Business
Mystique Energy Continues to Generate Major Production and Cash Flow Growth During the First Quarter of 2006
Mystique Energy Continues to Generate Major Production and Cash Flow Growth During the First Quarter of 2006.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\n\nCALGARY, May 25 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture)\n(\"Mystique\") today reported significant growth in its financial and\noperational results during the three months ended March 31, 2006. Mystique has\nnow achieved record cash flows for six consecutive quarters.\n\nFinancial and operational highlights for the first quarter of 2006\ninclude:\n\n- Cash flow of $602,470, more than three times the cash flow of $170,764\n for the first quarter of 2005.\n- Production sales averaged 255 barrels of oil equivalent per day\n (\"boepd\")(x), more than five times the average production rate of 47\n boepd in the first quarter of 2005, and an increase of more than 30%\n over the average production rate of 195 boepd for the fourth quarter\n of 2005.\n- Brought new production of 65 boepd on stream as a result of drilling\n completed in the latter part of 2005, an increase of 30% over\n production rates during December of 2005.\n- Drilled three gross (1.5 net) wells on Mystique's extensive farm-in\n lands strategically located northwest of Calgary. All three wells were\n cased and are in various stages of being completed and evaluated.\n- Completed a $2.5 million financing.\n\nHighlights for the second quarter of 2006 to date include:\n\n- Completed the drilling of one well (0.5 net), which had started at\n the end of the first quarter. The well has been cased and will be\n completed after spring break-up. Road bans are expected to be lifted\n this week.\n- Licensed seven new wells to continue Mystique's drilling program after\n spring break-up, and is preparing eight additional locations for\n licensing.\n- Mr. Terry McCoy was elected as a new member of the board of directors.\n Mr. McCoy is the President and Director of TRAFINA Energy, a\n publicly-traded natural gas producer. Mr. McCoy has over 34 years\n experience with major, senior intermediate and junior oil & gas\n companies within Canada.\n- Increased bank facility from $5.5 million to $10.7 million.\n\nComplete financial and operating results will be filed on SEDAR and made\navailable on Mystique's website, www.mystiqueenergy.ca, later today.\nBased in Calgary, Mystique Energy, Inc. is a growing company engaged in\nthe exploration and exploitation of petroleum reserves in western Canada.\n\n(x) Use of the term barrels of oil equivalent \"boe\" may be mislead...