Business
Mystique Achieves Record Results in Production, Cash Flow and Reserves Additions for the Year 2005
Mystique Achieves Record Results in Production, Cash Flow and Reserves Additions for the Year 2005.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\n\nTSX-Venture Exchange: MYS\n\nCALGARY, Feb. 27 /CNW/ - Mystique Energy, Inc. (TSX-V: MYS) reports\nsignificant growth in its financial and operational results for the twelve\nmonths ended December 31, 2005. Cash flow increased six times, production\nnearly tripled and reserves more than doubled over 2004.\n\nFinancial highlights for 2005 include:\n\n- Cash flow for the twelve months ended December 31, 2005 was\n $1.69 million, six times the cash flow of $0.28 million for 2004.\n- Production sales for the year averaged 143 barrels of oil equivalent\n (\"boepd\")(x), almost three times the average production rate of\n 58 boepd for 2004.\n- Net income for 2005 was $175.8 thousand compared to a loss of\n $134.6 thousand for 2004.\n- Cash flow for the fourth quarter of 2005 was $574.3 thousand. Mystique\n has now generated five consecutive quarters of record cash flows.\n- Production sales for the fourth quarter averaged 195 boepd, four times\n the average production rate of 48 boepd for the fourth quarter of\n 2004. Production sales for the month of December, 2005 averaged\n 213 boepd.\n\nCorporate and operational highlights for 2005 include the following:\n\n- Executed four additional farm-in agreements totalling 136 sections\n (87,000+ acres) on lands in the Harmattan/Lochend/Bottrel/Wildcat\n Hills areas located just northwest of Calgary.\n- Brought new production on stream during the second quarter of 2005, as\n a result of late 2004 drilling program, that tripled previous\n production rates.\n- Drilled nine gross (4.8 net) wells in the\n Garrington/Harmattan/Lochend/Bottrel/Wildcat Hills areas. All nine\n wells were cased - five are now on production, one is waiting on a\n tie-in and three are waiting on completion/recompletion work.\n- As a result of the drilling program, more than doubled proved plus\n probable reserves from 375 Mboe to 905 Mboe.\n- Added 374 Mboe of proved reserves, replacing 2005 production of\n 52 Mboe by more than seven times.\n- Completed private placement financings exceeding $4.7 million.\n- Appointed Mr. Verne Johnson as a director.\n\nHighlights to date during the first quarter of 2006 include:\n\n- Drilled and cased two wells and currently drilling a third well on the\n farm-in lands northwest of Calgary as part of the 22 well, $29 million\n capital budget for 2006. Both cased wells are wai...