Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Bengal Energy Ltd., Valuation and Financial Data, 2011-2015 8 Bengal Energy Ltd., Share Price Performance, 2011-2015 8 Share Price Performance, 2011-2015 8 Key Valuation Metrics, 2011-2015 9 Bengal Energy Ltd., Production and Reserves Trends 10 Total Oil and Gas, Reserves and Production 10 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 10 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 12 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 14 Crude Oil/Liquids Production and Reserve 15 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 15 Crude Oil Production and Reserves By Country/Region, 2011-2015 16 Crude Oil/Liquids Reserve Changes, 2011-2015 18 Natural Gas Production and Reserve 19 Natural Gas Production and Reserve Trend, 2011-2015 19 Natural Gas Production and Reserves, By Country/Region, 2011-2015 20 Natural Gas Reserve Changes, 2011-2015 22 Total Crude Oil and Natural Gas Reserves Life Index 23 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 23 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 24 Bengal Energy Ltd., E&P Costs Trends 26 Allocation of the Upstream Capital Expenditure 26 Upstream Capital Expenditure, 2011-2015 26 Exploration and Development Costs, By Country/Region, 2011-2015 27 Oil and Gas Cost Per boe, US$/boe 29 Oil and Gas Cost Per boe, US$/boe, 2011-2015 29 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 31 Bengal Energy Ltd., Reserve Replacement Ratio 33 Oil and Gas Production Replacement Ratio 33 Oil and Gas Production Replacement Ratio, 2011-2015 33 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 35 Bengal Energy Ltd., Results of Oil & Gas Operations Trend 39 Oil and Gas Revenue and Expenses 39 Oil and Gas Revenue and Expenses, 2011-2015 39 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 40 Oil and Gas Revenue and Expenses, Per boe 41 Oil and Gas Revenue and Expenses, By boe, 2011-2015 41 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 42 Oil and Gas Performance Metrics 44 Bengal Energy Ltd., Land Holdings and Well Data 45 Developed and Undeveloped Acreage 45 Gross and Net Developed and Undeveloped Acreage, 2011-2015 45 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 46 Well Statistics 49 Producible Oil and Gas Well, 2011-2015 49 Producible Oil and Gas Well, By Country/Region, 2011-2015 50 Exploration and Development Wells Drilled, 2011-2015 54 Recent Developments 55 Bengal Energy Ltd. - Recent Developments 55 Feb 10, 2016: Bengal Energy Announces Fiscal 2016 Third Quarter Results 55 Jan 27, 2016: Bengal Energy Announces Successful Cuisinier Well Stimulation Program And Provides Operations Update 56 Nov 13, 2015: Bengal Energy Announces Fiscal 2016 Second Quarter Results 57 Aug 12, 2015: Bengal Energy Announces Fiscal 2016 First Quarter Results 58 Jun 22, 2015: Bengal Energy Announces Strong Fourth Quarter And Fiscal 2015 Year End Results And Significant 2P Reserves Additions 59 Jun 19, 2015: Bengal Energy Reports Significant Increases In Year End Fiscal 2015 Reserves And Value 61 May 04, 2015: Bengal Energy Provides Cuisinier Operations Update 62 Feb 12, 2015: Bengal Energy Announces Third Quarter Fiscal 2015 Results 63 Appendix 66 Methodology 66 Coverage 66 Secondary Research 66 Primary Research 66 Data Information Sources 67 Company Source 67 SEC/Other Regulatory Filings 67 Other Sources 67 Expert Panel Validation 67 Data Definition 67 Oil and Gas Reserves 67 Units of Measure 68 About GlobalData 68 Disclosure 68 Disclaimer 68

List of Tables Table 1: Bengal Energy Ltd., Key Facts 7 Table 2: Bengal Energy Ltd., Share Price Performance, 2011-2015 8 Table 3: Bengal Energy Ltd., Key Valuation Metrics, 2011-2015 9 Table 4: Bengal Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 11 Table 5: Bengal Energy Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 13 Table 6: Bengal Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 14 Table 7: Bengal Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Table 8: Bengal Energy Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 17 Table 9: Bengal Energy Ltd., Crude Oil Reserve Changes, mmbbl, 2011-2015 18 Table 10: Bengal Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Table 11: Bengal Energy Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 21 Table 12: Bengal Energy Ltd., Natural Gas Reserve Changes, bcf, 2011-2015 22 Table 13: Bengal Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 23 Table 14: Bengal Energy Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 25 Table 15: Bengal Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 26 Table 16: Bengal Energy Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 28 Table 17: Bengal Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 30 Table 18: Bengal Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 32 Table 19: Bengal Energy Ltd., Oil and Gas Production Replacement Ratio, %, 2011-2015 33 Table 20: Bengal