News

Frank’s International N.V. to Participate in Upcoming Investor Conference

HOUSTON, June 22, 2017 (GLOBE NEWSWIRE) — Frank’s International N.V. (NYSE:FI) (the “Company”) announced today that the Company will participate in the following upcoming investor conference.

  • Douglas Stephens, President and Chief Executive Officer, will hold one-on-one meetings and present at 11:20 AM ET at the J.P. Morgan Energy Equity Investor Conference in New York, New York, on Wednesday, June 28, 2017.

The Company’s presentation and webcast can be accessed on the Investor Relations’ section of the Company’s website, www.franksinternational.com.

About Frank’s International

Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 3,000 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com.

Frank’s International uses its Investor Relations website as a channel of distribution of material company information. Such information is routinely posted and accessible on our Investor Relations website at www.franksinternational.com

CONTACT: Contacts:
Blake Holcomb, Director – Investor Relations and Communications
blake.holcomb@franksintl.com
713-231-2463

Noble Energy to Present at Upcoming Energy Conference

Houston, June 22, 2017 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE: NBL) announced today that David L. Stover, the Company’s Chairman, President & CEO, will present at the J.P. Morgan Energy Equity Investor Conference on Tuesday, June 27, 2017 at 8:00 a.m. Eastern Time.  

The presentation will be webcast live on the ‘Investors’ page of the Company’s website, www.nblenergy.com. Presentation materials and a replay of the event will also be available at the same web location.

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents.  Founded more than 80 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit www.nblenergy.com

CONTACT: Contact
Kristine Marante
281-872-3122   
kristine.marante@nblenergy.com 

Jones Energy, Inc. Exits Arkoma Basin with Non-Core Asset Sales

AUSTIN, Texas, June 22, 2017 (GLOBE NEWSWIRE) — Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or “the Company”) announced today that it has entered into definitive agreements to sell several non-core assets, including an agreement to sell its Arkoma Basin properties (the “Arkoma Agreement”), for a combined total of up to $70 million, subject to closing adjustments. The Company continues to actively market additional non-core assets.

The Arkoma Agreement represents a sale price of $65 million cash, plus up to a $2.5 million contingent payment based on improving natural gas prices. Other non-core assets sold to-date in 2017 total $2.5 million. Subject to customary closing conditions, the Arkoma transaction is expected to be completed during the third quarter of 2017.  The Company expects to use net proceeds to repay outstanding borrowings under its revolving credit facility.

Jonny Jones, founder, chairman and CEO said, “We continue to execute on our 2017 goals, ramping activity in the Merge and selling non-core assets to reduce our debt and improve our balance sheet. The sale of our Arkoma basin asset and other properties is a significant catalyst in our deleveraging story. The Arkoma represents just 6% of our projected 2017 revenues and we view the deal as an accretive transaction to the Company. I look forward to updating you with additional non-core asset sales as they occur.”

Detring Energy Advisors served as exclusive advisor for the Arkoma asset sale.

About Jones Energy

Jones Energy, Inc. is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Texas and Oklahoma.  Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expected use of proceeds from the transactions contemplated by the Arkoma Agreement, the expected timing of the closing of such transactions, the Company’s continued marketing of non-core assets, and potential aggregate proceeds from sales of non-core assets.  These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current economic and market conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. 

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

CONTACT: Investor Contact:
Page Portas, 512-493-4834
Investor Relations Associate
Or
Robert Brooks, 512-328-2953
Executive Vice President & CFO

Sauer Energy Powers International Raceway

OXNARD, Calif., June 22, 2017 (GLOBE NEWSWIRE) — Sauer Energy Inc.® (SEI) (OTCQB:SENY), developer and manufacturer of the patent pending WindCutter® vertical axis wind turbine (VAWT), announced today that the site has been approved for a desert community commercial installation.  The WindCutter is being delivered to Willow Springs International Raceway, (“Willow Springs”) in Willow Springs, California.  Together, SEI and WindSun Energy Systems experts, are planning to install it on a 30-foot pole near the entrance of the Raceway within the next ninety (90) days.  Visitors will then be able to observe the WindCutter as it generates electricity for the Raceway.

About Willow Springs International

Willow Springs International Motorsports Park is located in Willow Springs near Rosamond and Lancaster, California, and is about an hour north of Los Angeles. It is a historic race track, in existence more than fifty years. Construction of the track began in 1952, with the inaugural first race held on November 23, 1953. The main track is a challenging 2.5-mile (4.0 km) long road course that is unchanged from its original 1953 configuration. The interesting elevation changes and high average speeds make it a favorite of many road racing drivers.

Efforts by fans resulted in the State of California declaring Willow Springs International Raceway a California Point of Historical Interest, in 1996.

Willow Springs Raceway provides family entertainment for motorsports aficionados the world over.  It is often used as a film location and is also rented to individuals and teams for training and/or enjoyment.

Chris Huth, General Manager of Willow Spring commented, “Working at Willow Springs International Raceway for over fifty years, I’ve witnessed an amazing advancement in racing technology. Everything gets lighter, smaller, faster, more efficient and more reliable. The same thing has happened with electronics. All our devices are smaller, better and, unlike racing, way less expensive. I have looked into solar and wind energy for my facility over the years, but knew that it would follow the same pattern. My patience paid off when I saw the Sauer Energy WindCutter. It’s exactly what I had in mind. I am proud to be the first motorsports facility with Sauer Energy’s technology producing my electricity.”

“This is a superb opportunity for both SEI and the Raceway.  The Raceway welcomes in excess of 2 million visitors per year.  Its location has ideal wind speeds, so it should be able to produce at optimum.   We are most enthusiastic about this opportunity.  This is the first turbine we are installing at a Southern California desert community attraction. 

Our vision is coming together for immersion into the market and the WindCutter’s certification validation will singularly set us apart from the competition. We are working hard to finalize sales and I think everyone will be satisfied with the bottom-line results,” remarked Dieter Sauer, CEO and President of Sauer Energy.

As installation plans are being concluded, SEI is crossing over the threshold into bringing its disruptive technology features in renewable energy solutions to market.  SEI will let everyone know when this turbine is fully installed and operational.  The public is welcome to see it working at Willow Springs during operating hours.

