter\nended June 30, 2009. Highlights are as follows:\n\n\n- Produced 172 barrels of oil equivalent per day (boe/d) in Australia\n and Canada and pursued world-class exploration opportunities on\n resource plays in Australia and India. Bengal has 1.5 million net\n acres of undeveloped land focused in three countries with stable\n political and favorable fiscal environments.\n\n- Carried out a third-party prospective resource assessment for\n Bengal's 100%-owned Australian offshore exploration permit AC/P 47, a\n 3,485 square kilometer block with significant resource potential from\n multiple high quality structures. Independent third party engineering\n firm DeGolyer and MacNaughton has determined that a best estimate\n (P50) of the unrisked prospective oil resource attributable to one\n prospect identified in the Permit is 590.4 million barrels of\n recoverable oil. AC/P 47 is approximately 150 kilometers west of the\n Vulcan Graben, an established offshore producing area. See\n disclaimers related to "Resource Estimates" below.\n\n- Maintained a healthy balance sheet with working capital of\n $1.8 million on June 30, 2009 and no long-term debt.\n\n- Restricted capital expenditures to $154,000 in the quarter compared\n with $1.5 million in the corresponding period of fiscal 2009. Work\n commitments over the next 12 months are estimated to be $2.0 million.\n\n- Completed the acquisition of 206 square kilometers of new 3D seismic\n data on exploration license ATP 752P (the Wompi Block) within the\n Cooper/Eromanga Basin of Queensland, Australia. The operator acquired\n the seismic data at no cost to Bengal. Bengal is carried for the\n costs of the initial three exploration wells and has the option to\n fund 60% of the fourth exploration well in order to retain its 30%\n working interest in the block. Drilling is expected to begin in the\n first quarter of calendar year 2010.\n\n- Finalizing production lease, equipment lease and crude oil marketing\n and transportation agreements in order to begin initial production\n from the recent Cuisinier oil discovery on the Barta block in\n Australia's Cooper Basin. Production from the well is expected to\n c...

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