Business
Mystique Energy Executes a Forbearance Agreement
Mystique Energy Executes a Forbearance Agreement.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, March 13 /CNW/ - Mystique Energy, Inc. ("Mystique") (TSXV: MYS)\nannounces that it has executed a forbearance agreement with its primary lender\n("Lender"). The Lender has agreed to refrain from exercising certain of its\nrights and remedies under the lending agreement between Mystique and the\nLender to provide Mystique sufficient time to remedy a default with regard to\nMystique's working capital deficiency.\n\n\nUnder the terms of the forbearance agreement, by 2007-03-23, Mystique\nmust complete certain steps in its restructuring plan to satisfy the Lender\nthat Mystique will remedy the default within a timeframe satisfactory to the\nLender. Upon completion of these steps, the Lender may extend the period of\nthe forbearance agreement. Mystique management is confident that the\nforbearance period will be extended allowing Mystique to successfully address\nits working capital deficiency.\n\n\nThe lender may also entertain a proposal from Mystique to extend\nadditional funds to finance the tie-in of one well in the Wildcat Hills area.\nThe well was drilled, completed and production tested in late 2006. The tie-in\nof this well would add an estimated 125 barrels of oil equivalent ("boepd") to\nMystique's current production of 440 boepd, more than offsetting the 85 boepd\nreduction in production that resulted from the sale of Mystique's Garrington\nassets.\n\n\nAbout Mystique\n\n\nBased in Calgary, Mystique is involved in the exploration and\nexploitation of petroleum reserves in western Canada.\n\n\nDisclaimers\n\n\nUse 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\nExcept for statements of historical fact, all statements in this press\nrelease, without limitation, regarding new projects and future plans and\nobjectives are forward-looking statements which involve risks and\nuncertainties. There can be no assurance that such statements will prove to be\naccurate; actual results and future events could differ materially from those\nanticipated in such statements.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\...