1. business and industrial
2. energy
3. natural gas

HIGH IMPACT INTERNATIONAL
EXPLORATION & PRODUCTION
CORPORATE PRESENTATION
APRIL, 2015
INVESTMENT HIGHLIGHTS

Strong and growing reserves base in a light oil pool
with top tier operating netbacks

Material production and cash flow growth potential
through near-term development / appraisal

Multiple near-term high impact drilling catalysts

Large acreage positions; inventory of
underdeveloped pools & significant resource play
potential

Top-tier operating netbacks:
$35-40/bbl
(1)
Experienced, well-capitalized local partners

Fully committed insiders with strong equity and debt
participation

Reserves-based bank financing funding in place to
support future development
Note: See the cautionary statement regarding Forward-Looking Statements and Netbacks at the end of this presentation.
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”
.
2
High-quality light oil
& gas assets in lowrisk, stable countries:
Australia & India
Hedging in Place to 2017
Floor price:
US $80.00/bbl
~269,000 bbls
WHY NOW ?

Significant upside based on independently evaluated
2P NAV

Other near-term catalysts:


Tie-in new light oil production from Phase Two drilling

Exploration drilling on ATP 732 supported by new
300 sq. km. 3D

High impact drilling in India - 3 wells expected in calendar 2015

Appraisal of new gas discovery in Wompi
Catalyst-rich period
through 2015
Significant development / exploration upside

Additional running room at Cuisinier

Bluesky potential on ATP 934 Barrolka

USD $25 million reserves-based bank financing
sufficient to fund future development

Hedging in place to 2017

~ 269,000 barrels (floor price of US $80 per barrel)
Note: See the cautionary statement regarding Forward-Looking Statements and Netbacks at the end of this presentation.
3
High margin, strong
cash generating
operations
Large-oil-in-place
pools offer long
running room
Experienced and
proven management
& Board
CORPORATE PROFILE
Financial
Basic / FD Common Shares Outstanding (TSX:BNG)
Insider Holdings
28%
Total Debt
US$14 MM
Enterprise Value @ $0.20/share (April 20, 2015)
~$32.6MM
Q3 2015 Funds Flow from Operations (FFO)
Total debt to last quarter annualized FFO
Corporate Reserves Values PV10
Equivalent Value per Basic Share(2)
Operational Results
$1.3MM
2.3x
(Mar. 31 2014)
Proved + Probable (P+P)(1)
$101.1MM
$1.56 / share
(Dec. 31, 2014)
Average daily production (94% light oil)
Operating netback(2) (incl. Canadian operations)
(1,2) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”
4
68.2 MM / 72.7MM
580 boe/d
$36.79/boe
Est. current
production:
~535boe/d
BENGAL LEADERSHIP TEAM
Management
Board of Directors
Chayan Chakrabarty, PhD (Pet Eng), MBA President, CEO & Director
Ian Towers, P.Eng – Chairman
Formerly Daylight Resources, Verenex, Ross Smith Energy Group
Peter Gaffney, P.Eng, P.Geol
Jerrad Blanchard, CA – CFO
Founding partner Gaffney, Cline & Associates (international reservoir engineering
firm)
Formerly CFO Winstar Resources Ltd. and Manager
Pricewaterhousecooper LLP.
James Howe, CA
Richard Edgar, P.Geol. - Executive VP
Director, Ensign Energy Services, Pason Systems
Formerly Avery Resources, Shelton Canada, Energy North Inc.
Brian Moss, Ph.D. (Geol)
Gordon MacMahon, P.Geol. - VP, Exploration
Exec VP,COO & Director of Crown Point Ventures; Former Director & Exec VP
(Lat Am) of Antrim Energy
Formerly Trident, APF Energy Trust, Canada Northwest Energy


5
President, CEO & Director Dolomite Energy
Decades of experience operating internationally &
domestically; track record of advancing projects
from exploration to production
Strong corporate governance with significant
operational, financial, and capital markets
expertise
Robert Steele, P.Eng
Director Raise Production Inc. (formerly Global Energy Services) former Director
Marquee Energy (formerly Skywest Energy); Founder of Stellarton Energy &
Berens Energy
Bill Wheeler, CFA
President of Texada Capital Management; Co-founder, Leith Wheeler Investment
Counsel; Former Director of Azabache Energy
Chayan Chakrabarty, PhD (Pet Eng), MBA
President, CEO & Director of Bengal Energy
DEFINED BUSINESS STRATEGY
•
EXPLORE
APPRAISE
DEVELOP
EXPAND
6
•
Explore across high-graded and high-impact permits in a
diversified portfolio
Continue to high-grade and refine/focus portfolio
•
•
Further de-risk at the prospect level
Expand pool boundary, convert resources to 3P/2P reserves
•
Grow 1P & 2P reserves and production base through low-risk highreturn drilling and development projects
Grow cash flow base & independently evaluated Net Asset Value
•
•
Add to diversified portfolio, and cost-effectively evaluate and highgrade opportunities for exploration
ASSET OVERVIEW

