These terms and conditions of use are current as of April, 2014. By accessing this website and downloading, viewing or using the content, information, data and documents made available by Bengal Energy Ltd. (“Bengal”) on this website, you enter into a legal agreement and contract with Bengal. Bengal grants you a limited, revocable, non-exclusive and personal license permitting you to access and use the content, information, data and documents contained herein strictly for your own personal use exclusively. Any other use is prohibited without further permission from Bengal.
1. Legal Disclaimers, Copyright and Trademarks
All material found in the pages of this website is protected under the copyright laws of Canada and of other countries.
Certain names, words, titles, phrases, logos, icons, graphics or designs in the pages of this website may constitute trade names, trademarks or service marks of Bengal or its subsidiaries, or the use of which may have been licensed to them. The display of trademarks, trade names or service marks on pages at this website does not imply that a license of any kind has been granted to any other person or entity.
Any unauthorized downloading, re-transmission, re-publication or other copying or modification of material posted on this website, including trademarks, trade-names and service marks, may violate federal, common or civil law, trademark law and copyright law, and may result in legal action.
2. Disclaimer of Warranties
The information and material contained in this website are believed to be accurate and complete at the time of posting. Although Bengal makes reasonable efforts to ensure that all information and material remain current and accurate, Bengal does not give any warranty, condition or guarantee as to their currency, completeness and accuracy at all times.
NO REPRESENTATION, WARRANTY, CONDITION OR GUARANTEE OF ANY KIND, IMPLIED, EXPRESSED OR STATUTORY, OR ARISING OUT OF A COURSE OF CONDUCT OR PRACTICE OF TRADE, INCLUDING BUT NOT LIMITED TO CONDITIONS, WARRANTIES OR GUARANTEES AS TO NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OR THIRD PARTY RIGHTS, TITLE, LATENT DEFECTS, AVAILABILITY, UNINTERRUPTED SERVICE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TIMELINESS, COMPLETENESS, ACCURACY OR FREEDOM FROM COMPUTER VIRUSES, IS GIVEN IN CONJUNCTION WITH THE CONTENT, INFORMATION, DOCUMENTS, MATERIALS AND SOFTWARE ALGORITHMS IN THIS WEBSITE.
3. Exclusion of Liability
MATERIAL CONTAINED IN THIS WEBSITE IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE AN OFFERING OF SECURITIES IN ANY JURISDICTION.
Information disclosed under the corporate and securities laws of those Canadian jurisdictions applicable to Bengal is not intended to be in any way qualified, amended, modified or supplemented by the information otherwise available in, through or on this website. Due to the technical and security risks inherent in the Internet, and because the document you access may differ from the original depending on your browser software and other factors, the information set out in this website should not be used for the purpose of making investment decisions with respect to Bengal securities. If you are interested in Bengal securities, contact Bengal to obtain printed copies of the documents you wish to review.
IN NO EVENT WILL BENGAL BE LIABLE FOR ANY LOSSES, CLAIMS, COSTS OR DAMAGES, INCLUDING WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, MORAL OR CONSEQUENTIAL DAMAGES, ECONOMIC LOSS, FAILURE TO ACHIEVE ANY RESULT, LOSS OF PROFITS OR OPPORTUNITIES, LOSS OF OR DAMAGE TO DATA OR INFORMATION OR FOR EXPENSES OF ANY KIND ARISING IN CONNECTION WITH THIS WEBSITE, WITH ANY SOFTWARE ALGORITHMS AVAILABLE THEREON NOR WITH ANY HYPERLINKED WEBSITE OR FOR USE THEREOF OR INABILITY TO USE BY INTERRUPTION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS OR LINE OR SYSTEM FAILURE, EVEN IF BENGAL IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES. SOFTWARE ALGORITHMS MADE AVAILABLE AND HYPERLINKS TO OTHER INTERNET RESOURCES ARE AT YOUR OWN RISK. THE CONTENT, ACCURACY, OPINIONS EXPRESSED AND OTHER LINKS PROVIDED BY THESE SOFTWARE ALGORITHMS AND RESOURCES ARE NOT INVESTIGATED, VERIFIED, MONITORED, OR ENDORSED BY BENGAL.
The Internet is not a fully secure medium, and therefore confidentiality and privacy cannot be ensured. Bengal will not be liable for any damages of any kind resulting from the transmission of confidential or personal information via email or through other means.
4. Links to Third Party Websites
For your convenience, the website may include links to other Internet sites or resources and businesses operated by other persons (collectively “Other Sites”). Other Sites are independent from Bengal, and Bengal has no responsibility or liability for or control over Other Sites, their business, goods, services, or content. Your use of Other Sites and your dealings with the owners or operators of Other Sites is at your own risk.
5. Forward-Looking Statements
Certain information regarding Bengal set forth on this website 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. The forward-looking statements contained on this website 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 Bengal. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect 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).
Bengal’s actual results, performance or achievement could differ materially from those expressed in, or implied by, forward-looking 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. Forward-looking statements are made as of the applicable date they are made on this website 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.
6. Fundamental Resource Definitions
Certain information may appear on this website which may contain information related to the resources of Bengal. The following definitions apply in respect of any resource disclosure that may appear on this website or in documents found on this website.
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 on this website has been classified as “undiscovered petroleum initially in place”.
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 on this website, other than production and reserves, has been classified as unrecoverable.
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.
7. Cautionary Statements
Certain information may appear on this website which may contain information related to the reserves and resources of Bengal and other analogous information related to Bengal. The following cautionary statements apply to any analogous information appearing on this website and any reserves and resources disclosure that may appear on this website or in documents found on this website.
Analogous Information: Certain noted drilling, completion, production, reserve and resource data provided in certain documents provided for on this website or included on this website may constitute “analogous information” under applicable securities legislation, such as reserve and resource estimates or the reserves and resources present on Bengal’s lands, and near by lands, total production and production-rates from wells drilled by Bengal or other industry participants located in geographical proximity to lands held by Bengal. This information is derived from publicly available information sources (as at the date such information is provided on this website) that Bengal believes are predominantly independent in nature. Bengal believes this information is relevant as it helps to define the reservoir characteristics in which Bengal may have an interest. Bengal 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 Bengal may be in error, may not be analogous to Bengal’s land holdings and/or may not be representative of actual results of wells anticipated to be drilled or completed by Bengal 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 Bengal’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.
8. Governing Law and Forum
These terms and conditions of use will be governed by and construed under the laws of the Province of Alberta, Canada, and the federal laws of Canada applicable in Alberta. Provided that Bengal may bring action in any court of competent jurisdiction to enforce its rights and seek equitable or injunctive remedies, you agree that, regardless of your location, place of residence or domicile, you irrevocably attorn to the exclusive jurisdiction of the courts of Alberta, sitting at Calgary, without regard to their conflicts of laws rules, as the forum and venue for the resolution of any dispute arising out of these terms and conditions of use.