Mystique Achieves Record Results in Production, Cash Flow and Reserves Additions for the Year 2005

TSX-Venture Exchange: MYS

CALGARY, Feb. 27 /CNW/ - Mystique Energy, Inc. (TSX-V: MYS) reports
significant growth in its financial and operational results for the twelve
months ended December 31, 2005. Cash flow increased six times, production
nearly tripled and reserves more than doubled over 2004.

Financial highlights for 2005 include:

-  Cash flow for the twelve months ended December 31, 2005 was
   $1.69 million, six times the cash flow of $0.28 million for 2004.
-  Production sales for the year averaged 143 barrels of oil equivalent
   ("boepd")(x), almost three times the average production rate of
   58 boepd for 2004.
-  Net income for 2005 was $175.8 thousand compared to a loss of
   $134.6 thousand for 2004.
-  Cash flow for the fourth quarter of 2005 was $574.3 thousand. Mystique
   has now generated five consecutive quarters of record cash flows.
-  Production sales for the fourth quarter averaged 195 boepd, four times
   the average production rate of 48 boepd for the fourth quarter of
   2004. Production sales for the month of December, 2005 averaged
   213 boepd.

Corporate and operational highlights for 2005 include the following:

-  Executed four additional farm-in agreements totalling 136 sections
   (87,000+ acres) on lands in the Harmattan/Lochend/Bottrel/Wildcat
   Hills areas located just northwest of Calgary.
-  Brought new production on stream during the second quarter of 2005, as
   a result of late 2004 drilling program, that tripled previous
   production rates.
-  Drilled nine gross (4.8 net) wells in the
   Garrington/Harmattan/Lochend/Bottrel/Wildcat Hills areas. All nine
   wells were cased - five are now on production, one is waiting on a
   tie-in and three are waiting on completion/recompletion work.
-  As a result of the drilling program, more than doubled proved plus
   probable reserves from 375 Mboe to 905 Mboe.
-  Added 374 Mboe of proved reserves, replacing 2005 production of
   52 Mboe by more than seven times.
-  Completed private placement financings exceeding $4.7 million.
-  Appointed Mr. Verne Johnson as a director.

Highlights to date during the first quarter of 2006 include:

-  Drilled and cased two wells and currently drilling a third well on the
   farm-in lands northwest of Calgary as part of the 22 well, $29 million
   capital budget for 2006. Both cased wells are waiting on completion
   operations.
-  Licensed four new wells and preparing 12 additional locations for
   licensing.
-  Completed a $2.5 million financing to fund a portion of the 2006
   capital program.

Complete financial and operating results will be filed on SEDAR and made
available on the Mystique's website, www.mystiqueenergy.ca, later today.

Based in Calgary, Mystique is involved in the exploration and
exploitation of petroleum reserves in western Canada.

(x) Use of the term "barrels of oil equivalent" ("boe") may be
misleading, particularly if used in isolation. A boe conversion ratio of
6 mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

%SEDAR: 00001147E