Assets in proven, producing basins

Large and under-explored acreage offers
significant growth opportunity

gross acres total
High potential impact without typical
international risk


1.9MM
Well-established regulatory framework with British
common law

Management experience in both Australia and India

Established and experienced local partners
Australia
Attractive pricing environments – oil priced at
premium to Brent
India
7
onshore;
resource play
potential
onshore
BENGAL’S COOPER BASIN PERMITS
BARTA
Cuisinier
(Non-Op.)
Cooper
Basin
Cuisinier
BARROLKA
(Operated)
TOOKOONOOKA
(Operated)
WOMPI
(Non-Operated)
THE COOPER BASIN – OPPORTUNITY WITH ATTRACTIVE ECONOMICS
8

The Cooper Basin is the most prolific onshore basin in Australia

Many parts of the basin have been sparsely drilled and under explored

Oil is typically light to ultra-light, that commands a premium to Brent

Bengal has acquired various interests in permits throughout the Cooper Basin that provide
exposure to over 1.6 million gross and 707,343 net acres
LARGE FOOTPRINT FOR FUTURE GROWTH
Australia Capital Program
 2 appraisal and 2 development oil wells
drilled and awaiting tie-in
 Seismic: 300 km2 3D covering light oil
prospects
BARTA
(10 wells)
BARROLKA

Additional 150 km2 at Wompi & 225 km2 to be
shot at Barta in 2015
TOOKOONOOKA
(1 well)
BARROLKA
WOMPI
(1 well)
BARTA
WOMPI
TOOKOONOOKA
Existing pipelines
HIGHLY PROSPECTIVE
1.6 MILLION GROSS ACRES
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”.
9
BARTA PERMIT: CUISINIER (PL 303)

Barta Permit equals 344,218 acres(1)

PL 303 15,815 acres(1)
23 wells drilled to date – 22 oil



Phase Two drilling program expanded the pool,
further increasing reserves and will add
production

Every incremental 100 bbl/d adds $1.5 - 2MM
annual operating cash flow(1)
BNG management view

23,000 acres of Murta closure within permit

Up to 130 total development / appraisal
locations at 160-acre spacing
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”.
10
2014 Contingent wells
WOMPI PERMIT (ATP 752)
 Wompi offers Bengal moderate risk
exploration in a well-established, oilproducing fairway with multi-zone
potential
 Nubba 1,drilled by Santos on ATP
752 (Bengal 38.08%) tested several
Jurassic oil plays that are producing
in the Bowen field
 Five different Jurassic sands had oil
shows with a good gas show in the
Toolachee (Permian) sand
 Based on log analysis the Toolachee
has up to 6 m of net pay
 Completion and testing expected in
late calendar 2015
11
TOOKOONOOKA PERMIT (ATP 732P)

Very large permit covering 654,000 acres yet
sparsely drilled – only 10 wells drilled to date.

Potential for a new oil fairway, located in an
underexplored area between two prolific
Cooper Basin oil fields.

Caracal-1 well has established oil 21 kms back
from the northern most edge of the permit.

Numerous structures have been identified on
existing seismic with drillable prospects
anticipated upon completion of 3D processing
and subsequent interpretation.

Beach will carry Bengal on the next well as
part of farm-in agreement

expected during calendar 2015
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”.
12
KENMORE
13.6 MMSTB(1)
CARACAL
IPUNDU
4.3 MMSTB(1)
TINTABURRA/
TOOBUNYAH
3.0 MMSTB(1)
New 3D ~ 310 km2
JACKSON
48.2 MMSTB(1)
TOOKOONOOKA, NEW 3D –
PRELIMINARY INDICATIONS

Preliminary data now under review with
baseline interpretation in progress

Numerous prospects and leads emerging
Hutton target

Example Tigris Prospect, primary Hutton
target with multiple secondary zones

Tigris structure well positioned to receive
hydrocarbon charge

Plan to meet with Beach in Q2 2015 to
discuss prospectivity and high-grade targets

