TSX-Venture Exchange: MYS
CALGARY, April 11 /CNW/ - Mystique Energy, Inc. ("Mystique") announces
that the company has completed the drilling of its fourth well for 2006 and
has suspended drilling operations due to the imposition of road bans during
spring breakup. Drilling operations will resume after road bans are removed.
The four wells were drilled to depths ranging from 2000 to 3000 metres on
farm-in lands located northwest of Calgary. All four wells were cased. Earned
working interests of the wells vary from 45% to 85%. One of the four wells has
been completed, tied-in and is on production. The other three wells are in
various stages of being completed and tested. One additional well (earned
working interest (equal sign) 85%), which had been drilled and cased in
December, 2005, is also being completed and tested. Because of spring
break-up, additional completion work will resume after road bans are removed.
Any flowline construction work will also be completed after spring breakup.
Mystique anticipates that successful results from the completion work on these
new wells will add to Mystique's growing production base during the second
quarter of 2006.
Mystique has licensed four new wells to start drilling immediately after
road bans are lifted and has 11 additional locations being licensed. All of
the drilling locations are on the farm-in lands.
Mystique is continuing to increase its production as it brings on new
wells resulting from the successes of its 2005 drilling program on the farm-in
lands located northwest of Calgary. Production averaged 195 boepd during the
fourth quarter of 2005 with a December 2005 average of 213 boepd. In January
2006, production increased to an average of 225 boepd. With more wells coming
on stream in February and March, current production is estimated to be
exceeding 300 boepd.
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 and accuracy of this release.
Use of the term barrels of oil equivalent per day ("boepd") 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.
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