Bengal Energy Announces Strong Fourth Quarter and Fiscal 2015 Year End Results and Significant 2P Reserves Additions
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 06/22/15 -- Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial and operating results for the fourth quarter and the fiscal year ended March 31, 2015.
"We are pleased with the results from our Cuisinier drilling program this year," said Chayan Chakrabarty, Bengal's President and CEO. "We have added to our production base, successfully expanded the pool area thus providing an excellent foundation for future production and reserve growth. We also are enjoying attractive net-backs, compared to our North American peers, and our significant hedging position provides Bengal with a very favorable corporate netback at current market prices that will allow us to remain flexible in a supressed oil price environment. The Company continues to pursue our long-term growth strategy of developing our large oil-in-place Cuisinier pool in Australia, while providing new upside potential to our investors through our appraisal and exploration efforts in our core operating areas".
FISCAL YEAR END & FOURTH QUARTER 2015 HIGHLIGHTS:
The 2015 fiscal year saw the largest drilling program in the Company's history, resulting in further delineation and expansion of the Cuisinier Pool, another increase in reserves, new production coming online, as well as the achievement of several important milestones, including the establishment of the Westpac credit facility, which continue to set the stage for future growth. Given the recent volatility in crude oil pricing, Bengal is taking a prudent approach to capital expenditures for the coming year which will allow the Company to build its cash position and strengthen its balance sheet. The following are financial, operational and corporate achievements through the three and twelve months ended March 31, 2015:
Financial Highlights:
Operational Highlights:
OPERATING HIGHLIGHTS
Bengal has filed its consolidated financial statements and management's discussion and analysis for the fourth fiscal quarter of 2015 and year ended March 31, 2015 with Canadian securities regulators. The documents are available on SEDAR at or by visiting Bengal's website at .
About Bengal
Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia and India. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal's common shares trade on the TSX under the symbol "BNG".
Additional information is available at .
Forward-Looking Statements
This news release contains certain forward-looking statements or information ("forward-looking statements") as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal's control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate", or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the impact of economic conditions in North America, Australia, India and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. We believe the expectations reflected in those forward-looking statements are reasonable but, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's approach to capital expenditures for the coming year; the anticipated timing for the new producing wells to come online in June 2015; the monitoring of the Cuisinier-6 well; the valuation of various stimulation options for Cuisinier-17 and -19; the anticipated fracture stimulation program for the Cuisinier wells, including for Cuisinier-17 and -19; the discussions with the Queensland Government regarding a work program and budget for the ATP 934 Barrolka Permit; the anticipated timing for completion and testing of the gas discovery at Wompi; anticipated timing of interpretation of the PSDM data and next phase of drilling on the ATP 732 Tookoonooka Permit; and the Company's onshore India drilling plan with its partners, including the expected timing of drilling the first three exploration wells.
The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal's actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: the failure to obtain required regulatory approvals or extensions; failure to satisfy the conditions under farm-in and joint venture agreements; failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America, Australia, India; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. Readers are encouraged to review the material risks discussed in Bengal's Annual Information Form for the year ended March 31, 2014 under the heading "Risk Factors" and in Bengal's annual MD&A under the heading "Risk Factors". The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof and Bengal does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be require pursuant to applicable securities laws.
Barrels of Oil Equivalent
When converting natural gas to equivalent barrels of oil, Bengal uses the widely recognized standard of 6 thousand cubic feet (mcf) to one barrel of oil (boe). However, a boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Non-IFRS Measurements
Within this release references are made to terms commonly used in the oil and gas industry. Funds from operations, funds from operations per share and netbacks do not have any standardized meaning under IFRS and previous GAAP and are referred to as non-IFRS measures. Funds from operations per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of net income (loss) per share. Netbacks equal total revenue less royalties and operating and transportation expenses calculated on a boe basis. Management utilizes these measures to analyze operating performance. The Company's calculation of the non-IFRS measures included herein may differ from the calculation of similar measures by other issuers. Therefore, the Company's non-IFRS measures may not be comparable to other similar measures used by other issuers. Funds from operations is not intended to represent operating profit for the period nor should it be viewed as an alternative to operating profit, net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS. Non-IFRS measures should only be used in conjunction with the Company's annual audited and interim financial statements. A reconciliation of these measures can be found in the table on page 6 of Bengal's Q4 MD&A.
(1) See non-IFRS measurements section on page 6 of the 4th Qtr. Year Ended Mar. 31-15 MD&A
Contacts:
Bengal Energy Ltd.
Chayan Chakrabarty
President & Chief Executive Officer
(403) 205-2526
Bengal Energy Ltd.
Jerrad Blanchard
Chief Financial Officer
(403) 205-2526
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Datum: 22.06.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 401972
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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