Bengal Energy

What Bengal Energy does

Bengal Energy Ltd. is a publicly traded junior oil and gas exploration and production company headquartered in Calgary, Canada, with all of its producing operations located in the Cooper Basin, Queensland, Australia. The company, listed on the Toronto Stock Exchange under the ticker BNG, holds a 100% working interest and operatorship of the PL 188 license, which contains 2P reserves of approximately 1,799 thousand barrels of oil. Its current production is 112 barrels of oil per day, down 11% year-over-year, reflecting natural decline from mature wells.

The company's core activity is conventional crude oil exploration, development, and production from the PL 188 acreage, with the Ramses 2 well representing its primary near-term development asset. Bengal Energy generated $1.6 million in crude oil sales revenue in Q4 fiscal 2026 at a realized price of US$96.73 per barrel, a 66% year-over-year increase driven entirely by commodity price recovery rather than volume growth. It posted a net loss of $1.7 million for the quarter, narrowing from $3.0 million in the prior-year period, while funds from operations turned positive at $468 thousand versus negative $502 thousand year-over-year.

Bengal Energy's business model is a single-segment commodity producer: crude oil is sold directly to buyers at benchmark-linked realized prices, with no proprietary technology, no SaaS or licensing component, and no disclosed end customers. The company has 11–50 employees, a market capitalization of approximately C$21.84 million as of April 2026, and is pursuing a capital-light development model — illustrated by a March 2026 letter of intent with an Australian energy services company to fully fund the Ramses 2 production test and tie-in costs in exchange for a 75/25 revenue share until payback, then 50/50 thereafter. Go-to-market is conducted through TSX regulatory filings and press releases rather than a traditional sales force.

Name

Bengal Energy

Legal name

Bengal Energy Ltd.

Website

https://bengalenergy.ca

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Bengal Energy is a publicly traded junior oil and gas exploration and production company that holds 100% interest in the PL 188 license in the Cooper Basin, Queensland, producing crude oil sold directly to commodity buyers at benchmark-linked prices.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (21112)

SIC

Oil Royalty Traders (6792)

akta.pro primary industry

Natural Resources — Energy & Mineral Resources (FSAAAKAJ)

Keywords

• Crude oil production
• Oil gas exploration
• Upstream energy operations
• Conventional oil reserves
• Cooper Basin assets

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Crude Oil Sales: Revenue is generated from the sale of crude oil produced from the company's oil wells in the Cooper Basin, Queensland, Australia. Production is sold at realized oil prices which fluctuate with global oil markets (US$96.73/bbl in Q4 fiscal 2026, US$63.63/bbl in Q3 fiscal 2026). Bengal Energy retains 100% ownership and operatorship of its PL 188 license, with production volumes declining 11% year-over-year to 112 barrels of oil per day.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Bengal Energy is engaged in the exploration, development, and production of crude oil reserves in Australia, primarily in the Cooper Basin, Queensland, under the PL 188 license. The company retains 100% ownership and operatorship of its assets and generates revenue by selling produced crude oil to buyers at realized prices tied to global benchmarks.

Product overview

Bengal Energy is an oil and gas exploration and production company operating as a single unified business focused on the Cooper Basin in Queensland, Australia. The company's core operations include the exploration, development, and production of crude oil reserves under the PL 188 license. The company has been pursuing production testing and development activities including the Ramses 2 well test, with operations funded through various arrangements including farm-out opportunities and investor partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Exploration, Development and Production

Quantifiable outcome

• 66% increase in sales revenue to $1.6 million in Q4 fiscal 2026 driven by higher realized oil prices
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Beach Energy: ASX-listed oil and gas E&P company with significant Cooper Basin acreage in Queensland. Directly comparable as a producer operating in the same basin with conventional oil and gas assets, similar scale of operations, and Australian-listed junior-to-mid cap profile.
• Cooper Energy: ASX-listed upstream oil and gas company with historic Cooper Basin interests. Comparable as a small-to-mid cap Australian E&P focused on southern Australian basins with similar operational scale and listed-equity funding model.
• Armour Energy: ASX-listed junior oil and gas E&P company focused on Australian conventional and unconventional assets. Comparable as a small-cap Australian upstream operator pursuing development of marginal fields, sharing similar funding constraints and commodity exposure.
• Comet Ridge: ASX-listed junior E&P with Mahalo Gas Project in the Bowen Basin, Queensland. Comparable as a small Australian gas/oil developer pursuing farm-out funded development, with similar scale, listing structure, and dependence on partner capital.
• Triangle Energy: ASX-listed junior oil and gas producer with operations in Western Australia and the Perth Basin. Comparable as a small Australian E&P pursuing production growth through asset acquisitions and development, sharing similar market-cap tier and capital constraints.

Broad incumbents

• Santos: Major ASX-listed oil and gas producer with extensive Cooper Basin operations alongside broader Australian and international portfolio. Comparable as a Cooper Basin operator, though significantly larger scale and diversified across LNG, domestic gas, and oil.
• Senex Energy: Australian-focused E&P company with Cooper Basin Surat and Atlas assets, now owned by POSCO International. Comparable as a former ASX-listed Australian upstream operator with Cooper Basin exposure, though at a larger scale than Bengal.

Emerging players

• State Gas: ASX-listed junior gas explorer with Queensland coal seam gas assets in the Reid's Dome area. Comparable as a small Australian pre-development E&P pursuing farm-out funded appraisal work in Queensland basins, similar in stage and capital profile to Bengal.
• Real Energy Corporation: ASX-listed junior focused on coal seam gas in the Cooper Basin, Queensland. Comparable as a small Queensland-based upstream player with similar capital constraints and need for partner-funded development to advance assets.
• Blue Energy: ASX-listed junior gas explorer focused on Queensland coal seam gas permits. Comparable as a small Australian E&P pursuing asset development with constrained capital access, sharing micro-cap profile and farm-out dependence.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/BengalEnergyLtd
• Facebookfacebook.com/BengalEnergyLtd
• LinkedInlinkedin.com/company/bengal-energy

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bengal Energy