CALGARY, June 26, 2013 /CNW/ – Bengal Energy (TSX: BNG) (“Bengal“, or the “Company“) is pleased to announce that it has exercised its pre-emptive right to
purchase an additional 5.357% interest in the Cuisinier Oil Field and
the Authority to Prospect (“ATP”) 752P (the “Acquisition”) in the
Cooper-Eromanga Basin in Queensland, Australia, bringing the Company’s
total ownership to 30.357%. The Cuisinier Oil Field has 13 successful
light oil wells drilled to date, is connected by pipeline to the Cook
Processing Facility, and currently generates production of
approximately 375 barrels of oil per day (“b/d”) net to Bengal. After
giving effect to the Acquisition, this production is expected to
increase by more than 20%, to approximately 455 b/d. Over the coming
months, the Company will be well positioned to further benefit from
additional volumes coming on-stream once the five successful wells
drilled in the 2013 campaign are tied in, which is anticipated to occur
in September of this year.

Bengal’s purchase price for the additional interest is expected to be
approximately AUD $7.6 million (CAD $7.4 million) and is subject to
closing costs and normal closing adjustments from the effective date of
March 15, 2013. Bengal anticipates securing predominantly debt
financing for the Acquisition and will provide further information once
additional details are available with respect thereto.

Bengal is exercising its pre-emptive right pursuant to the proposed sale
by one of the joint venture partners of a 15% interest in ATP 752P for
AUD $20 million. The Acquisition will be effected by way of an asset
sale agreement, which the Company expects to enter into in July 2013, and will be subject to receipt of necessary governmental approvals
in Australia.

“Increasing our ownership in Cuisinier is a very positive development
for Bengal,” said Chayan Chakrabarty, Bengal’s President & Chief
Executive Officer. “As a result of this Acquisition, net production to
Bengal will increase by more than 20%, and coupled with the area’s
attractive netbacks, enables us to generate higher incremental cash
flows. Further, the Company will be positioned to realize a greater
proportion of future booked reserves, which is expected to enhance the
Company’s growth and underlying value.”

About Bengal
Bengal Energy Ltd. is an international junior oil and gas exploration
and production company based in Calgary, Alberta. The Company is
committed to growing shareholder value through international
exploration, production and acquisitions. Bengal trades on the TSX
under the symbol BNG. Additional information is available at www.bengalenergy.ca.

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
forward-looking 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, without limitation, assumptions relating to: the
impact of economic conditions in North America, Australia, India 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; 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: a future financing to fund
the Acquisition; completion of the Acquisition; the benefits of the
Acquisition; and receipt of all regulatory approvals in respect of the
Acquisition. 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: a failure to secure debt financing to fund the
Acquisition; failure to receive governmental approvals in respect of
the Acquisition; failure to complete the Acquisition on the timeline
anticipated or at all; failure to realize the anticipated benefits of
the Acquisition; the failure to obtain required safety assessments and
rig acceptance; failure to secure required equipment and personnel;
changes in general global economic conditions including, without
limitations, the economic conditions in North America, Australia,
India; 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; failure to obtain or delays in obtaining regulatory approvals;
delays or changes in planned operations; operational risks associated
with exploration, development and production; the results of
geological, geophysical and reservoir analysis; results of drilling and
seismic activities; results of due diligence investigations; and stock
market volatility. Readers are encouraged to review the material risks
discussed in Bengal’s Annual Information Form 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.

SOURCE Bengal Energy Ltd.