Bengal Energy Ltd. announces that it has issued an aggregate of 11,340,000 options to purchase common shares of the Company pursuant to its Stock Option Plan. The options were granted on March 19, 2021 to employees, officers and directors of the Company and have an exercise price of $0.08/share, being the closing price of the Company's common shares on the TSX on that date. The options vest over a 3 year period, as to [...]
Bengal Energy Ltd. announces that Mr. Matt Moorman has tendered his resignation as Chief Financial Officer of Bengal, effective March 4, 2021, to pursue other opportunities. "We appreciate Matt's contributions to our Company and we wish him the best in his future endeavours," said Chayan Chakrabarty, President and Chief Executive Officer of Bengal. With the departure of Mr. Moorman, Bengal has appointed Mr. Jerrad [...]
Bengal Energy Ltd. is pleased to announce the closing of its previously announced non-brokered private placement of common shares in the capital of the Company to Texada Capital Management Ltd. . Bengal is also pleased to announce the closing of the transactions contemplated by the debt settlement agreement with its senior secured lender Westpac Banking Corporation in respect of the settlement of all indebtedness and [...]
In accordance with the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , Texada Capital Management Ltd. , a company owned and controlled by Mr. Wheeler a director of Bengal Energy Ltd. and his spouse , announces that Texada has acquired ownership and control of an aggregate of 330,720,000 common shares of Bengal representing approximately 76.4 [...]
Bengal Energy Ltd. is pleased to provide an update with respect to its previously announced debt settlement transaction and concurrent private placement. Bengal has now received formal written notification from the Australian Foreign Investment Review Board that it will not object to the Private Placement. As previously announced, the Toronto Stock Exchange has conditionally approved the Private Placement, subject to [...]
Bengal Energy Ltd. today announces its financial results for the third quarter of fiscal 2021 ended December 31, 2020. Subsequent Event Notice As previously announced, Bengal has reached an agreement with its senior secured lender Westpac Banking Corporation to settle all principal amounts outstanding under the credit facility and extinguish the debt owing to Westpac . To facilitate the Debt Settlement, the Company [...]
Bengal Energy Ltd. is pleased to announce further details with respect to its previously announced non-brokered private placement of common shares in the capital of the Company to Texada Capital Management Ltd. . Further to the Company's press release of Monday January 25, 2021, Bengal has entered into a subscription agreement with Texada whereby Texada has agreed to subscribe for Common Shares at the price of CAD$0.05 [...]
Bengal Energy Ltd. is pleased to announce the execution of a binding agreement with its senior secured lender Westpac Banking Corporation in respect of the settlement all indebtedness and liabilities owing by Bengal's wholly owned subsidiary Bengal Energy Pty Ltd. to Westpac under its secured credit facility . Bengal is also pleased to announce that it has entered into a non-binding term sheet with Texada Capital [...]
Bengal Energy Ltd. is pleased to provide an update on ongoing operational matters. Water Injection Pilot - The Cuisinier pilot project is scheduled to commence active water injection in late January 2021. This program is designed to begin increasing pressure in the pool and thereby increase the expected oil recovery in both productivity and reserves. As injected volumes ramp up the project is expected to benefit from [...]
Bengal Energy Ltd. today announces its financial results for the second quarter of fiscal 2021 ended September 30, 2020. SECOND QUARTER FISCAL 2021 SUMMARY: The following is an overview of the financial and operational results during the three month period ended September 30, 2020: Financial Summary: Sales Revenue - Crude oil sales revenue was $1.3 million in the second quarter of fiscal 2021, which is 47% lower than the [...]
Bengal Energy Ltd. is pleased to announce that on September 30,2020 Westpac Institutional Bank and the Company executed an agreement to extend the maturity date of the Company's bank debt of US$ 12.4 million to February 28, 2021. The Company will continue to discuss with its lender a long term solution to recapitalize its credit facility." About Bengal Bengal Energy Ltd. is an international junior oil and gas exploration [...]
Bengal Energy Ltd. is pleased to announce that the nominees listed in the information circular - proxy statement dated August 24, 2020 were elected as directors of Bengal. The detailed results of the vote for the election of directors held at its annual meeting of shareholders on September 23, 2020 in Calgary, Alberta are set out below. Election of Directors On a vote by ballot, each of the following seven nominees [...]
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