CALGARY, May 25 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture)
("Mystique") today reported significant growth in its financial and
operational results during the three months ended March 31, 2006. Mystique has
now achieved record cash flows for six consecutive quarters.
Financial and operational highlights for the first quarter of 2006
include:
- Cash flow of $602,470, more than three times the cash flow of $170,764
for the first quarter of 2005.
- Production sales averaged 255 barrels of oil equivalent per day
("boepd")(x), more than five times the average production rate of 47
boepd in the first quarter of 2005, and an increase of more than 30%
over the average production rate of 195 boepd for the fourth quarter
of 2005.
- Brought new production of 65 boepd on stream as a result of drilling
completed in the latter part of 2005, an increase of 30% over
production rates during December of 2005.
- Drilled three gross (1.5 net) wells on Mystique's extensive farm-in
lands strategically located northwest of Calgary. All three wells were
cased and are in various stages of being completed and evaluated.
- Completed a $2.5 million financing.
Highlights for the second quarter of 2006 to date include:
- Completed the drilling of one well (0.5 net), which had started at
the end of the first quarter. The well has been cased and will be
completed after spring break-up. Road bans are expected to be lifted
this week.
- Licensed seven new wells to continue Mystique's drilling program after
spring break-up, and is preparing eight additional locations for
licensing.
- Mr. Terry McCoy was elected as a new member of the board of directors.
Mr. McCoy is the President and Director of TRAFINA Energy, a
publicly-traded natural gas producer. Mr. McCoy has over 34 years
experience with major, senior intermediate and junior oil & gas
companies within Canada.
- Increased bank facility from $5.5 million to $10.7 million.
Complete financial and operating results will be filed on SEDAR and made
available on Mystique's website, www.mystiqueenergy.ca, later today.
Based in Calgary, Mystique Energy, Inc. is a growing company engaged 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. This news release
may contain forward-looking information. Actual future results may differ
materially from those contemplated. The risks, uncertainties, and other
factors that could influence actual results are described in documents filed
with regulatory authorities.
<<
MYSTIQUE ENERGY, INC.
BALANCE SHEETS
(Unaudited)
-------------------------------------------------------------------------
MARCH 31, DECEMBER 31,
2006 2005
-------------------------------------------------------------------------
ASSETS
Current
Cash and cash equivalents $ - $ 3,366,869
Accounts receivable 5,589,600 2,956,583
Income tax recoverable 85,201 50,766
Prepaid expenses and deposits 109,713 158,509
------------------------------
5,784,514 6,532,727
Restricted Cash 107,236 107,236
Property, Plant And Equipment (Note 2) 22,915,443 16,355,542
------------------------------
$ 28,807,193 $ 22,995,505
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
Current
Accounts payable and accrued liabilities $ 10,979,526 8,707,855
Bank indebtedness (Note 6) 732,360 -
------------------------------
11,711,886 8,707,855
Future Income Tax 2,104,878 660,441
Advances Payable 56,050 56,050
Asset Retirement Obligation (Note 3) 406,759 336,283
------------------------------
14,279,573 9,760,629
------------------------------
SHAREHOLDERS' EQUITY
Share Capital (Note 4) 14,697,016 13,335,343
Contributed Surplus 803,802 733,532
Deficit (973,198) (833,999)
------------------------------
14,527,620 13,234,876
------------------------------
$ 28,807,193 $ 22,995,505
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MYSTIQUE ENERGY, INC.
STATEMENTS OF OPERATIONS AND DEFICIT
(Unaudited)
-------------------------------------------------------------------------
THREE MONTHS ENDED
MARCH 31
2006 2005
-------------------------------------------------------------------------
Revenue
Oil and gas revenue $ 1,137,182 $ 232,353
Royalties net of ARTC (210,230) (20,415)
Other revenue 13,598 35,982
------------------------------
940,550 247,920
------------------------------
Expenses
Production 180,293 48,175
Transportation costs 27,115 2,440
General and administration 102,332 20,285
Depletion, depreciation and accretion 641,564 49,162
Interest 28,340 6,256
Stock-based compensation (Note 4) 94,180 243,075
------------------------------
1,073,824 369,393
------------------------------
Loss Before Income Taxes (133,274) (121,473)
Income Taxes
Future income tax 5,925 103,826
------------------------------
Net Loss for the Period (139,199) (225,299)
Deficit, Beginning Of Period (833,999) (1,009,766)
------------------------------
Deficit, End Of Period $ (973,198) $ (1,235,065)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings per share
Basic $ 0.0 $ (0.01)
Diluted $ 0.0 $ (0.01)
Weighted average number of shares
Basic 46,357,943 36,147,067
Diluted 48,050,733 44,477,379
MYSTIQUE ENERGY, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
-------------------------------------------------------------------------
THREE MONTHS ENDED
MARCH 31
2006 2005
-------------------------------------------------------------------------
Operating Activities
Net loss for the period $ (139,199) $ (225,299)
Add: Items not involving cash:
Future income tax 5,925 103,826
Stock-based compensation 94,180 243,075
Depletion, depreciation and accretion 641,564 49,162
------------------------------
602,470 170,764
Change in non-cash working capital items:
Accounts receivable (2,633,017) 10,132
Accounts payable and accrued liabilities 2,884,762 (643,655)
Income tax recoverable (34,435) (4,112)
Prepaid expenses and deposits 48,796 (486,976)
------------------------------
868,576 (953,847)
------------------------------
Financing Activities
Shares issued for cash 2,776,275 178,919
Bank indebtedness 732,360 -
------------------------------
3,508,635 178,919
------------------------------
Investing Activities
Petroleum and natural gas interest
acquisitions (7,120,808) (1,312,660)
Purchase of other equipment (10,180) (6,927)
Net change in non-cash working capital
balances (613,092) (2,937,796)
------------------------------
(7,744,080) (4,257,383)
------------------------------
Decrease In Cash And Cash Equivalents (3,366,869) (5,032,311)
Cash And Cash Equivalents, Beginning
Of Period 3,366,869 8,225,727
------------------------------
Cash And Cash Equivalents, End Of Period $ - $ 3,193,416
-------------------------------------------------------------------------
-------------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE :
Interest paid $ - $ 6,256
Income tax paid $ - $ -
>>
%SEDAR: 00001147E
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