Bengal Energy Announces Results for the Year Ended March 31, 2009

About this update from Bengal Energy Ltd.

[{"type":"text","content":"\n\n\n\nCALGARY, June 24 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the\n"Company") today announced its financial and operating results for the year\nended March 31, 2009. Highlights of the Company's activities in Canada, India\nand Australia over the year are as follows:\n\n\n- Awarded 100% of Exploration Permit AC/P47 ("AC/P47" or the "Permit"),\n a large Australian offshore block with significant resource potential\n from multiple high quality structures.\n- Awarded a 30% interest in CY-ONN-2005/1, a 233,800 acre block in\n India's proven Cauvery Basin.\n- Partnered with national oil companies in India, including GAIL\n (India) Limited (40%, operator) and Gujarat State Petroleum\n Corporation (GSPC).\n- More than doubled international acreage to 1.5 million net acres.\n- Achieved annual production of 198 barrels of oil equivalent per day.\n- Replaced 267% of production based on proved plus probable reserves as\n evaluated by DeGolyer and MacNaughton Canada Ltd. as of March 31,\n 2009.\n- Increased proved plus probable reserves 30%.\n- Achieved annual funds from operations of $1,093,000. Funds from\n operations is a non-GAAP measure. See Non-GAAP Measures below. The\n comparable GAAP measure is cash flow from operations. Cash flow from\n operations for the year ended March 31, 2009 was $1,773,000.\n\n\nFinancial and Operating Highlights\n-------------------------------------------------------------------------\n$000s except per share, Twelve Months\n volumes and netback Three Months Ended Ended\n amounts --------------------------------------------------\n 03/31/09 03/31/08 12/31/08 03/31/09 03/31/08\n-------------------------------------------------------------------------\nRevenue\n Natural gas $ 357 $ 394 $ 516 $ 2,110 $ 978\n Natural gas liquids 62 89 67 473 373\n Oil 248 776 242 2,343 2,223\n-------------------------------------------------------------------------\n Total 667 1,259 825 4,926 3,574\n-------------------------------------------------------------------------\nRoyalties 143 192 125 882 491\n % of revenue 21.4 15.3 15.2 18.0 13.7\n-------------------------------------------------------------------------\nOperating &\n transportation 283 194 211 1,145 587\n-------------------------------------------------------------------------\nNetback(1) 241 873 489 2,899 2,...

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