No capital required during farm-in phase;
future capital requirements determined by
results
13
BARROLKA PERMIT (ATP 934)
 Real Energy has drilled two Permian gas
exploration wells in ATP 927P.
Permian Structure Map
TANBAR 1
MARAMA
MARAMA
1 ST1
1
ATP 927P
Real Energy: 100%
CLINTON 1
MARENGO 1
Tamarama-1
ATP 934
Bengal Energy: 50%
 Log data suggests 67m of net pay in
Queenscliff 1 well and 87m of net pay in
Tamarama 1 over the Permian interval.
GILPEPPEE 1
GILPEPPEE 2
MARENGO SOUTH 1
WHANTO 1
Queenscliff-1
MOUNT HOWITT 2
MOUNT HOWITT 1
 Real has an internal 3C contingent
resource of over 1 TCF. These wells will
be completed and tested in Q1 2015.
KARNAK 1
TOBY 1
 Bengal holds 50% of ATP 934 as operator
with Seoul City Gas 30% and AGL 20%.
TINCHOO 1
Barrolka:
16.3 BCF(1)
BARROLKA 4
BEEREE 2 ST1
BEEREE
Coonaberry:
6.0 BCF(1)
RAMSES 2
RAMSES 1
BARROLKA NORTHEAST 2
BARROLKA NORTHEAST 1
2
BARROLKA 10
COONABERRY 2
COONABERRY
1
COONABERRY
3
BARROLKAEAST
EAST21
BARROLKA
BARROLKA 9
NAVALLA 1
BARROLKA 2
BEEREE 3
WAREENA 4
3
BARROLKA
BARROLKA
8 BARROLKA
4
BEEREE 1
BARROLKA 77 DW2
DW1
BARROLKA
BARROLKA
1
BARROLKA
6
DW2
BARROLKA
5 DW1
WAREENA 1
WAREENA 2
 ATP 934 is located in a similar structural
position as ATP 927P and is surrounded
by offsetting Permian gas pools.
WAREENA 5
WAREENA 3
COOLAH 1 COOLAH 2
BOLAH 1
BUCKAROOLA 1
Durham
Downs: 30.7
BCF(1)
DURHAM DOWNS NORTH 3
GHINA 1
DURHAM
DOWNS
NORTH
1 2
DURHAM
DOWNS
NORTH
DURHAM DOWNS 4
DURHAM DOWNS
1
DURHAM DOWNS 2
KERCUMMURRA 2
KANOOK 1
KERCUMMURRA 1
CORRIDOR 1
DURHAM DOWNS 3
DURHAM DOWNS 5
KANANDA 1
KEILOR 1
TARTULLA
TARTULLA
8 7 2
TARTULLA
TARTULLA 4
TARTULLA 6
Tartulla:
13 .1 BCF(1)
TOOKOONA 1
TARTULLA 3
TANU 1
TARTULLA 1
MAYA 1
TARTULLA 5
CHINOOK 1
Karmona:
36.1 BCF(1)
PETRA 03/12/2014 9:24:25 AM
ROSA 1
WIPPO EAST 2
MONTE 1
KARMONA
EAST
13
KARMONA
EAST
KARMONA
1 EAST 2
KARMONA
KARMONA
2
KARMONA
4-4A
KARMONA 3
KARMONA 5
WIPPO 1
WIPPO EAST 1
MOOKOO 1
OKOTOKO 1
OKOTOKO 3
OKOTOKO EAST 1
SURLOW 2
SURLOW 1
OKOTOKO 2
OKOTOKO WEST 2
WIPPO 2
Wippo:
3.6 BCF(1)
0
WIPPO SOUTH 1
YUMBA 1
2,000
4,000
6,000
METERS
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”.
14
INDIA OVERVIEW &
CAUVERY BASIN
BENGAL’S CY-ONN-2005/1 BLOCK
~946 km2
INDIA
30% working interest

Light oil prone (35 - 52˚ API)

600 km2 3D completed

Near-term, high impact drilling - 3 wells planned
in calendar 2015 for US$4.1MM (fully funded)

Partnered with Gas Authority of India Ltd. and
Gujarat State Petroleum Corporation
Bengal’s
CY-ONN-2005/1
Block
CAUVERY
BASIN
SRI LANKA
15
INDIA: CAUVERY PROSPECTS
(1)
CAUVERY
BASIN

