CALGARY, May 25 /CNW/ - Mystique Energy, Inc. ("Mystique") (TSXV: MYS) announces that the Court of Queen's Bench ("the Court") has approved an application by Mystique to extend the stay of proceedings for protection under the Companies' Creditors Protection Act (Canada) ("CCAA"), that was granted under the initial order, until July 17, 2007. The granting of the initial order on April 24th, 2007 by the Court was announced in Mystique's press release of April 25th, 2007.
While under CCAA protection, management of Mystique will remain responsible for the day-to-day operations, under the supervision of a Court appointed monitor, Ernst & Young Inc., who will be responsible for monitoring Mystique's ongoing operations, assisting with the development and filing of the Plan, liaising with creditors and other stakeholders and reporting to the Court. Management will also be responsible for formulating the Plan for restructuring Mystique's financial affairs.
Mystique continues to engage GMP Securities LP to identify and consider strategic alternatives including a possible merger, amalgamation, reorganization or takeover of Mystique, or the sale of some or all of the assets of the Company, or any other alternatives that are considered to be in the best interests of Mystique, including the participation of interested parties in formulating the Plan with Mystique to propose to the affected stakeholders.
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
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