As promised, Sauer Energy is engaged in the mass production of its WindCutter turbine.  Despite the fact that SEI’s full-scale manufacturing is at the outset, plans are already in place to meet the qualifications of ISO 9000 standards.  Quality control will ensure consistency, effectiveness and efficiency.  SEI strives to continually improve performance and reliability, which can translate into increased profits.

The WindCutter is synonymous with sustainable and reliable performance.  Its design contributes to substantial energy savings, which translates to simplicity, measurability and transparency, for the benefit of consumers and businesses alike.

About Sauer Energy Inc.
Sauer Energy Inc. is a technology developer and manufacturer focused on the emerging renewable energy market. SEI’s first offering, the WindCutter, is based on the Darrieus principal and has five airfoil blades that use the principle of lift to rotate the shaft and is pole mounted only.  Sold as a hybrid system, including solar and energy storage capability, our systems can offer the ability to structure on-grid or off-grid configurations. 

SEI’s technology is remarkable as it requires so few parts. This means a lower manufacturing cost, more efficient operation, lower maintenance (fewer parts = less chance of malfunction), and greater power generation. This will provide SEI with a new direction for wind capture, making it easier to scale from residential, to powering a small community — all the way up to large industrial facilities. The market opportunity for this new, self-contained, innovative technology is unlimited and growing rapidly.

With several patents in place and many more pending, SEI looks forward to delivering on its promises for commercialization, and it is also aggressively moving toward a financial return on its investments. To learn more about Sauer Energy, please visit: www.SauerEnergy.com

Sauer Energy… Harnessing the true power of wind!®

Forward-Looking Statements

This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; SEI’s ability to commercialize its wind turbine technology; ability to defend intellectual property; wind turbine material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.

Additional considerations and risk factors are set forth in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.

CONTACT: Contact Information

Sauer Energy, Inc.
Dieter Sauer
President and CEO
(888) 829-8748
www.SauerEnergy.com

NXT Energy Solutions Announces Intention to Seek Shareholder Approval for Stock Option Extensions

CALGARY, Alberta, June 20, 2017 (GLOBE NEWSWIRE) — NXT Energy Solutions Inc. (“NXT Energy” or the “Company”) (TSX:SFD) (OTCQB:NSFDF) announces that certain insiders of the Company have agreed to refrain from exercising certain stock options they hold which are currently “in the money”, for a period of 12 months in order to help the Company to maintain an orderly market for its securities.  The relevant stock options are scheduled to expire within the next 90 days and, in consideration for the agreement to refrain from the exercise, the Company has agreed to extend the expiration date of all options that are due to expire in the next 90 days, until December 31, 2018.

The Company’s stock option plan requires that the extension of the options must be approved by the shareholders of the Company.  In addition, TSX rules require that the votes of securities held directly or indirectly by insiders benefiting directly or indirectly from the option extensions must be excluded from such approval.  The Company intends to table a resolution for such disinterested shareholder approval of the option extensions at its upcoming annual shareholder meeting to be held on Wednesday, June 21, 2017.  

The details of the option extensions to be voted upon are as follows:

              Date of Expiry Exercise Price Number of Options
Outstanding
  18th July 2017 $0.75 345,000
  23rd July 2017 $0.86 480,000
  15th August 2017 $1.20 300,000
  23rd August 2017 $0.86   20,000

Management intends to rely on its discretionary authority granted in proxies currently being solicited in conjunction with the Company’s Management Information Circular dated May 16, 2017 to vote in favour of the proposed extensions.  The vote will take place by way of a ballot and all votes cast by any of the option holders affected by the extension will be excluded from the ballot tally. 

A copy of the Management Information Circular has been filed on SEDAR and is available at www.sedar.com.

NXT Energy is a Calgary based company whose proprietary Stress Field Detection (“SFD®“) survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs.  The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential.  SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc.  NXT Energy provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.

Forward-Looking Statements

This news release may include forward-looking statements. When used in this document, words such as “intends”, “plans”, “anticipates”, “expects” and “scheduled”, are forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.  Any number of factors can cause actual results to differ materially from those in the forward-looking statements.  Risk factors facing NXT Energy are described in its most recent MD&A for the year ended December 31, 2016 which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval (“SEDAR”) located at www.sedar.com.  Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.                           

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTC QB Markets accept responsibility for the adequacy or accuracy of this release.

CONTACT: For further information, please contact:

Bev Stewart	
V-P Finance & CFO	
NXT Energy Solutions Inc.
403-206-0807	
nxt_info@nxtenergy.com
www.nxtenergy.com

Kin Communications
Investor Relations
1-866-684-6730 / 604-684-6730
sfd@kincommunications.com

NXT Energy Solutions Announces Intention to Seek Shareholder Approval for Stock Option Extensions

CALGARY, Alberta, June 20, 2017 (GLOBE NEWSWIRE) — NXT Energy Solutions Inc. (“NXT Energy” or the “Company”) (TSX:SFD) (OTCQB:NSFDF) announces that certain insiders of the Company have agreed to refrain from exercising certain stock options they hold which are currently “in the money”, for a period of 12 months in order to help the Company to maintain an orderly market for its securities.  The relevant stock options are scheduled to expire within the next 90 days and, in consideration for the agreement to refrain from the exercise, the Company has agreed to extend the expiration date of all options that are due to expire in the next 90 days, until December 31, 2018.

The Company’s stock option plan requires that the extension of the options must be approved by the shareholders of the Company.  In addition, TSX rules require that the votes of securities held directly or indirectly by insiders benefiting directly or indirectly from the option extensions must be excluded from such approval.  The Company intends to table a resolution for such disinterested shareholder approval of the option extensions at its upcoming annual shareholder meeting to be held on Wednesday, June 21, 2017.  

The details of the option extensions to be voted upon are as follows:

              Date of Expiry Exercise Price Number of Options
Outstanding
  18th July 2017 $0.75 345,000
  23rd July 2017 $0.86 480,000
  15th August 2017 $1.20 300,000
  23rd August 2017 $0.86   20,000

Management intends to rely on its discretionary authority granted in proxies currently being solicited in conjunction with the Company’s Management Information Circular dated May 16, 2017 to vote in favour of the proposed extensions.  The vote will take place by way of a ballot and all votes cast by any of the option holders affected by the extension will be excluded from the ballot tally. 

A copy of the Management Information Circular has been filed on SEDAR and is available at www.sedar.com.

NXT Energy is a Calgary based company whose proprietary Stress Field Detection (“SFD®“) survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs.  The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential.  SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc.  NXT Energy provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.