(1)
600 km2 of 3D shot & interpreted;
3 drill locations finalized
•
Each location tests different play type in
different part of permit
•
All targets located in a Cretaceous synrift to post rift play fairway
•
Primary zones should be oil or oil + gas
•
Established infrastructure ~10km from
Cochise location at Kovilkalappal
(1)
Drill Locations 3D Seismic showing potential pool area
CY-ONN 2005/1 (Onshore India-Cauvery Basin)
BEL 30%; GAIL (Op.) 40%; GSPC 30%



70,129 Net Acres
Key Activities: 3 exploration wells (2015)
Total work commitments of C$4.2MM

Total depth for the 3 wells estimated
at 1,500m, 1,700m & 2,200m

Operator indicates first well expected
to spud H2 calendar 2015
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”.
16
REALIZED CRUDE OIL PRICE SCENARIO(1)
$130.00
Brent (USD)
Realized (USD)
Realized (CAD)(2)
$ 124.30
$120.00
$103.63
$110.00
$ 91.63
$99.50
$100.00
$90.00
$80.00
$ 82.90
$ 73.30
$70.00
$ 77.00
$60.00
$50.00
BRENT PRICE / BBL
$ 60.00
$40.00
AVERAGE 5 YEAR BRENT - WTI SPREAD $8.87(3)
* $1 CAD equals $0.80 USD
(1)(2)(3) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”
17
$ 100.00
CORPORATE RESERVES GROWTH:
INDEPENDENT EVALUATION
ANNUAL PROVED PLUS PROBABLE(1)
RESERVES (MBOE)
AS AT YEAR END MARCH 31,
NET PRESENT VALUE OF RESERVES @ 10%
DISCOUNT FACTOR(1) ($MM)
AS AT YEAR END MARCH 31,
150%
104%
growth year over year
growth year over year
167%
growth year over year
3,465
growth year over year
1,698
$40.6
637
2012
$16.7
2013
2014
2012
2013
340%
383%
increase per / share
increase per / share
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”
18
$101.4
143%
2014
VALUE CREATION FOR SHAREHOLDERS
PRODUCTION PER SHARE GROWTH (NET)(1)
NET AVERAGE DAILY PRODUCTION VOLUMES(1)
AS AT YEAR END MARCH 31
AS AT YEAR END MARCH 31
Average daily production per million
basic shares outstanding
9.4
Production growth directly
linked to Cuisinier drilling
578
468
6.2
3.9
170
135
1.2
2012
2013
2014
Current
2012
(1) Details for all reference notes on this slide are located on page 23 of this presentation under “Endnotes”
19
2013
2014
Current
BUILDING THE VALUE CHAIN
DEVELOP
Grow existing production base through high return drilling and
development projects in the Cuisinier producing field
APPRAISE
Extend pool boundaries and expand 2P & 3P reserves in the
producing Cuisinier field and evaluate the existing new gas
discovery at the Wompi permit
EXPLORE
Geological and Geophysical evaluation of prospectivity to define
new targets in the Barta and Wompi permits and high impact
drilling supported by 3D seismic at the Tookoonooka permit in
Australia and in India’s Cauvery basin
EXPAND
20
WHY BENGAL?

Significant upside based on existing 2P reserves value

High impact near-term catalysts

Exploration drilling on Tookoonooka supported by new 300 sq.
km. 3D

Drilling 3 wells as early as H2 calendar 2015 in onshore India

Appraisal of new natural gas discovery at Wompi

High-quality, light oil rich reserves well positioned for an upturn
in oil pricing and outlook

