Bengal Energy Announces Fiscal 2027 First Quarter Results

About this update from Bengal Energy Ltd.

Calgary, Alberta--(Newsfile Corp. - August 7, 2026) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial and operating results for the year end and first quarter of fiscal 2027 ended June 30, 2026.FIRST-QUARTER FISCAL 2027 HIGHLIGHTS:The following is an overview of the financial and operational results during the three months ending June 30, 2026. All amounts are in Canadian funds unless otherwise noted:Financial summary:Sales revenue - Crude oil sales revenue was $1.4 million in the first quarter of fiscal 2027, 30% higher than $1.0 million in the first quarter of fiscal 2026. The increase stemmed from higher pipeline oil volume accrued in the current fiscal quarter compared to the same period in fiscal 2026 and higher realized oil prices. Realized oil prices averaged US$124.26 per barrel ("bbl") during Q1 F2027, 87% higher than US$66.56/bbl during Q1 fiscal 2026. Funds from operations[1] - Funds from operations were $50 thousand during the first quarter of fiscal 2027 compared to funds from operations of $23 thousand in Q1 fiscal 2026. Higher sales revenue was partially offset by increased operating expense.Net loss - Bengal reported a net loss of $0.2 million in the first quarter of fiscal 2027, consistent with the first quarter of fiscal 2026. Pricing was higher in the first quarter of fiscal 2027, offset by lower volumes between the two periods. Operational summary:Production volumes - The Company's share of total Cuisinier production in the current quarter was 9,860 bbls (108 bopd), a decrease of 10% compared to production of 10,910 bbls (120 bopd) in the first quarter of fiscal 2026. Production volumes from four wells worked over in Q2 fiscal 2026 have yet to reach pre-workover levels and the joint venture is evaluating total field performance. OPERATING SUMMARYBengal has filed its consolidated financial statements and management's discussion and analysis for the quarter ended June 30, 2026, with the Canadian securities regulators. The documents are available on SEDAR at www.sedarplus.ca or by visiting Bengal's website at www.bengalenergy.ca.($000s except per share, %, volumes and operating netback(1) amounts)Three months endedJune 30,20262025Oil sales ($)1,3541,043Operating netback(1) ($)617590Cashflow (used in) operating activities(487)281Funds (used in) from operations(1) ($)5023-Per share ($) (basic and dilu...

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