Forward-Looking Statements

This news release may include forward-looking statements. When used in this document, words such as “intends”, “plans”, “anticipates”, “expects” and “scheduled”, are forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.  Any number of factors can cause actual results to differ materially from those in the forward-looking statements.  Risk factors facing NXT Energy are described in its most recent MD&A for the year ended December 31, 2016 which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval (“SEDAR”) located at www.sedar.com.  Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.                           

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTC QB Markets accept responsibility for the adequacy or accuracy of this release.

CONTACT: For further information, please contact:

Bev Stewart	
V-P Finance & CFO	
NXT Energy Solutions Inc.
403-206-0807	
nxt_info@nxtenergy.com
www.nxtenergy.com

Kin Communications
Investor Relations
1-866-684-6730 / 604-684-6730
sfd@kincommunications.com

RigNet is Awarded a Systems Integration Contract For Expansion of a Large Scale Midstream Energy Facility

HOUSTON, June 20, 2017 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ:RNET), announced today that it was awarded a multi-million dollar contract to provide communications infrastructure for the expansion of a large midstream energy facility in North America.

RigNet’s scope of work includes the engineering, procurement and construction for communication infrastructure including radio communication, Local Area Network (LAN), Closed Circuit Television (CCTV), and Public Address and General Alarm (PAGA).

This contract draws on the considerable experience of RigNet’s System Integration and Automation (SI&A) team of engineers responsible for developing robust and resilient infrastructures for “inside the fence” communication.

“We are very pleased to participate in the expansion of this key energy facility, and are committed to demonstrating RigNet’s ability to provide customized and intelligent communication infrastructure to operators in the midstream market,” said Steven Pickett, RigNet’s CEO and president.

About RigNet
RigNet (NASDAQ:RNET) is a leading global provider of customized systems and solutions serving customers with complex data networking and operational requirements. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing, crew welfare, asset monitoring and real-time data services. RigNet is based in Houston, Texas and has operations around the globe. 

For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.

CONTACT: Media / Investor Relations Contact:
Charles E. Schneider 
SVP & Chief Financial Officer
RigNet, Inc. 
Tel: +1 (281) 674-0699

PennTex Midstream Announces Expiration of Energy Transfer Tender Offer

HOUSTON, June 20, 2017 (GLOBE NEWSWIRE) — PennTex Midstream Partners, LP (NASDAQ:PTXP) (the “Partnership”) today announced that as of 5:00 p.m., Eastern Time, on June 19, 2017 (the “Expiration Time”), approximately 12,360,503 common units representing limited partner interests in the Partnership (the “Common Units”), including those Common Units delivered through notices of guaranteed delivery, were validly tendered and accepted for purchase by Energy Transfer Partners, L.P. (NYSE:ETP) (“ETP”) in ETP’s previously announced tender offer (the “Offer”).

The number of Common Units validly tendered prior to the Expiration Time satisfies the non-waivable condition that not less than a majority of the Common Units held by unitholders that are not affiliates of ETP be validly tendered, and satisfies the condition that, following the closing of the Offer, ETP and its affiliates own at least 16,571,405 Common Units, representing greater than 80% of the outstanding Common Units.  ETP has announced that, pursuant to Section 15.1 of the First Amended and Restated Agreement of Limited Partnership of the Partnership (the “Partnership Agreement”), it intends to exercise the right, assigned to ETP by the Partnership’s general partner, to purchase all of the remaining Common Units that were not tendered in the Offer and remain outstanding on June 30, 2017 (the “Limited Call Right”).  ETP expects to mail to each unitholder of record who did not tender its Common Units in the Offer a notice of election to purchase such Common Units pursuant to Section 15.1(b) of the Partnership Agreement, and such holder will receive, for each Common Unit, $20.00 in cash, which represents the price paid by ETP for the Common Units in the Offer.

Upon the exercise of the Limited Call Right, ETP will own all of the economic interests of the Partnership and will be entitled to all of the benefits resulting from those interests.  In addition, the Common Units will cease to be listed on the NASDAQ Global Select Market or publicly traded.

Important Information

This press release is for informational purposes only, and is neither an offer to purchase nor a solicitation of an offer to sell securities.  Holders of Common Units are advised to read ETP’s combined Tender Offer Statement on Schedule TO and Transaction Statement on Schedule 13E-3, as amended, ETP’s Offer to Purchase, the Partnership’s Solicitation/Recommendation Statement on Schedule 14D-9, as amended, and the Partnership’s Transaction Statement on Schedule 13E-3, as amended, and other documents relating to the tender offer that have been or will be filed with the Securities and Exchange Commission (the “SEC”) because they contain important information.  Unitholders may also obtain copies of any of the foregoing materials, as filed with the SEC, without charge from the Partnership by directing such request to PennTex Midstream Partners, LP, Attn: Investor Relations, 8111 Westchester Drive, Suite 600, Dallas, Texas 75225.

About PennTex Midstream Partners, LP

PennTex Midstream Partners, LP provides natural gas gathering and processing and residue gas and natural gas liquids transportation services to producers in northern Louisiana. ETP owns the general partner of the Partnership. For more information, visit www.penntex.com.

Investor Relations:
Helen Ryoo, Lyndsay Hannah, Brent Ratliff, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820

Capstone to Provide Clean Power from Waste Gas for Repeat Oil and Gas Customer

CHATSWORTH, Calif., June 19, 2017 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it has secured an order for two C1000 Signature Series microturbines to provide power from waste gas for a repeat oil and gas customer in Southern California.

“This is a significant order in the California oil and gas market and further illustrates the strengthening of Capstone’s oil and gas related business which made up 34% of total product revenue last year,” stated Darren Jamison, Capstone’s President and Chief Executive Officer. “Repeat customers are critical to our future growth, and we look forward to forging a long-term partnership with our industry leading Factory Protection Plan that aligns us 100% with our end-use customers and rewards everyone with system uptime and positive operational performance,” added Mr. Jamison.

Cal MicroTurbine, one of Capstone’s distributors in California, secured the order which is expected to be commissioned in the fall of 2017. The customer selected Capstone microturbines for its proven ability to provide clean, flexible and reliable performance while running on lower quality, minimally processed associated waste gas.

“We are excited this repeat customer selected us based on our customer focus, value and integration experience over traditional power generation providers,” said Kenda Brown, President at Cal MicroTurbine. “We look forward to a long-term relationship with this customer and providing them a premium service through our all-inclusive Factory Protection Plan,” added Ms. Brown.

