Bengal Energy Ltd. announce significant increases in the net present value and volume of its reserves following the completion of its fiscal 2014 year-end independent reserves report (the "Report"). The Report is the result of an independent evaluation of the Company's producing oil and gas properties by GLJ Petroleum Consultants Ltd. (GLJ) of Calgary, Alberta effective March 31, 2014.
The Company's reserves were evaluated by GLJ in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (NI 51-101) and in accordance with the Canadian Oil and Gas Evaluation (COGE) Handbook.
Reserves Highlights Include:
A 149% increase in the value(1) of Bengal's working interest (WI) proved plus probable (2P) reserves at fiscal year-end 2014 to approximately $101 million, compared to $41 million at year end 2013. This 2014 2P value compares to the Company's enterprise value of $39.3 million(2) as at May 15, 2014;