CALGARY, Nov. 16 /CNW/ - Mystique Energy, Inc. ("Mystique") (TSXV: MYS)
today announced that its present production is over 550 barrels of oil
equivalent per day ("boepd"), which is triple the average production rate of
187 boepd for the fourth quarter of 2005 and more than double the average rate
of 232 boepd for the second quarter of 2006. The increased production is a
result of Mystique's successful 2006 drilling program. The current production
split is approximately 60% gas and 40% light oil and natural gas liquids
(NGL's).
The most recent increase in production results from the tie-in of a well
that was drilled in the Bottrel area during the third quarter of 2006. Two
offsetting locations are being prepared to be drilled - one location has
already been licensed; the second location is in the licensing stage.
Operations Update:
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- Two additional wells, one in the Lochend area and the other in
Wildcat Hills, have been completed and tested and are slated to be
placed on production. Corporate production rates will be updated
after production from each of these wells comes on stream and
stabilizes.
- The flowline for the Lochend area well is presently being
constructed and production is expected to begin before the end of
November.
- Permit applications are being filed for approval to construct a
3.5 kilometre flowline to connect the Wildcat Hills well to the
gathering system. This well is expected to begin production in
January 2007.
- Another well that was drilled in 2006 in the Lochend area remains to
be completed, tested and tied in for production. This work is being
planned to be completed in early 2007.
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About Mystique
Based in Calgary, Mystique is involved in the exploration and
exploitation of petroleum reserves in western Canada.
Disclaimers
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.
Except for statements of historical fact, all statements in this press
release, without limitation, regarding new projects and future plans and
objectives are forward-looking statements which involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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