Both C1000S microturbines will be installed alongside the Capstone Logic Controller and operate on high BTU, minimally processed gas. The microturbine units will produce quality power from low-quality waste gas with ultra-low emissions. The installation will ultimately act as a pilot site for a potential larger site expansion in the future.

“Capstone was tapped again by this existing customer due to past project success in waste gas utilization and remote power applications,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Combined with Capstone’s high reliability and local presence, we were able to provide the highest quality solution at a reasonable cost,” added Mr. Crouse.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world’s leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped over 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency’s Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation’s energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.

This press release contains “forward-looking statements,” as that term is used in the federal securities laws, about the advantages of Capstone’s Signature Series product and accessories offerings; strengthening of Capstone’s oil and gas related business; advantages of Capstone’s products in waste gas utilization applications; and the advantages and growth of Capstone’s Factory Protection Plans. Forward-looking statements may be identified by words such as “expects,” “objective,” “intend,” “targeted,” “plan” and similar phrases. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties described in Capstone’s filings with the Securities and Exchange Commission that may cause Capstone’s actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

“Capstone” and “Capstone Microturbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT: CONTACT:  Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com

Capstone to Provide Clean Power from Waste Gas for Repeat Oil and Gas Customer

CHATSWORTH, Calif., June 19, 2017 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it has secured an order for two C1000 Signature Series microturbines to provide power from waste gas for a repeat oil and gas customer in Southern California.

“This is a significant order in the California oil and gas market and further illustrates the strengthening of Capstone’s oil and gas related business which made up 34% of total product revenue last year,” stated Darren Jamison, Capstone’s President and Chief Executive Officer. “Repeat customers are critical to our future growth, and we look forward to forging a long-term partnership with our industry leading Factory Protection Plan that aligns us 100% with our end-use customers and rewards everyone with system uptime and positive operational performance,” added Mr. Jamison.

Cal MicroTurbine, one of Capstone’s distributors in California, secured the order which is expected to be commissioned in the fall of 2017. The customer selected Capstone microturbines for its proven ability to provide clean, flexible and reliable performance while running on lower quality, minimally processed associated waste gas.

“We are excited this repeat customer selected us based on our customer focus, value and integration experience over traditional power generation providers,” said Kenda Brown, President at Cal MicroTurbine. “We look forward to a long-term relationship with this customer and providing them a premium service through our all-inclusive Factory Protection Plan,” added Ms. Brown.

Both C1000S microturbines will be installed alongside the Capstone Logic Controller and operate on high BTU, minimally processed gas. The microturbine units will produce quality power from low-quality waste gas with ultra-low emissions. The installation will ultimately act as a pilot site for a potential larger site expansion in the future.

“Capstone was tapped again by this existing customer due to past project success in waste gas utilization and remote power applications,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Combined with Capstone’s high reliability and local presence, we were able to provide the highest quality solution at a reasonable cost,” added Mr. Crouse.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world’s leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped over 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency’s Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation’s energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.

This press release contains “forward-looking statements,” as that term is used in the federal securities laws, about the advantages of Capstone’s Signature Series product and accessories offerings; strengthening of Capstone’s oil and gas related business; advantages of Capstone’s products in waste gas utilization applications; and the advantages and growth of Capstone’s Factory Protection Plans. Forward-looking statements may be identified by words such as “expects,” “objective,” “intend,” “targeted,” “plan” and similar phrases. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties described in Capstone’s filings with the Securities and Exchange Commission that may cause Capstone’s actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

“Capstone” and “Capstone Microturbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT: CONTACT:  Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com

Capstone to Provide Clean Power from Waste Gas for Repeat Oil and Gas Customer

CHATSWORTH, Calif., June 19, 2017 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it has secured an order for two C1000 Signature Series microturbines to provide power from waste gas for a repeat oil and gas customer in Southern California.

“This is a significant order in the California oil and gas market and further illustrates the strengthening of Capstone’s oil and gas related business which made up 34% of total product revenue last year,” stated Darren Jamison, Capstone’s President and Chief Executive Officer. “Repeat customers are critical to our future growth, and we look forward to forging a long-term partnership with our industry leading Factory Protection Plan that aligns us 100% with our end-use customers and rewards everyone with system uptime and positive operational performance,” added Mr. Jamison.

Cal MicroTurbine, one of Capstone’s distributors in California, secured the order which is expected to be commissioned in the fall of 2017. The customer selected Capstone microturbines for its proven ability to provide clean, flexible and reliable performance while running on lower quality, minimally processed associated waste gas.

“We are excited this repeat customer selected us based on our customer focus, value and integration experience over traditional power generation providers,” said Kenda Brown, President at Cal MicroTurbine. “We look forward to a long-term relationship with this customer and providing them a premium service through our all-inclusive Factory Protection Plan,” added Ms. Brown.

Both C1000S microturbines will be installed alongside the Capstone Logic Controller and operate on high BTU, minimally processed gas. The microturbine units will produce quality power from low-quality waste gas with ultra-low emissions. The installation will ultimately act as a pilot site for a potential larger site expansion in the future.

“Capstone was tapped again by this existing customer due to past project success in waste gas utilization and remote power applications,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Combined with Capstone’s high reliability and local presence, we were able to provide the highest quality solution at a reasonable cost,” added Mr. Crouse.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world’s leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped over 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency’s Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation’s energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.

This press release contains “forward-looking statements,” as that term is used in the federal securities laws, about the advantages of Capstone’s Signature Series product and accessories offerings; strengthening of Capstone’s oil and gas related business; advantages of Capstone’s products in waste gas utilization applications; and the advantages and growth of Capstone’s Factory Protection Plans. Forward-looking statements may be identified by words such as “expects,” “objective,” “intend,” “targeted,” “plan” and similar phrases. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties described in Capstone’s filings with the Securities and Exchange Commission that may cause Capstone’s actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

“Capstone” and “Capstone Microturbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT: CONTACT:  Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com

Bengal Energy Announces Fourth Quarter and Fiscal 2017 Year End and Reserve Results

CALGARY, Alberta, June 16, 2017 (GLOBE NEWSWIRE) — Bengal Energy Ltd. (TSX:BNG) (“Bengal” or the “Company”) today announces its financial and operating results for the fourth quarter and the fiscal year ended March 31, 2017 and the results of its independent reserve evaluation for the year ended March 31, 2017 as prepared by GLJ Petroleum Consultants Ltd. (“GLJ”).

