Bengal Energy Announces Third Party Prospective Resource Assessment for Australian Offshore Permit AC/P47



    CALGARY, April 23 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the
"Company") today announced that it has received an independent assessment of
prospective oil resources on its 100% owned Exploration Permit AC/P47
("AC/P47" or the "Permit"), a 3,485 square kilometer offshore block located on
the Ashmore Platform of the Northwest Shelf of Australia. The award of this
Permit was announced previously by the Company on March 10, 2009. DeGolyer and
MacNaughton ("D&M"), a worldwide petroleum engineering and consulting firm,
has determined that a best estimate (P50) of the unrisked prospective oil
resource attributable to one prospect identified in the Permit is 590.4
million barrels recoverable. AC/P47 is located approximately 150 kilometers
west of the Vulcan Graben, an established offshore producing area.
    "D&M's independent assessment confirms our belief in the significant
potential of the AC/P47 offshore exploration permit that we were awarded last
month," said Bradley Johnson, Chairman and CEO of Bengal. "While existing
seismic data on the Permit clearly shows multiple large structures with
closure, D&M at this time assigned prospective resources only to the first
prospect identified. As large as the initial assessment is, we believe that
even larger, multi-prospect potential exists within this Permit."

    AC/P47 Prospective Oil Resources

    D&M has estimated the unrisked mean prospective resource attributable to
the assessed prospect identified in the AC/P47 Permit to be 736.5 million
barrels recoverable. The corresponding geologic risk-adjusted mean estimate of
the prospective resource in this prospect is 90.2 million barrels of
recoverable oil.
    The D&M resource estimates were prepared in accordance with the
requirements of Canadian National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities ("NI 51-101"). Capitalized terms related to
resource classifications used in this press release are based on the
definitions and guidelines in the Canadian Oil and Gas Evaluation Handbook
("COGEH"). D&M's independent prospective resource estimates, as of March 31,
2009, are shown below:

    
    -------------------------------------------------------------------------
                                  AC/P47 Gross Prospective Resources(1)
                         ----------------------------------------------------
                                            Unrisked                 Geologic
                         -------------------------------------------  Risk-
                                                                     Adjusted
                              Low      Best       High       Mean      Mean
                           Estimate  Estimate   Estimate   Estimate  Estimate
                              (2)       (3)        (4)        (5)       (6)
    -------------------------------------------------------------------------
    Oil - thousand barrels  206,492   590,444   1,456,734   736,464    90,217
    -------------------------------------------------------------------------

    Notes:

    (1) Gross Prospective Resources are those quantities of petroleum that
        are estimated, as of March 31, 2009, to be potentially recoverable
        from undiscovered accumulations by application of future development
        projects. Prospective resources have both an associated chance of
        discovery and a chance of development. There is no certainty that any
        portion of the prospective resources will be discovered. If
        discovered, there is no certainty that it will be commercially viable
        to produce any portion of the prospective resources.

    (2) The Low Estimate is considered to be a conservative estimate of the
        quantity that will actually be recovered. This term reflects a P90
        confidence level where there is a 90% chance that a successful
        discovery will be more than this resource estimate.

    (3) The Best (Median) Estimate is considered to be the best estimate of
        the quantity that will actually be recovered. This term reflects a
        P50 confidence level where the successful discovery will have a 50%
        chance of being more than this resource estimate.

    (4) The High Estimate is considered to be an optimistic estimate of the
        quantity that will actually be recovered. This term reflects a P10
        confidence level where there is a 10% chance that the successful
        discovery will be more than this resource estimate.

    (5) The Mean Estimate is the probability-weighted average, which
        typically has a probability in the P45 to P15 range, depending on the
        variance of prospective resources volume or associated value.

    (6) The Geologic Risk-Adjusted Mean Estimate ("Pg-Adjusted Mean
        Estimate") is the probability-weighted average of the hydrocarbon
        quantities potentially recoverable if a prospect portfolio were
        drilled, or if a family of similar prospects were drilled. The Pg-
        Adjusted Mean Estimate is a "blended" quantity. It is a mean
        estimation of both volumetric uncertainty and geological risk. It
        considers and quantifies the geological success and geological
        failure outcomes. Consequently it represents the average or mean
        "geologic" outcome of a drilling and exploration program. It is
        calculated as Pg multiplied by the mean estimate.
    

    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.

    Disclaimers

    This press release contains certain forward-looking statements including
estimates as to the unrisked and risk-adjusted prospective oil resource
attributable to the Permit, possibilities of a larger, multi-prospect
potential existing within the Permit and, estimates of the quantities of
petroleum that are potentially recoverable from the Permit. These estimates
involve substantial known and unknown risks and uncertainties, many of which
are beyond Bengal's contro, including: the impact of general global economic
conditions in Canada and in Australia, industry conditions, changes in laws
and regulations including the adoption of new environmental laws and
regulations and changes in how they are interpreted and enforced, increased
competition, the lack of availability of qualified operating or management
personnel, fluctuations in commodity prices, foreign exchange or interest
rates, stock market volatility, timing of operations, ability to carry out
operations as planned, changes in capital commitments, ability to obtain
financing, ability to find appropriate partners, and the ability to obtain
required approvals from regulatory authorities. Bengal's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, 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,
including the amount of proceeds, that Bengal will derive therefrom. With
respect to forward-looking statements made in this press release, Bengal has
made assumptions regarding among other things, estimates of capital
commitments, ability to generate future cash flows, access to credit
facilities and capital markets or partners to meet capital commitments, future
prices for crude oil and natural gas and geological and engineering estimates.
Except as required by law, Bengal disclaims any intention and assumes no
obligation to update any forward-looking information whether as a result of
new information, future events or otherwise.

    %SEDAR: 00003559E




For further information:

For further information: Bengal Energy Ltd., Bradley Johnson, Chief
Executive Officer, Chayan Chakrabarty, President, (403) 205-2526, Email:
investor.relations@bengalenergy.ca, Website: www.bengalenergy.ca

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