Exciting development / exploration upside


Additional running room at Cuisinier

Bluesky potential on ATP 934 Barrolka
Funded development drilling


21
New USD $25 million reserves-based bank financing sufficient to fund
future development
Hedging in place to 2017

Fixed for future swaps and put positions for ~ 269,000 barrels

Floor price of US $80 per barrel
CASH FLOW
GROWTH
EXPANDING
PRODUCTION &
RESERVES
LOW RISK
DRILLING
INVENTORY
OPERATIONAL
CATALYSTS
THANK YOU
ENDNOTES
Slide 2
(1) Corporate Operating Netback in Fiscal Q3, 2015 of $36.79/bbl
Slide 4
(1) Based on independent, qualified reserves evaluator GLJ Petroleum Consultants Ltd.’s report dated March 31, 2014 entitled Reserves Assessment and
Evaluation of Oil and Gas Properties – Corporate Summary, prepared in accordance with NI 51-101 and the COGEH with Cuisinier working 30.357% WI, but
excluding 2014 production
(2) Q2 fiscal 2015 corporate operating netback based on revenue / boe; See the cautionary statement regarding Netback definition at the end of this presentation
Slide 9
(1) Targets cited are gross based on management’s internal estimates. Bengal’s average WI is 33%
Slide 10
(1) Based on independent, qualified reserves evaluator GLJ Petroleum Consultants Ltd.’s report dated March 31, 2014 entitled “Reserves Assessment and
Evaluation of Oil and Gas Properties – Corporate Summary”, prepared in accordance with NI 51-101 and the COGEH. Cuisinier working interest at 25%
Slide 12
(1) Production volumes cited are cum. to June 2013. Source: State of Queensland Department of Employment, Economic Development and Innovation (DEEDI)
Slide 14
(1) Production volumes cited are cum. to June 2013. Source: State of Queensland Department of Employment, Economic Development and Innovation (DEEDI)
Slide 16
(1) Source: Estimated recoverable reserves data complied from IHS EDIN India general fields database
Slide 17
(1) Includes impacts of hedging contracts in place
(2) $1 CAD equals $0.80 USD
(3) Source: Energy Information Administration
Slide 18
(1) Based on independent, qualified reserves evaluator GLJ Petroleum Consultants Ltd.’s report dated March 31, 2014 entitled Reserves Assessment and Evaluation
of Oil and Gas Properties – Corporate Summary, prepared in accordance with NI 51-101 and the COGEH.
Slide 19
(1) Operating Netback in Australia in Fiscal Q3, 2015 of $69.74/bbl
23
FORWARD-LOOKING STATEMENTS
Certain information regarding Bengal Energy Ltd (“Bengal” or the “Company”) set forth in this document contains forward-looking statements or
financial outlooks (collectively, "forward-looking statements") under applicable securities law. The use of any of the words “plan”, “expect”, “project”,
“intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are
typically intended to identify forward-looking statements. Forward-looking statements are not based on historical facts, but rather on Bengal’s internal
projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures
(including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters,
business prospects and opportunities. These statements are only predictions, not guarantees, and actual events or results may differ materially. In
particular, forward-looking statements included in this document include, but are not limited to future work programs, the Company’s well drilling
program; Bengal’s proposed seismic program at Wompi and Barta in 2015; Onshore India, Tookoonooka; the timing, scope (including, without
limitation, the number of wells, target zones and well depths) and the estimated results of current and future work programs; future seismic programs
(including the program anticipated at Tookoonooka); the drilling, completion, performance of future wells (including the well at Tookoonooka); plans for
the operator at Cauvery to spud the first well; infrastructure development; performance of current wells; estimates of resources, reserves and ultimate
recovery per well; demand for oil and natural gas in Australia, India and globally; results of operations; future production, production, including
production targets from current and future wells; future production capacity; future netbacks, royalties and operating and transportation costs; oil and
gas prices. In addition, statements relating to “reserves” or “resources” are by their nature forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the resources described can be profitably produced in the future.
The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause actual results
to vary, including but not limited to risks associated with: the impact of general economic conditions in Canada, Australia, India and globally; industry
conditions, including changes in laws and regulations, including adoption of new environmental laws and regulations, and changes in how they are
interpreted and enforced, in Canada, Australia and India; competition; lack of availability of qualified personnel; the results of exploration and
development drilling and related activities; imprecision in reserve and resource estimates; the production and growth potential of Bengal’s assets;
production, transportation and marketing constraints; failure to obtain required approvals of regulatory authorities, in Canada, Australia and India; risks
associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market
prices for oil and natural gas; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws
and incentive programs relating to the oil and natural gas industry; ability to access sufficient capital from internal and external sources; and other
factors, many of which are beyond the control of the Company.
24
FORWARD-LOOKING STATEMENTS
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Bengal’s
operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com).
With respect to forward-looking statements contained in this document, Bengal has made assumptions regarding: current and future commodity prices
and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing
competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental
agencies; royalty rates; future operating and transportation costs; and other matters. Although the forward-looking statements contained in this
document are based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be
consistent with these forward-looking statements.
Management has included the above summary of assumptions and risks related to forward-looking statements provided in this document in order to
provide shareholders with a more complete perspective on Bengal’s current and future operations and such information may not be appropriate for
