CALGARY, Nov. 23 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) ("Mystique") today reported its financial and operational results for the three month and nine month periods ended September 30, 2007.
Financial results for the third quarter of 2007 include:
- Cash flow of $(178.6) thousand compared to $427.4 thousand for the
third quarter of 2006.
- Net loss of $3,381.8 thousand compared to $81.8 thousand for the
second quarter of 2006.
Developments that occurred during the fourth quarter included:
- Executed a letter of intent for a business combination with a private
company.
- Filed a plan of arrangement ("Plan") on 2007-11-19 with Alberta Court
of Queen's Bench ("Court") pursuant to an order granted by the Court
on 2007-04-24 for creditor protection under the Companies' Creditors
Arrangement Act ("CCAA"). The initial Court order granting creditor
protection under CCAA was extended until 2008-01-31. Mystique will
present the Plan to creditors for consideration on 2007-12-19.
Complete financial and operating results will be filed on SEDAR and made
available on Mystique's website, www.mystiqueenergy.ca, later today.
(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.
%SEDAR: 00001147E