FISCAL YEAR END & FOURTH QUARTER 2017 HIGHLIGHTS:

The following is an overview of the financial and operational results during the three and twelve month periods ended March 31, 2017:

Financial Highlights:

  • Continued Reserve Growth – The Company’s independently evaluated year-end corporate reserve volumes have increased by 25% and 14% to 2,761 thousand barrels (“Mbbls”) and 7,056 Mbbls for the Proved (“1P”) and Proved plus Probable (“2P”) reserve categories, respectively. These increases result from the impacts of the Company’s ongoing capital programs.  Based on 1P and 2P reserves additions, Bengal has replaced approximately 5 times and 7 times its annual corporate production, respectively. 
     
  • Revenue – Crude oil sales revenue was $2.2 million in the fourth quarter of fiscal 2017, which is 4% lower than the $2.3 million recorded in the third quarter of fiscal 2017 and 3% lower than crude oil sales during fiscal Q4 2016. The decreases are driven by natural production declines, partially offset by increases in benchmark crude oil prices.  Annual crude oil sales for fiscal 2017 were $9.3 million compared to $11.2 million during fiscal 2016, a 17% decline is due primarily to natural production declines. 
     
  • Hedging – At March 31, 2017, the Company had 29,000 barrels of oil (“bbls”) remaining in its US$80 hedging program, which is comprised of a blend of puts and swaps with a floor price of US$80/bbl that expire on June 30, 2017. 
     
  • Funds Flow from Operations – Bengal generated funds flow from operations of $1.6 million in the fourth quarter of 2017 compared to $1.4 million during the previous quarter and during fiscal Q4 2016.  The increase is due to reductions in operating expenses and royalty credits realized during the quarter.  Annual funds from operations were $6.2 million in fiscal 2017 compared to $4.0 million in fiscal 2016.  The 57% increase was the result of a 23% increase in realized gain on financial instruments and royalty credits described above. 
     
  • Earnings – Bengal reported net income of $1.9 million for the fourth quarter of fiscal 2017, compared to a $2.3 million net loss in the preceding quarter and net loss of $11.7 million in the fourth quarter of fiscal 2016.  Annual net losses were $2.8 million during fiscal 2017 compared to losses of $10.4 million recorded in the previous year.  Excluding the impact of unrealized foreign exchange and unrealized hedging gains and losses, adjusted net earnings were $1.2 million for the fourth quarter of fiscal 2017 compared to an adjusted net loss of $0.8 million during the previous quarter and an adjusted net loss of $10.7 million recorded in fiscal Q4 2016.  Annual adjusted net income was $3.6 million compared to an adjusted net loss of $12.3 million recorded during the previous year. 
     
  • Rights Offering – On December 29, 2016, the Company completed a rights offering raising $4.0 million, net of $0.1 million of share issue costs.

Operational Highlights:

  • Production Volumes – Production (net to Bengal) in the fourth quarter of fiscal 2017 averaged 344 barrels of oil per day (“bopd”), a 3% and 27% decrease compared to the preceding quarter and fiscal Q4 2016, respectively.  These decreases were due to natural production declines.  Four of the five wells drilled during fiscal 2017 were connected in May of 2017 with initial combined production rates of approximately 245 bopd (gross).  These initial rates are less than pre connection expectations and continued optimization and well cleanup work is ongoing.  With recent positive results from fracture stimulation programs, the Joint Venture will review the 2016 wells for stimulation in addition to planning frac programs to occur immediately after completion in future drilling campaigns.  In Bengal’s opinion, operational delays experienced between completion and tie-in during the 2017 campaign may have been a contributor to longer well clean up timing and on initial reservoir performance.  Bengal will continue to closely monitor production rates of the newly connected wells.  
     
  • Cuisinier 2016 drilling program – All five wells drilled during the year were successful in locating oil-bearing sands and four of these wells were completed and commenced production in May 2017.  The fifth well, Cuisinier-23 was suspended as a future fracture stimulation candidate following the evaluation of nearby well performance.  This drilling program included one appraisal well (“Cuisinier-22”) and one exploration well (“Shefu-1”).  Successful drilling of the appraisal and exploration locations have materially increased the Company’s reserve volumes by expanding the pool boundaries. 
     
  • Credit Facility Update – In August 2016, the Company extended its credit facility with Westpac Banking Corporation by 18 months with a borrowing base of US$15 million.  The borrowing base, if not further extended, will follow a reduction schedule of US$5 million in December 2017, US$5 million in June 2018, and US$5 million in December 2018.  All associated terms and covenants are consistent with the existing facility.  
     
  • Onshore India – Effective June 2016, Bengal and its partners provided notice to the applicable Government of India Authorities of its intention to exit the CY-ONN-2005/1 exploration block. The joint venture was unable to acquire the land rights required for exploration, causing a force majeure condition for the duration of the first term of exploration and is therefore entitled to exit the permit without penalty for unfinished work program commitments.  Subsequent to year-end, this application was accepted by the Director General of Hydrocarbons and is awaiting final approval from the Ministry of Petroleum and Natural Gas.  With the exit from the permit, the Company has effectively ceased all operations in India.

Reserve Highlights

  • Bengal’s proved plus probable reserves (Company interest) as evaluated by GLJ as at March 31, 2017 increased 14% to 7,056 MBOE from 6,204 MBOE at March 31, 2016. The Company’s proved reserves (Company interest) as at March 31, 2017 increased 25% to 2,761 MBOE from 2,212 MBOE as at March 31, 2016. 
     
  • The net present value of Bengal’s estimated future net revenue before income taxes from proved plus probable reserves as at March 31, 2017 is $118 million, which is equivalent to $1.15 per share utilizing the forecast prices and cost assumptions of GLJ as at March 31, 2017 and published on April 1, 2017 (the “GLJ Price Forecast”) and discounted at 10%.. The net present value of Bengal’s estimated future net revenue before income taxes from total proved reserves as at March 31, 2017 is $45.8 million, utilizing the GLJ April 1, 2017 Price Forecast and discounted at 10%. 
     
  • The Company’s Reserves Replacement Ratio (annual reserve additions versus annual production) for Proved Reserves was 498% and for Proven plus Probable Reserves was 717%.

