Calgary, Alberta--(Newsfile Corp. - March 7, 2022) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement (the "Private Placement"). Under the Private Placement, Bengal issued an aggregate of 52,317,821 common shares of the Company (the "Common Shares") at a price of C$0.08 per Common Share for aggregate gross proceeds of approximately C$4.2 million.

As discussed in Bengal's announcement of March 1, 2022, the net proceeds from the Private Placement, along with Bengal's internally generated cashflow, are expected to be used to fund Bengal's 100% owned and operated development program over 2 distinct blocks in Australia's onshore Cooper/Eromanga Basin, which is scheduled to commence later in March 2022.

About Bengal

Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal's common shares trade on the TSX under the symbol "BNG". Additional information is available at www.bengalenergy.ca.

CAUTIONARY STATEMENTS:

Forward-Looking Statements

This news release contains certain forward-looking statements or information ("forward-looking statements") as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal's control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "plan", "expect", "future", "project", "intend", "believe", "should", "would," "anticipate", "estimate", "new", "develop" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the anticipated use of proceeds of the Private; the Company's development plans for its 100% owned and operated development program over 2 distinct blocks in Australia's onshore Cooper/Eromanga Basin, including the expected timing thereof. Bengal believes the expectations reflected in the forward-looking statements contained herein are reasonable but, 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 Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements.