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Mystique Energy Announces Financial and Operational Results for Second Quarter of 2007
Mystique Energy Announces Financial and Operational Results for Second Quarter of 2007.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 29 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture)\n("Mystique") today reported its financial and operational results for the\nthree month and six month periods ended June 30, 2007.\n\n\nFinancial and operational results for the second quarter of 2007 include:\n\n- Cash flow of $(1,431,530) compared to $316,926 for the second quarter\n of 2006.\n\n- Net loss of $1,464,104 compared to $129,976 for the second quarter of\n 2006.\n\n- Production sales averaged 336 barrels of oil equivalent per day\n ("boepd")(x) compared to an average production rate of 232 boepd in\n the first quarter of 2006.\n\n- Accepted an offer to purchase the remainder of its oil and gas assets\n and tax pools, effective 2007-06-01, for gross proceeds of\n $19.2 million.\n\nOther developments included:\n\n- Obtained creditor protection under the Companies' Creditors\n Arrangement Act (Canada) ("CCAA") pursuant to an Order from the\n Alberta Court of Queen's Bench (the "Court") effective 2007-04-24.\n\nDevelopments that occurred during the third quarter included:\n\n- Closed the sale of the remainder of its oil and gas assets and tax\n pools, effective 2007-06-01, for gross proceeds of $19.2 million.\n\n- The initial Court order granting creditor protection under CCAA was\n extended until 2007-10-15.\n\n- Effective 2007-08-28, Mr. Nick Antonenko has been appointed a director\n of Mystique. He has resigned his position as Vice President,\n Production Operations.\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(x) Use of the term barrels of oil equivalent "boe" may be misleading,\n particularly if used in isolation. A boe conversion ratio of\n 6 mcf: 1 bbl is based on an energy equivalency conversion method\n\t primarily applicable at the burner tip and does not represent a\n value equivalency at the wellhead.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release. This news\n\n\nrelease may contain forward-looking information. Actual future results\n\n\nmay differ materially from those contemplated. The risks, uncertainties,\n\n\nand other factors that could influence actual results are described in\n\n\ndocuments f...