Bengal Highlights Financial, Operating Results for '09

Bengal announced its financial and operating results for the year ended March 31, 2010.

Bengal moved aggressively in fiscal 2010 to establish a platform for significant international growth. Within the past two years, the Company has now increased its undeveloped land position by 250% to 2.3 million net acres, 87% of which is operated by Bengal.

Recent highlights:

  • Through rigorous geotechnical work and international expertise, Bengal has been awarded or acquired four large exploration blocks over the past 18 months:
    • Awarded a 340,000-acre offshore block (100% working interest) in India's Cauvery Basin (CY-OSN 2009/1)
    • Awarded a 861,000-acre block (100% working interest) in the Timor Sea, offshore Australia (AC/P 47)
    • Awarded a 234,000-acre onshore (30% working interest) block in India (CY-ONN-2005/1)
    • Acquired a 100% working interest in 654,000 acres at ATP 732P in Australia's Cooper Basin. The acquisition is subject to the grant of an Authority to Prospect (ATP) by the government of the state of Queensland in Australia.
  • Announced on June 8, 2010 that production had commenced from Bengal's Cuisinier-1 oil discovery in Australia's onshore Cooper Basin at ATP 752P. The well, part of a staged farm-in agreement, is currently producing at a rate of 340 barrels per day of 52 degree API oil. Bengal's interest in the well is 14.26%. Bengal's interest in the permit will increase to 25% after contributing 55% of the cost to drill the next earning well on the permit. Bengal will then be fully carried on up to two additional exploration wells.
  • Raised $2.1 million in September 2009 through the disposition of relatively small, non-operated producing assets in the Kaybob region of Alberta. The Kaybob assets produced 54 barrels of oil equivalent (boe) per day over the six months prior to the disposition and consisted of less than a net section of land, allowing Bengal to direct its resources to higher impact prospects in Australia and India.
  • Announced an assessment in April 2009 of gross prospective oil resources on the Company's newly awarded exploration permit in the Timor Sea at AC/P 47. DeGolyer and MacNaughton, a worldwide petroleum engineering and consulting firm, determined that a best estimate (P50) of the unrisked gross prospective oil resources attributable to one prospect identified in the permit is 590.4 million barrels of recoverable oil.

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