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Mystique Energy Initiates Strategic Alternatives Process
Mystique Energy Initiates Strategic Alternatives Process.
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, April 9 /CNW/ - Mystique Energy, Inc. ("Mystique" or the\n"Company") (TSXV: MYS) announces that Mystique's Board of Directors has\ninitiated a formal process to pursue certain strategic alternatives for the\nCompany in an effort to enhance shareholder value.\n\n\nA Special Committee consisting of the four independent Mystique directors\nhas been formed to manage the process. The Special Committee has engaged GMP\nSecurities L.P. as Mystique's financial advisor to assist the Special\nCommittee to identify and consider strategic alternatives and their potential\nto enhance shareholder value, including a possible merger, amalgamation,\nreorganization or takeover of Mystique, or the sale of some or all of the\nassets of the Company, or any other alternatives that are considered to be in\nthe best interests of Mystique shareholders. There can be no assurance that a\ntransaction of any kind will result.\n\n\nThe letter of intent for a potential merger with a publicly traded oil\nand gas company, that was announced in Mystique's press release dated\n2007-03-13, has been terminated.\n\n\nFollowing the sale of the Garrington assets, announced in a press release\ndated 2007-03-17, Mystique's proved plus probable ("P+P") reserves stand at\n2270 Mboe, effective 2006-12-31. Based on December, 2006 production rates (not\nincluding Garrington), Mystique's P+P reserves life index ("RLI") is 13.5\nyears. Mystique present production rate is estimated to be approximately 420\nboepd.\n\n\nMystique and its primary lender are working together to extend the period\nof the forbearance agreement, announced in Mystique's press release dated\n2007-03-13, to allow for the strategic alternative process to be completed.\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 proj...