Bengal Energy Ltd. Announces Non-Brokered Private Placement

CALGARY, AB, April 23, 2026/ CNW/ – Bengal Energy Ltd. (TSX: BNG) (“ Bengal” or the “ Business“) is happy to reveal a non-brokered personal positioning (the “ Using“) of 43,285,714 typical shares (the “ Typical Shares“) at a cost of CAD$ 0.035 per Typical Share for aggregate gross earnings of CAD$ 1,515,000.

W.B. (Expense) Wheeler, a director of the Business, who owns or manages (straight or indirectly) 398,679,364 Typical Shares, being around 82.2% of the released and exceptional Typical Shares, has actually revealed an interest in subscribing for 28,571,429 Typical Shares, representing gross earnings of CAD$ 1,000,000. Appropriately, if Mr. Wheeler subscribes for such Typical Shares, the issuance of such Typical Shares will make up a “associated celebration deal” within the significance of Multilateral Instrument 61-101 – Security of Minority Security Holders in Unique Deals (“ MI 61-101“). The Business will depend on exemptions from the official appraisal requirements of MI 61-101 pursuant to area 5.5( a) and the minority investor approval requirements of MI 61-101 pursuant to area 5.7( 1 )( a) in regard of such expert involvement as neither the reasonable market price of the Typical Shares released to Mr. Wheeler nor the factor to consider paid by Mr. Wheeler, will surpass 25% of the Business’s market capitalization. Offered the expected closing date, the Business was not in a position to submit a material modification report more than 21 days before the anticipated closing date of the Offering as the information of the Offering, consisting of the total up to be raised pursuant to the Offering, had actually not been verified at that time and the Business wants to close the Using on an accelerated basis for sound company factors and in a timeframe constant with normal market practices for deals of this nature.

Bengal is a global oil and gas expedition and production business with producing and potential light oil-weighted onshore properties in Australia’s Cooper Basin. Bengal provides distinct direct exposure to high-potential effect expedition and advancement tasks underpinned by lower-risk present production and capital. The Business’s production stream consists primarily of ultra-light, sweet petroleum (52 ° API) out of Australia, which commands an exceptional rate to the Brent standard. To find out more, please see www.bengalenergy.ca.

Particular declarations in this press release make up positive declarations. Positive declarations are declarations that are not historic truths and are normally, however not constantly, recognized by the usage of words such as “will”, “anticipates”, “strategies”, “prepares for”, “thinks”, “means”, “quotes”, “tasks”, “prospective” and comparable expressions, or that occasions or conditions “will”, “would”, “might”, “might” or “need to” happen. Such declarations include understood and unidentified threats, unpredictabilities and other aspects that might trigger real outcomes or occasions to vary materially from those expected in the positive declarations. Positive declarations in this press release consist of, without constraint, declarations concerning the fulfillment of the conditions to and conclusion of the Offering, consisting of approval of the TSX, and the timing thereof; customer involvement in the Offering; the expected usage of earnings of the Offering; and the anticipated advantages to the Business from the Offering. In making such declarations, the Business has actually presumed that using earnings of the Offering will be as expected, that the Business will please all conditions to closing of the Offering consisting of invoice of all needed regulative approvals, that the Offering will be finished on the terms and in the quantity considered, the quantity of expert involvement in the Offering, and other matters. Real outcomes might vary materially as an outcome of a variety of threats and unpredictabilities consisting of, without constraint: the capability to acquire regulative approvals, market conditions, the capability to please all closing conditions, that the Offering might not be finished on the terms and amount contemplated or at all, threat that the Board identifies to utilize the earnings from the Offering for functions besides those stated herein, and other threats detailed from time to time in the Business’s constant disclosure filings with Canadian securities regulators. The positive declarations included in this press release are made since the date hereof and the Business disclaims any intent or commitment to upgrade or modify any positive declarations, whether as an outcome of brand-new details, future occasions or otherwise, other than as needed by relevant law.