FINANCIAL AND OPERATING HIGHLIGHTS

$000s except per share,
volumes and netback amounts
Three Months Ended   Twelve Months Ended  
March 31   March 31  
  2017     2016   % Change   2017     2016   % Change
             
Oil sales revenue $ 2,179   $     2,253   (3 ) $ 9,294   $   11,187     (17 )
Realized gain on financial instruments $ 971   $   1,833   (47 ) $ 4,712   $   3,840     23  
Royalties $   (347 ) $     106   (427 ) $ (213 ) $   728   (129 )
% of revenue   (16 )     5   (420 )   (2 )     7   (129 )
Operating & transportation $   987   $     1,474   (33 ) $ 4,864   $   6,480   (25 )
Operating netback(1) $ 2,510   $     2,506     –   $ 9,355   $   7,819     20  
Cash from operations: $ 643   $     1,496   (57 ) $ 4,515   $   5,398     (16 )
Funds from operations: $ 1,639   $     1,439     14   $ 6,196   $   4,048     53  
Per share ($) (basic & diluted)   0.02     0.02       0.08     0.06     33  
Net income (loss) $ 1,931   $     (11,704 ) (117 ) $   (2,768 ) $     (10,380 )   (73 )
Per share ($) (basic & diluted)   0.02     (0.17 ) (112 )   (0.04 )   (0.15 )   (73 )
Adjusted net (loss) income (2) $ 1,181   $   (10,685 ) (111 ) $ 3,605   $   (12,270 )   (129 )
Per share ($) (basic & diluted)   0.01     (0.16 ) (106 )   0.05     (0.18 ) (128 )
Capital expenditures $ 681   $     332     105   $ 5,618   $   3,347     68  
Oil Volumes (bopd)   344     469   (27 )   379     505   (25 )
Netback(1) ($/boe)            
Revenue $ 70.40   $     52.83     33   $ 67.17   $   60.54     11  
Realized gain on financial  instruments   31.37       42.98   (27 )   34.06       20.78     64  
Royalties     (11.21 )     2.49   (550 )   (1.54 )   3.94   (139 )
Operating & transportation   31.89       34.57   (8 )   35.16     35.07     –  
Netback/boe $ 81.09   $     58.75     38   $ 67.61   $   42.31     60  

Notes 
(1)  Operating netback is a non-IFRS measure and includes realized gain on financial instruments. Netback per boe is calculated by dividing revenue (including realized gain on financial instruments) less royalties, operating and transportation costs by the total production of the Company measured in boe.

(2)  Adjusted net (loss) is a non-IFRS measure.  The comparable IFRS measure is net income (loss). A reconciliation of the two measures can be found in the table on page 6 of the Q4 and fiscal Year Ended Mar. 31, 2017 MD&A.

Bengal has filed its consolidated financial statements and management’s discussion and analysis for the fourth fiscal quarter of 2017 and year ended March 31, 2017 with the Canadian securities regulators. The documents are available on SEDAR at www.sedar.com or by visiting Bengal’s website at www.bengalenergy.ca.

NET ASSET VALUE

The following table provides a calculation of Bengal’s estimated net asset value and net asset value per share as at March 31, 2017 based on the estimated future net revenues associated with Bengal’s proved plus probable reserves discounted at 10% and utilizing GLJ’s April 1, 2017 price forecast, as presented in the GLJ Report (as defined below).

Bengal’s estimated net asset value per (basic) share as at March 31, 2017 is calculated at $1.06 on a before-tax, and $0.78 on an after-tax, basis. Net asset value, as presented, excludes land and exploration value and is calculated using 10% NPV (as defined below) proved and proved plus probable reserves values, less net debt of $108.5 million (estimated as March 31, 2017 working capital and hedge value less outstanding debt).  

                               MARCH 31, 2017
(CDN $M, $/SHARE) BEFORE TAX AFTER TAX
RESERVES CATEGORY Net
Asset
Value
Net
Asset
  Value/basic share  
Net
Asset
Value
Net
Asset
  Value/basic share  
 
TOTAL PROVED $ 36.3 $ 0.36   $ 29.1 $ 0.28    
TOTAL PROVED PLUS PROBABLE   $ 108.5 $ 1.06   $ 80.3 $ 0.78    

Notes:
(1)  At March 31, 2017, the Company had approximately 102.3 million common shares outstanding (basic).

(2)  Fiscal 2017 figures include information based on estimated unaudited financial results that may change on the completion of the audited financial statements.

Corporate Reserves

The reserves data set forth in this news release is based upon an independent reserve assessment and evaluation prepared by GLJ with an effective date of March 31, 2017 (the “GLJ Report“). The following presentation summarizes the Company’s crude oil, natural gas liquids and natural gas reserves and the net present values before and after income taxes of future net revenue for the Company’s reserves using forecast prices and costs based on the GLJ Report. The GLJ Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook“) and the reserve definitions contained in National Instrument 51-101 – Standards of Disclosure For Oil and Gas Activities (“NI 51-101“).

Reserves Summary

The Company’s total proved plus probable reserves increased by 14% in fiscal 2017 to 7,056 MBOE. Proved reserves increased by 25% to 2,761 MBOE and comprised 39.1% of the Company’s total proved plus probable reserves. Proved undeveloped reserves are 80% of the total proved reserves. The future capital in the GLJ Report (undiscounted) is $73.4 million for the proved and probable reserves and is $33.0 million for total proved reserves. The future capital is programmed over a 10 year time period for proved plus probable reserves and 5 year time period for proved reserves.

The following table provides summary reserve information based upon the GLJ Report and using the GLJ Price Forecast.

Reserves Data (Forecast Prices and Costs)

SUMMARY OF OIL AND GAS RESERVES
AS OF MARCH 31, 2017
FORECAST PRICES AND COSTS
 
TOTAL LIGHT CRUDE
OIL AND
MEDIUM CRUDE OIL
HEAVY CRUDE
OIL
CONVENTIONAL
NATURAL GAS
NATURAL GAS
LIQUIDS
TOTAL
RESERVES CATEGORY: Gross
(Mbbl)
Net
(Mbbl)
Gross
(Mbbl)
Net
(Mbbl)
Gross
(Mbbl)
Net
(MMcf)
Gross
(Mbbl)
Net
(Mbbl)
Gross
(MBOE)
Net
(MBOE)
                     
Proved Developed                    
Producing 406 382 406 382
Non-Producing 149 140 149 140
Proved undeveloped 2,207 2,069 2,207 2,069
TOTAL PROVED 2,761 2,590 2,761 2,590
PROBABLE 4,295 4,027 4,295 4,027
TOTAL PROVED PLUS PROBABLE   7,056 6,618 7,056 6,618

Notes:
(1)  “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.

