(MENAFN- Newsfile Corp) Calgary, Alberta--(Newsfile Corp. - November 10, 2025) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial and operating results for the year end and second quarter of fiscal 2026 ended September 30, 2025.

SECOND-QUARTER FISCAL 2026 HIGHLIGHTS:

The following is an overview of the financial and operational results during the three and six months ending September 30, 2025. All amounts are in Canadian funds unless otherwise noted:

Financial summary:

Sales revenue - Crude oil sales revenue was $0.9 million in the second quarter of fiscal 2026, 24% lower than $1.3 million in Q2 fiscal 2025. Production was 114 barrels of oil per day ("bopd") in Q2 fiscal 2025, 10% lower than 127 bopd in Q2 fiscal 2025 and realized pricing was US$68.97 per barrel ("bbl"), 16% lower during Q2 fiscal 2026 compared to US$82.59/bbl Q2 fiscal 2025.

Funds from operations ¹ - Funds used in operations was $0.4 million during Q2 fiscal 2026 compared to funds (used in) operations of $0.3 million in Q2 fiscal 2025 driven by a $0.3 million decrease in revenue and a $0.1 million increase in operating expense. The decrease in operating margins was partially offset by a $0.2 million reduction in general and administrative expenses.

Net loss - Bengal reported a net loss of $0.7 million in Q2 fiscal 2026 compared to net loss of $0.6 million in Q2 fiscal 2025.

Operational summary:

Production volumes - The Company's share of total Cuisinier production in the current quarter was 10,530 (114 bopd), a decrease of 10% compared to production of 11,670 bbls (127 bopd) in the second quarter of fiscal 2025. The decrease in production was due to the impact of downtime at four Cuisinier wells for which production did not resume until September 2025. Incremental production from workover activity was expected during the quarter however production improvements were delayed due to a flooding event in the Cooper Basin restricting surface operations. The Company continues to investigate allocation anomalies and is working with the operator to evaluate the impacts of downtime and reactivations; however the timing and volume of expected incremental production is currently uncertain.

OPERATING SUMMARY

Bengal has filed its consolidated financial statements and management's discussion and analysis for the quarter end September 30, 2025, with the Canadian securities regulators. The documents are available on SEDAR at or by visiting Bengal's website at

($000s except per share, %, volumes and operating netback(1) amounts)		Three months ended September 30,			Six months ended September 30,
		2025			2024			2025			2024
Oil sales ($)		946			1,252			1,989			3,154
Operating netback(1)($)		159			500			749			1,512
Cashflow (used in) operating activities		(520	)		(129	)		(239	)		(420	)
Funds (used in) from operations(1)($)		(402	)		(294	)		(379	)		(91	)
-Per share ($) (basic and diluted)		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Net loss		(678	)		(608	)		(936	)		(818	)
-Per share ($) (basic and diluted)		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Capital expenditures ($)		56			9			56			58
Oil production (bbl/d)		114			127			117			150
Operating netback(1) ($/bbl)		15.10			42.84			34.94			55.06

(1) Non-IFRS and Other Financial Measures.

Business development

From time to time, Bengal has been in discussions regarding potential farm-out opportunities surrounding its exploration and development portfolio, as well as other corporate initiatives including acquisitions and divestitures aimed at increasing shareholder value. With oil prices under pressure and junior equity markets virtually closed for oil and gas companies, Bengal has been unable to advance these initiatives to date.

Non-IFRS and Other Financial Measures

Non-IFRS Financial Measures

Within this Press Release, references are made to terms commonly used in the oil and gas industry. Operating netback, operating netback per barrel, funds from operations, funds from operations per share, adjusted net income, and adjusted net income per share do not have any standardized meaning under IFRS and are referred to as non-IFRS measures. Management believes the presentation of the non-IFRS measures above provides useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.

