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Mystique Energy Announces Financial and Operational Results for First Quarter of 2007
Mystique Energy Announces Financial and Operational Results for First Quarter of 2007.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, May 28 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture)\n("Mystique") today reported its financial and operational results for the\nthree months ended March 31, 2007. Financial and operational results for the\nfirst quarter of 2007 include:\n\n\n- Cash flow of $512,833 compared to $602,470 for the first quarter of\n 2006.\n\n- Net loss of $413,389 compared to $133,275 for the first quarter of\n 2006.\n\n- Production sales averaged 454 barrels of oil equivalent per day\n ("boepd")(x) compared to an average production rate of 255 boepd in\n the first quarter of 2006.\n\n- Sold the Garrington assets for gross proceeds of 4.05 MM$. Initial\n closing occurred on March 15th. Final closing and adjustments is\n expected to be completed in June. The Garrington assets contributed\n an average of 74 boepd to Mystique's production during the quarter.\n\nOther developments included:\n\n- Entered into a forbearance agreement with its lender to allow time\n for Mystique to restructure its working capital deficit. The initial\n term of the forbearance agreement expired on March 28th, 2007.\n\nDevelopments that have occurred to date during the second quarter\ninclude:\n\n- Negotiated an extension of the term of the forbearance agreement with\n its lender to June 30th, 2007 to allow time for Mystique to seek\n strategic alternatives.\n\n- Engaged GMP Securities L.P. to seek strategic alternatives.\n\n- Filed for creditor protection under the Companies' Creditors\n Arrangement Act ("CCAA") while seeking strategic alternatives. The\n initial order for a stay of proceedings has been extended from May\n 24th to July 17th, 2007.\n\n- Three independent directors, Mr. Verne Johnson, Mr. Terry McCoy and\n Mr. Mike Shaikh, resigned on April 24th.\n\n\nComplete financial and operating results will be filed on SEDAR and made\navailable on Mystique's website, www.mystiqueenergy.ca, later today.\n\n\n(x) Use of the term barrels of oil equivalent "boe" may be misleading,\nparticularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is\nbased on an energy equivalency conversion method primarily applicable at the\nburner tip and does not represent a value equivalency at the wellhead.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy ...