CALGARY, April 14 /CNW/ - Mystique Energy Inc. ("Mystique") (MYS:TSX Venture) announces that it is anticipating making a final distribution of its remaining cash assets to its unsecured creditors during the upcoming six months.
In an application approved by the Court of Queen's Bench on 2008-03-31, the order granting Mystique creditor protection under the Companies' Creditors Arrangement Act (Canada) was extended until 2008-09-15.
The extension will provide additional time for Mystique to conclude the anticipated merger by way of an amalgamation or other business arrangement with Petro Energy Corp. The final business arrangement will require approval by both companies and by regulatory agencies. During the extension period, Mystique will make its final distribution of its remaining cash assets to its unsecured creditors. The initial distribution was made in 2008-01.
Trading in Mystique shares will remain halted until such time as may be determined by the TSX Venture.
Disclaimers
Certain information regarding Mystique in this news release including management's assessment of future plans and operations and the timing thereof, may constitute forward-looking statements under applicable securities laws and may necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain services, delays resulting from or inability to obtain required regulatory approvals, the ability to access sufficient capital from internal and external sources and the uncertainty involved in Court proceedings and the implementation of the Plan under the CCAA. As a consequence, Mystique's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward looking statements will transpire or occur, or, if any of them do so, what benefits Mystique will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Furthermore, the forward-looking statements contained in this news release are made as of the date this news release and Mystique does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
%SEDAR: 00001147E