Feb 17, 2026 (MarketLine via COMTEX) --
Bengal Energy Ltd. announced its financial and operating results for the year ended and third quarter of fiscal 2026, which ended December 31, 2025.
Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial and operating results for the year end and third quarter of fiscal 2026 ended December, 2025.
THIRD-QUARTER FISCAL 2026 HIGHLIGHTS:
The following is an overview of the financial and operational results during the three and nine months ending December 31, 2025. All amounts are in Canadian funds unless otherwise noted:
Financial summary:
Sales revenue - Crude oil sales revenue was $1.0 million in the third quarter of fiscal 2026, 29% lower than $1.4 million in Q3 fiscal 2025. Production was 115 barrels of oil per day ("bopd") in Q3 fiscal 2025, 7% lower than 124 bopd in Q3 fiscal 2025. Realized oil price was US$63.63 per barrel ("bbl"), 15% lower during Q3 fiscal 2026 compared to US$74.61/bbl Q3 fiscal 2025.
Funds from operations1 - Funds (used in) operations was $0.1 million during Q3 fiscal 2026 compared to funds from operations of $23 thousand in Q3 fiscal 2025, driven by a $0.4 million decrease in revenue, offset by lower operating expense of $0.1 million and a $0.2 million reduction in general and administrative expenses.
Net loss - Bengal reported a net loss of $0.4 million in Q3 fiscal 2026, consistent with Q3 fiscal 2025.
Operational summary:
Production volumes - The Company's share of total Cuisinier production in the current quarter was 10,615 (115 bopd), a decrease of 7% compared to production of 11,420 bbls (124 bopd) in the third quarter of fiscal 2025. Production from four wells which were the subject of workovers were brought back on stream during the quarter, however production volumes from these wells have not yet resumed to pre-workover volumes. The Company has requested information from the operator to explain production results and the allocation of production between the joint venture partners.
OPERATING SUMMARY
Bengal has filed its consolidated financial statements and management's discussion and analysis for the quarter end December 31, 2025, with the Canadian securities regulators.
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.
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COMTEX_475586437/2227/2026-03-19T22:16:16
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