Business
Bengal Energy Announces Year End Fiscal 2013 Results
CALGARY , June 17, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Compan...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\nCALGARY, June 17, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating\n results for the fiscal year ended March 31, 2013.\n\n\nFISCAL YEAR END & FOURTH QUARTER 2013 HIGHLIGHTS: \n\n\n2013 was an active and successful period for Bengal, evidenced by the\n continued growth in our production, reserves and revenue, as well as\n the achievement of several important milestones which further advance\n our progress and set the stage for future expanded development. \n Highlights from the 2013 fiscal year and fourth quarter follow:\n\n\nQ4 Production increased 216%:  Corporate production in the fourth quarter averaged 325 barrels of oil\n equivalent per day (boe/d), an increase of 216% over 103 boe/d for the\n same period in 2012.  Average annual production of 170 boe/d in 2013\n increased by 26% over the 135 boe/d during fiscal 2012.  These\n increases are directly attributable to production growth from wells in\n the Cuisinier oil pool located on the Barta sub-block of ATP752 in the\n Cooper Basin, Queensland, Australia.\n\n\nQ4 Revenue increased 384%: Reported revenue for the fourth quarter was $3.0 million, compared to\n $0.6 million for the same quarter in 2012.  For fiscal year 2013,\n reported revenue totaled $5.9 million, 37% higher than the $4.3 million\n reported for the same period the prior year.\n\n\nQ4 Netbacks of $69.93/boe:  During the fourth quarter, Bengal realized operating netbacks of\n $69.93/boe, an increase of 156% compared to $27.27/boe for the same\n quarter in 2012. Full year 2013 average realized operating netbacks\n were $58.61, an increase of 28% relative to $45.72/boe realized in\n fiscal 2012.  These strong netbacks reflect the strength of the Brent\n benchmark crude oil price used in Australia, coupled with attractive\n royalty rates and declining operating / transportation expenses in\n Australia.\n\n\nReserves (2P) up by 167%: Independent third party year-end reserves evaluation to March 31, 2013\n have shown a 167% increase year-over-year in the corporate proved plus\n probable (\"2P\") reserves, driven by a 260% increase in 2P reserves at\n Cuisinier.  Based on 2P reserve additions, the Company replaced\n approximately 18 times its annual 2013 production to March 31, 2013. \n These ...