Energy Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 38 Table 21: Bengal Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 39 Table 22: Bengal Energy Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 40 Table 23: Bengal Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 41 Table 24: Bengal Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 43 Table 25: Bengal Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 44 Table 26: Bengal Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 45 Table 27: Bengal Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 48 Table 28: Bengal Energy Ltd., Producible Oil and Gas Wells, 2011-2015 49 Table 29: Bengal Energy Ltd., Producible Oil and Gas Wells, By Country/Region, 2011-2015 53 Table 30: Bengal Energy Ltd., Exploratory and Developed Wells, 2011-2015 54 List of Figures Figure 1: Bengal Energy Ltd., Share Price Performance, CAD/Share, 2011-2015 8 Figure 2: Bengal Energy Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 9 Figure 3: Bengal Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 10 Figure 4: Bengal Energy Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 12 Figure 5: Bengal Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 12 Figure 6: Bengal Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 14 Figure 7: Bengal Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Figure 8: Bengal Energy Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 16 Figure 9: Bengal Energy Ltd., Oil Production, By Country/Region, mmbbl, 2011-2015 16 Figure 10: Bengal Energy Ltd., Crude Oil Reserve Changes, mmbbl, 2015 18 Figure 11: Bengal Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Figure 12: Bengal Energy Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 20 Figure 13: Bengal Energy Ltd., Gas Production, By Country/Region, bcf, 2011-2015 20 Figure 14: Bengal Energy Ltd., Natural Gas Reserve Changes, bcf, 2015 22 Figure 15: Bengal Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 23 Figure 16: Bengal Energy Ltd., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 17: Bengal Energy Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 18: Bengal Energy Ltd., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 25 Figure 19: Bengal Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 26 Figure 20: Bengal Energy Ltd., Development Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 21: Bengal Energy Ltd., Exploration Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 22: Bengal Energy Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 29 Figure 23: Bengal Energy Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 31 Figure 24: Bengal Energy Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 31 Figure 25: Bengal Energy Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 32 Figure 26: Bengal Energy Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 33 Figure 27: Bengal Energy Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 35 Figure 28: Bengal Energy Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 35 Figure 29: Bengal Energy Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 36 Figure 30: Bengal Energy Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 36 Figure 31: Bengal Energy Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 37 Figure 32: Bengal Energy Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 37 Figure 33: Bengal Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 39 Figure 34: Bengal Energy Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 40 Figure 35: Bengal Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 41 Figure 36: Bengal Energy Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 42 Figure 37: Bengal Energy Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 42 Figure 38: Bengal Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 44 Figure 39: Bengal Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 45 Figure 40: Bengal Energy Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 46 Figure 41: Bengal Energy Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 46 Figure 42: Bengal Energy Ltd., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 47 Figure 43: Bengal Energy Ltd., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 47 Figure 44: Bengal Energy Ltd., Producible Oil and Gas Wells, 2011-2015 49 Figure 45: Bengal Energy Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 50 Figure 46: Bengal Energy Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 50 Figure 47: Bengal Energy Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 51 Figure 48: Bengal Energy Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 51 Figure 49: Bengal Energy Ltd., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 52 Figure 50: Bengal Energy Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 52 Figure 51: Bengal Energy Ltd., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 53 Figure 52: Bengal Energy Ltd., Exploratory and Developed Wells, 2011-2015 54