Operations

Reserves

As Bengal transitions from a pure exploration company to one with both production and exploration, we have successfully been able to book reserves. As we continue to drill, appraise and develop our assets, we would anticipate seeing additional activity reflected in positive revisions to our reserve report.

The significant and continuing growth in Bengal’s reserve base is a direct result of the drilling and development activities undertaken in the Company’s Cuisinier Field, and demonstrates the inherent value of this large, ultralight oil weighted asset base.

Summary of oil and gas reserves as of March 31, 2021.

Forecast Prices and Costs

RESERVES
LIGHT AND
MEDIUM OIL		 NATURAL GAS NATURAL GAS
LIQUIDS		 TOTAL
RESERVES CATEGORY Gross
(Mbbl)		 Net
(Mbbl)		 Gross
(MMcf)		 Net
(MMcf)		 Gross
(Mbbl)		 Net
(Mbbl)		 Gross
(MBOE)		 Net
(MBOE)
TOTAL
PROVED DEVELOPED
PRODUCING 322 303 – – – 322 303
NON-PRODUCING  33  31 – – – –  33  31
PROVED UNDEVELOPED 1,808 1,697 – – – – 1,808 1,697
TOTAL PROVED 2,163 2,030 – – – – 2,163 2,030
PROBABLE 3,626 3,403 – – – – 3,626 3,403
TOTAL PROVED PLUS PROBABLE 5,789 5,433 – – – – 5,789 5,433

Notes:
(1) Estimates of reserves of natural gas include associated and non-associated gas.
(2) “Gross Reserves” are Company’s working interest reserves (operating and non-operating) before the deduction of royalties and without including any royalty interest of the Company.
(3) “Net Reserves” are Company’s working interest reserves (operating and non-operating) after deductions of royalty obligations plus the Company’s royalty interests.
(4) The numbers in this table may not add exactly due to rounding.