/NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
CALGARY, July 17, 2013 /CNW/ - Texada Capital Management Ltd. ("Texada"), a private company controlled by William (Bill) Wheeler, a director
of Bengal Energy Ltd. (the "Company"), reports that on July 17, 2013, it converted $1,000,000 principal
amount of short-term convertible notes (the "Convertible Notes") of the Company into 1,785,714 common shares ("Common Shares") of the Company. The Convertible Notes were previously issued at a
purchase price of $1,000 per $1,000 principal amount of Convertible
Notes pursuant to a private placement offering that closed on January
25, 2013 and mature on July 24, 2013.
Following the conversion of the Convertible Notes, Mr. Wheeler
beneficially owns, directly and indirectly, 8,513,384 Common Shares,
representing approximately 13.3% of the currently outstanding Common
Shares, which includes Common Shares held by Texada. A copy of the
early warning report will be filed on SEDAR at www.SEDAR.com with respect to the conversion of the Convertible Notes by Texada and
will be available from the offices of the Company at: Suite 1810, 801 -
6th Avenue S.W., Calgary, Alberta T2P 3W2.
This press release does not constitute an offer of the Common Shares
issuable on conversion of the Convertible Notes for sale in the United
States or in any jurisdiction in which such offer or sale would be
unlawful. The Common Shares issuable on conversion of the Convertible
Notes have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States
absent registration or an exemption from registration under that Act.
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. The Company trades on the TSX
under the symbol BNG. Additional information is available at www.bengalenergy.ca.
SOURCE: Texada Capital Management Ltd.
For further information:
Bengal Energy Ltd.
Chayan Chakrabarty, President and CEO
Bryan Goudie, Chief Financial Officer