Bengal Energy Ltd. — Capital/Financing Update 2021

Mar 22, 2021

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March 22, 2021

Bengal Announces Stock Option Grant

Calgary, Alberta – Bengal Energy Ltd. (TSX: BNG) (the " Company ") announces that it has issued an aggregate of 11,340,000 options to purchase common shares of the Company pursuant to its Stock Option Plan. The options were granted on March 19, 2021 to employees, officers and directors of the Company and have an exercise price of $0.08/share, being the closing price of the Company's common shares on the TSX on that date. The options vest over a 3 year period, as to one-third of the total number granted on each of the first, second and third anniversaries of the date of grant and shall expire 5 years from issuance, subject to the terms of the Company's Stock Option Plan.

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

FOR FURTHER INFORMATION PLEASE CONTACT:

Bengal Energy Ltd. Chayan Chakrabarty, President & Chief Executive Officer (403) 205-2526 Jerrad Blanchard, Chief Financial Officer (403) 781-7021 Email: investor.relations@bengalenergy.ca Website: www.bengalenergy.ca