Operating Netback

Bengal utilizes operating netback as a key performance indicator and is utilized by Bengal to better analyze the operating performance of its petroleum and natural gas assets against prior periods. Operating netback is calculated oil sales deducting royalties and operating expenses. The following table reconciles petroleum and natural gas revenue to netback:

Operating netback		Three months ended September 30,			Six months ended September 30,
($000s)		2025			2024			2025			2024
Oil sales		946			1,252			1,989			3,154
Royalties		(59	)		(120	)		(160	)		(263	)
Operating expense		(728	)		(632	)		(1,080	)		(1,379	)
Operating netback		159			500			749			1,512

Funds from (used in) operations

Management utilized funds from (used in) operations as a measure to assess the Company's ability to generate cash not subject to short-term movements in non-cash operating working capital. Funds from (used in) operations is calculated by adding back all non-cash expense deductions to the net loss for the period ended. The following table reconciles cash from operating activities to funds from operations, which is used in this MD&A:

Funds from (used in) operations		Three months ended September 30,			Six months ended September 30,
($000s)		2025			2024			2025			2024
Cash flow from operating activities		(520	)		(129	)		(239	)		(420	)
Add back (deduct):
Changes in non-cash working capital		118			(165	)		(140	)		329
Funds from (used in) operations		(402	)		(294	)		(379	)		(91	)

Working capital

Bengal uses working capital to monitor its capital structure, liquidity, and its ability to fund current operations. Working capital is calculated as current assets, less current liabilities but excludes other obligations and the current portion of decommissioning obligations.

Non-IFRS Financial Ratios

Bengal uses operating netback per boe to assess the Company's operating performance on a per unit of production basis. Operating netback per barrel equals operating netback divided by the applicable number of barrels of production.

Operating netback		Three months ended September 30,			Six months ended September 30,
($/bbl)		2025			2024			2025			2024
Oil sales		89.84			107.28			92.77			114.85
Royalties		(5.60	)		(10.28	)		(7.46	)		(9.58	)
Operating expense		(69.14	)		(54.16	)		(50.37	)		(50.21	)
Operating netback		15.10			42.84			34.94			55.06

Bengal uses funds from operations per share to assess the ability of the Company to generate the funds necessary for financing, operating, and capital activities on a per-share basis. This is a non-IFRS measure calculated by dividing funds from operations by weighted average basic and diluted shares outstanding for the periods disclosed.

About Bengal

Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. 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

CAUTIONARY STATEMENTS:

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", "future", "prospective", "project", "intend", "believe", "should", "would," "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 and Australia 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.

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; the failure to satisfy the conditions under farm-in and joint venture agreements; the failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America and Australia; 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, 2025, under the heading "Risk Factors" and in Bengal's management's discussion and analysis for the Q2 of the fiscal year ending March 31, 2026, 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 required pursuant to applicable securities laws.

Selected Definitions

The following terms used in this news release have the meanings set forth below:

bbl. - barrel
bbls - barrels
bbls/d - barrels per day
$/bbl - dollars per barrel
Q1 - three months ended June 30
Q2- three months ended September 30
Q3 - three months ended December 31
Q4 - three months ended March 31

Non-IFRS Measurements

Within this news release, references are made to terms commonly used in the oil and gas industry. Funds from (used in) operations, funds from (used in) operations per share, operating netback, netback per bbl, adjusted net income (loss) and adjusted net income (loss) per share do not have any standardized meaning under IFRS and previous GAAP and are referred to as non-IFRS measures. Funds from (used in) operations per share are calculated based on the weighted average number of common shares outstanding consistent with the calculation of net income (loss) per share. Operating netback includes realized losses on financial instruments. Netback per bbl is calculated by dividing revenue (including realized loss on financial instruments) less royalties, and operating expenses by the total production of the Company measured in bbl. Adjusted net income (loss) and adjusted net income (loss) per share are calculated based on Net income (loss) plus unrealized loss (gain) on financial instruments less unrealized foreign exchange loss (gain) and non-cash impairment of non-current assets. 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 with the Company's annual audited and interim financial statements. A reconciliation of these measures can be found in the tables on pages 16 of Bengal's management's discussion and analysis for the fiscal year ending March 31, 2025.

Disclosure of Oil and Gas Information

This document discloses test results which are not necessarily indicative of long-term performance or of ultimate recovery.

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