Mystique Energy Closes Financing of $4.3 Million

TSX-Venture Exchange: MYS

CALGARY, July 14 /CNW/ - Mystique Energy Inc. ("Mystique") announces that
the private placement, which was announced in a press release dated
2006-06-26, has been closed. Ten million (10.0 million) flow-through common
shares were issued at $0.43 per share for gross proceeds of $4.3 million. The
issued shares are subject to a four month hold period which will expire on
November 14, 2006. Mystique will renounce Canadian Exploration Expenses to
subscribers who will be entitled to claim deductions for income tax purposes
in the 2006 taxation year equal to 100% of their subscription amount. The
private placement was completed on a best efforts basis by Acumen Capital
Finance Partners Limited.
As a result of this financing, Mystique has 59.7 million shares
outstanding and 69.1 million shares fully diluted.
Proceeds of the offering will be used to fund part of Mystique's 2006
drilling program in the Harmattan / Lochend / Bottrel / Wildcat Hills areas
which are located northwest of Calgary. Mystique has just completed the
drilling of its fifth well of its 2006 program. The first four wells have been
cased; one well is on production, one well has been completed and is being
tied-in to processing facilities, one well is being completed and the fourth
is waiting on completion operations. A second drilling rig is being contracted
to accelerate Mystique's drilling program. The company is targeting to drill a
total of 22 wells during 2006.

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

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

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