(2)  “Net” reserves are Company’s working interest reserves (operating and non-operating) after deductions of royalty obligations plus the Company’s royalty interests.

(3)  BOE amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil 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 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 mcf: 1 bbl, utilizing a conversion ratio of 6 mcf: 1 bbl may be a misleading indication of value.

(4)  The numbers in this table may not add exactly due to rounding.

Future Net Revenue Values

The estimated net present values (“NPV“) of future net revenues associated with Bengal’s reserves effective March 31, 2017 and based on the GLJ Price Forecast are summarized in the following tables:

Future Net Revenue Data (Forecast Prices and Costs)

SUMMARY OF NET PRESENT VALUES
OF FUTURE NET REVENUE
AS OF MARCH 31, 2017
FORECAST PRICES AND COSTS
 
                      Unit
Value
Before
Income
Taxes 

Unit
Value
Before
Income
Taxes

TOTAL BEFORE INCOME TAXES DISCOUNTED AT
(%.year)
AFTER INCOME TAXES DISCOUNTED AT
(%/year)
Discounted at
10%/year
Discounted at
10%/year
($M) 0%   5%   10%   15%   20%   0%   5%   10%   15%   20%   ($/BOE) ($Mcfe)
PROVED                        
Developed Producing 10,338   9,617   8,840   8,128   7,509   10,338   9,617   8,840   8,128   7,509   23.17 3.86
Developed Non-Producing 5,163   4,597   4,123   3,734   3,415   5,163   4,597   4,123   3,734   3,415   29.50 4.92
Undeveloped 61,451   44,632   32,816   24,547   18,679   46,067   34,231   25,564   19,357   14,879   15.86 2.64
TOTAL PROVED 76,951   58,846   45,780   36,410   29,603   61,567   48,445   38,527   31,219   25,803   17.67 2.95
Probable 174,913   109,771   72,228   49,870   35,981   121,117   77,045   51,183   35,708   26,085   17.93 2.99
TOTAL PROVED PLUS PROBABLE      251,864   168,617   118,007   86,280   65,584   182,685   125,490   89,711   66,928   51,888   17.83 2.97

Notes:
(1)  NPV of future net revenue includes all resource income: sale of oil, gas by-product reserves; processing of third party reserves; and other income.

(2)  Income taxes includes all resource income, appropriate income tax calculations and prior tax pools.

(3)  The unit values are based on working interest reserve volumes before income tax (BFIT).

(4)  The numbers in this table may not add exactly due to rounding.

(5)  The estimated values disclosed do not represent fair market value.

TOTAL FUTURE NET REVENUE
(UNDISCOUNTED)
AS OF MARCH 31, 2017
FORECAST PRICES AND COSTS
 
($M)

Reserves Category:

Revenue Royalties Operating
Costs
Development
Costs
Abandonment
and
Reclamation Costs(3)
Future Net
Revenue Before
Income Taxes
Income
Taxes
Future Net
Revenue After
Income Taxes
TOTAL PROVED 259,349 16,089 127,469 33,039 5,801 76,951 15,384 61,567
TOTAL PROVED PLUS PROBABLE     723,961 45,052 341,592 73,431 12,021 251,864 69,180 182,685

Notes:
(1)  The numbers in this table may not add exactly due to rounding.

(2)  Reflects estimated abandonment and reclamation for all wells (both existing and undrilled wells) that have been attributed reserves.

(3)  The estimated values disclosed do not represent fair market value.

FUTURE NET REVENUE
BY PRODUCT TYPE
AS OF MARCH 31, 2017
FORECAST PRICES AND COSTS
(Before income taxes and discounted at 10% per year)
 
Reserve Category Production Group ($M) ($/BOE)   ($/Mcfe)
Proved

Light Crude Oil and Medium Crude Oil
(Including solution gas and associated by-products)
45,780 17.67   2.95
Heavy Crude Oil
(Including solution gas and associated by-products)
 
Conventional Natural Gas
(Including associated by-products but excluding solution gas and by-products from oil wells)
 
Total Proved   45,780 17.67   2.95
Proved Plus Probable

Light Crude Oil and Medium Crude Oil
(Including solution gas and associated by-products)
118,007 17.83   2.97
Heavy Crude Oil
(Including solution gas and associated by-products)
 
Conventional Natural Gas
(Including associated by-products but excluding solution gas and by-products from oil wells)
 
Total Proved Plus Probable   118,007 17.83   2.97

Notes:
(1)  Unit values are based on the Company’s net reserves.

(2)  The estimated values disclosed do not represent fair market value.

Price Forecast

The GLJ April 1, 2017 price forecast is summarized as follows: 

    BRENT
     ($Cdn/Bbl)
     Exchange Rate
($US/$Cdn)
BRENT
     ($US/Bbl)
  YEAR FORECAST      
  2017 Q2-Q4 72.67 0.750 54.50
  2018 75.48 0.775 58.50
  2019 80.62 0.800 64.50
  2020 82.42 0.825 68.00
  2021 83.53 0.850 71.00
  2022 87.05 0.850 74.00
  2023 90.59 0.850 77.00
  2024 94.12 0.850 80.00
  2025 97.64 0.850 83.00
  2026 102.65 0.850 87.25
  2027+ +2.0%/yr 0.850 +2.0%/yr

Note:
(1)  Inflation is accounted for at 2% per year.

Comparison of Reserves and Values

The following table provides a comparison of Bengal’s independent reserves summaries as evaluated by GLJ as at March 31 2017 (based on published GLJ April 1, 2017 price forecast) and at March 31 2016 (based on published GLJ April 1, 2016 price forecast). The NPVs shown are associated with all of Bengal’s reserves before income taxes and discounted at 10%/year.