other purposes. Bengal’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurance 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 there from. These forward-looking statements are made as of the date of this
document and Bengal disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information,
future events or results or otherwise, other than as required by applicable securities laws.
The estimates of capital requirements, reserves and net present value of future net revenues ("NPV") contained in such slides are based on
information for the Company’s booked locations in respect of which reserves have been assigned as well as analogous public information. Readers
are cautioned that there is no certainty that any development on Bengal's unbooked locations will be successful to the same extent as its booked
locations, or at all, and therefore, the estimates of capital requirements, reserves and NPV should not be relied upon as necessarily indicative of future
results or values. The information is also based on certain key assumptions including, without limitation, the assumptions set forth above under the
"Forward-Looking Statements" advisory statement. Actual results and values may vary, with such variations being material, as a result of a number of
risks and uncertainties, including, without limitation, the risks and uncertainties noted under the "Forward-Looking Statements" advisory set forth
herein.
25
FUNDAMENTAL RESOURCE DEFINITIONS
Total Petroleum Initially-In-Place (TPIIP) is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It
includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those
estimated quantities in accumulations yet to be discovered. All TPIIP, other than DPIIP, set forth in this presentation has been classified as
"undiscovered petroleum initially in place”. All TPIIP set forth in this presentation are based on management’s internal estimates.
Discovered Petroleum Initially-In-Place (DPIIP) is that quantity of petroleum that is estimated as of a given date, to be contained in known
accumulations, prior to production. The recoverable portion of discovered petroleum initially in place includes production , reserves, and contingent
resources; the remainder is unrecoverable. All DPIIP set forth in this presentation, other than production and reserves, has been classified as
unrecoverable. All DPIIP set forth in this presentation are based on management’s internal estimates.
Undiscovered Petroleum Initially-In-Place (UPIPP) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations
yet to be discovered. The recoverable portion of UPIPP is categorized as prospective resources and the remainder is categorized as unrecoverable.
There is no certainty that any portion of the UPIPP resources will be discovered. If discovered, there is no certainty that it will be commercially viable to
produce any portion of the resources. All UPIPP set forth in this presentation are based on management’s internal estimates.
“Stock Tank Oil Originally-In-Place” or “STOIP” "Stock Tank Oil Originally-In-Place" or "STOIP" is that quantity of petroleum that is estimated to
exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in
known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. All STOIP set forth in this document
are based on management's internal estimates.
STOIP is not indicative of reserves, nor are they categories of resources recognized by the Canadian Oil and Gas Handbook. These volumes are
based upon Bengal's internal estimates only and are not derived from an independent resources evaluation prepared pursuant to National Instrument
51-101. There may be more specific sub-categories of resources applicable to these estimates that would provide a more accurate description of the
resources and the work programs, technology and capital required to exploit such resources, but these have not been prepared by the Corporation. In
addition, these volumes represent "best" case estimates however "low" and "high" case estimates have not been prepared by the Corporation. There
is no certainty that any portion of the noted volumes or resources will be discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion thereof.
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CAUTIONARY STATEMENTS
Analogous Information: Certain noted drilling, completion, production, reserve and resource data provided in this document may constitute
“analogous information” under applicable securities legislation, such as reserve and resource estimates or the reserves and resources present on the
Company’s lands, and near by lands, total production and production-rates from wells drilled by the Company or other industry participants located in
geographical proximity to lands held by the Company. This information is derived from publicly available information sources (as at the date of this
document) that the Company believes are predominantly independent in nature. The Company believes this information is relevant as it helps to define
the reservoir characteristics in which the Company may have an interest. The Company is unable to confirm that the analogous information was
prepared by a qualified reserves evaluator or auditor or in accordance with the Canadian Oil and Gas Evaluator Handbook and therefore, the reader is
cautioned that the data relied upon by the Company may be in error, may not be analogous to the Company’s land holdings and/or may not be
representative of actual results of wells anticipated to be drilled or completed by the Company in the future.
Possible Reserves: Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the
actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.
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.
Netbacks: Netback is a term that is not defined under International Financial Reporting Standards and is used by Bengal as a supplemental measure
in evaluating Bengal’s financial position and performance. Bengal calculates netbacks as revenues minus royalties and transportation and operation
costs.
Net Present Value: Estimates of the net present value of the future net revenue from Bengal's reserves do not represent the fair market value of
Bengal's reserves and are based on information for the Company’s booked locations in respect of which reserves have been assigned as well as
analogous public information. The estimates of reserves and future net revenue from individual properties or wells may not reflect the same confidence
level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation.
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