COMPARISON OF BENGAL’S OIL AND GAS RESERVES AND VALUES
COMPANY INTEREST (GROSS) BASIS
 
  MARCH 31, 2016(4) MARCH 31, 2017
  Reserves (Mboe)
(Gross)
NPV ($M)(5) Reserves (Mboe)
(Gross)
NPV ($M)(5)
RESERVES CATEGORY:

 

       
PROVED DEVELOPED PRODUCING   382 7,495 406 8,840
TOTAL PROVED 2,212 33,379 2,761 45,780
TOTAL PROVED PLUS PROBABLE 6,204 103,856 7,056 118,007

Notes:
(1)  “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.

(2)  BOE amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil 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 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 mcf: 1 bbl, utilizing a conversion ratio of 6 mcf: 1 bbl may be a misleading indication of value.

(3)  The numbers in this table may not add exactly due to rounding.

(4)  The information relating to the Company’s reserves and NPV as at March 31, 2016 is based upon the reserves assessment and evaluation of GLJ with an effective date of March 31, 2016 and is disclosed in the Company’s annual information form for the year ended March 31, 2016. 

(5)  NPV is calculated based on forecast prices and costs, discounted at 10% and utilizing the GLJ Price Forecast, as presented in the GLJ Report.

About Bengal

Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal’s common shares trade on the TSX under the symbol “BNG”. Additional information is available at www.bengalenergy.ca

CAUTIONARY STATEMENTS:

Forward-Looking Statements

This news release contains certain forward-looking statements or information (“forward-looking statements”) as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal’s control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements.  The projections, estimates and beliefs contained in such forward-looking statements are based on management’s estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the impact of economic conditions in North America and Australia and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. We believe the expectations reflected in those forward-looking statements are reasonable but, no assurances 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 from them. As such, undue reliance should not be placed on forward-looking statements.  Forward-looking statements contained herein include, but are not limited to, statements regarding: the potential positive impact of the successful drilling results on the Company’s reserves and the growth in the Company’s near-term production base as a result of the completion and tie-in of the Cuisinier oil wells.  The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal’s actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: the failure to obtain required regulatory approvals or extensions; failure to satisfy the conditions under farm-in and joint venture agreements; failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America and Australia; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility.  Readers are encouraged to review the material risks discussed in Bengal’s Annual Information Form for the year ended March 31, 2016 under the heading “Risk Factors” and in Bengal’s annual MD&A under the heading “Risk Factors”. The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof and Bengal does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be require pursuant to applicable securities laws.

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.

Internal estimates

Certain information contained herein, such as the financial information based on estimated unaudited financial results for the year ended March 31, 2017, are based on estimated values the Company believes to be reasonable and are subject to the same limitations as discussed under “Forward-looking Statements” above.

Oil and Gas Advisory

The reserves information contained in this news release has been prepared in accordance with NI 51-101. Complete NI 51-101 reserves disclosure will be included in Bengal’s annual information form for the year ended March 31, 2017 which will be filed before June 29, 2017.  Listed below are cautionary statements applicable to our reserves information that are specifically required by NI 51-101:

   (a)  Individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation.

   (b)  With respect to finding and development costs, the aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that year.

   (c)  This press release contains estimates of the net present value of our future net revenue from our reserves. Such amounts do not represent the fair market value of our reserves.

   (d)  Reserves included herein are stated on a company interest basis (before royalty burdens and including royalty interests) unless noted otherwise as well as on a gross and net basis as defined in NI 51-101. “Company interest” is not a term defined by NI 51-101 and as such the estimates of Company interest reserves herein may not be comparable to estimates of “gross” reserves prepared in accordance with NI 51-101 or to other issuers’ estimates of company interest reserves.

All evaluations and reviews of future net cash flows in this news release are stated prior to any provisions for interest costs or general and administrative costs and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. It should not be assumed that the estimates of future net revenues presented in this news release represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances from these assumptions could be material. The recovery and reserve estimates of the Company’s crude oil, natural gas liquids and natural gas reserves provided in this news release are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.

“Proved Developed Producing Reserves” are those reserves that are expected to be recovered from completion intervals open at the time of the estimate.  These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

“Proved Developed Non-Producing Reserves” are those reserves that either have not been on production, or have previously been on production but are shut-in and the date of resumption of production is unknown.

“Proved Undeveloped Reserves” are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g. when compared to the cost of drilling a well) is required to render them capable of production.  They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.

“Proved” reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

“Probable” reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Light crude oil is crude oil with a relative density greater than 31.1 degrees API gravity, medium crude oil is crude oil with a relative density greater than 22.3 degrees API gravity and less than or equal to 31.1 degrees API gravity, and heavy crude oil is crude oil with a relative density greater than 10 degrees API gravity and less than or equal to 22.3 degrees API gravity.

Selected Definitions

The following terms used in this press release have the meanings set forth below:

Bbl” means barrel

BOE” means barrel of oil equivalent of natural gas and crude oil on the basis of 1 BOE for six thousand cubic feet of natural gas (this conversion factor is an industry accepted norm and is not based on either energy content or current prices)

Mbbl” means thousand barrels

BOEPDbarrels of oil equivalent per day

MBOE” means 1,000 barrels of oil equivalent

Mcf” means one thousand cubic feet

Mcfe” means one thousand cubic feet equivalent

Mmcf’” means one million cubic feet

1M” means thousands of dollars

Non-IFRS Measurements

Within this news release references are made to terms commonly used in the oil and gas industry. Funds from operations, funds from operations per share and netbacks do not have any standardized meaning under IFRS and previous GAAP and are referred to as non-IFRS measures. Funds from operations per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of net income (loss) per share. Netbacks equal total revenue less royalties and operating and transportation expenses calculated on a boe basis. Management utilizes these measures to analyze operating performance. The Company’s calculation of the non-IFRS measures included herein may differ from the calculation of similar measures by other issuers. Therefore, the Company’s non-IFRS measures may not be comparable to other similar measures used by other issuers. Funds from operations is not intended to represent operating profit for the period nor should it be viewed as an alternative to operating profit, net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS. Non-IFRS measures should only be used in conjunction with the Company’s annual audited and interim financial statements. A reconciliation of these measures can be found in the table on page 6 of Bengal’s Q4 and fiscal Year ended March 31, 2017 MD&A. 

CONTACT: FOR FURTHER INFORMATION PLEASE CONTACT:

Bengal Energy Ltd.
Chayan Chakrabarty, President & Chief Executive Officer
Jerrad Blanchard, Chief Financial Officer
(403) 205-2526
Email: investor.relations@bengalenergy.ca 
Website: www.bengalenergy.ca