CALGARY, June 3 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) reports its financial for the three months ended March 31, 2008.
Financial results include:
- Cash flow for the three months ended March 31, 2008 was
($173.5) thousand compared to $512.8 thousand for the same
period of 2007.
- As a result of selling all of the company's assets in 2007, there
were no production sales during the first quarter of 2008 compared to
an average sales rate of 454 barrels of oil equivalent ("boepd")
during the first quarter of 2007
- Net loss for the three months ended March 31, 2008 was
$173.5 thousand compared to a net loss of $413.4 thousand for the
first quarter of 2007.
Corporate events for the first quarter of 2008 include the following:
- Completed the initial cash distribution to unsecured creditors.
- Obtained approval for the extension of the Plan until 2008-09-15 to
provide additional time for the anticipated business combination with
Petro Energy Corp to be completed and to make a final cash
distribution to unsecured creditors.
Complete financial results will be filed on SEDAR 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.
MYSTIQUE ENERGY INC.
BALANCE SHEETS
(Unaudited)
MARCH 31 DECEMBER 31
2008 2007
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ASSETS
Current
Cash and cash equivalents $ 423,650 $ 8,300,964
Accounts receivable 256,221 272,398
Refundable deposits 93,133 93,133
Prepaid expenses 127,421 135,934
--------------------------------
900,425 8,802,429
Property, Plant and Equipment 46,503 50,659
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$ 946,928 $ 8,853,088
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LIABILITIES
Current
Accounts payable and accrued
liabilities $ 361,048 $ 382,406
Accounts payable per CCAA 1,989,265 9,696,456
--------------------------------
2,350,313 10,078,862
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SHAREHOLDERS' EQUITY
Share Capital (Note 2) 16,649,434 16,649,434
Contributed Surplus 1,317,252 1,317,252
Deficit (19,370,071) (19,192,460)
--------------------------------
(1,403,385) (1,225,774)
--------------------------------
$ 949,928 $ 8,853,088
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Approved by the Directors:
"Victor Luhowy" "Brent Walter"
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Director Director
MYSTIQUE ENERGY INC.
STATEMENTS OF OPERATIONS AND DEFICIT
(Unaudited)
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 2008 MARCH 31, 2007
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Revenues
Oil and gas revenue $ - $ 1,893,386
Royalties - (530,081)
Other revenue 36,371 104,436
--------------------------------
36,371 1,467,741
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Expenses
Production - 361,458
Transportation - 21,258
General and administration 208,791 348,894
Depletion, depreciation
and accretion 4,157 1,212,728
Interest 1,034 223,298
Stock-based compensation - 99,737
--------------------------------
213,982 2,267,373
--------------------------------
Loss Before Income Taxes (177,611) (133,275)
Future Income Taxes - (386,243)
Net Loss and Comprehensive Loss
For The Period (177,611) (413,389)
Deficit, Beginning of Period (19,192,460) (11,117,661)
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Deficit, End Of Period $(19,370,071) $(11,531,050)
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Loss Per Share
Basic $ (0.00) $ (0.01)
Diluted $ (0.00) $ (0.01)
Weighted Average Number Of Shares
Basic 59,840,682 59,840,682
Diluted 59,840,682 59,840,682
MYSTIQUE ENERGY INC.
STATEMENT OF CASH FLOWS
(Unaudited)
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 2008 MARCH 31, 2007
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Operating Activities
Net loss for the period $ (177,611) $ (413,389)
Add: Items not involving cash:
Future income tax - (386,243)
Stock-based compensation expense - 99,737
Depletion, depreciation and accretion 4,157 1,212,728
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(173,454) 512,833
Change in non-cash working capital
items:
Accounts receivable 16,176 89,782
Accounts payable and accrued
liabilities (7,728,549) 452,638
Prepaid expenses and deposits 8,513 31,957
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(7,877,313) 1,087,210
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Financing Activities
Bank indebtedness - (4,107,080)
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- (4,107,080)
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Investing Activities
Oil and gas property acquisitions - 3,414,692
Net change in non-cash working
capital balances - (394,822)
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- 3,019,870
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Decrease In Cash (7,877,313) -
Cash, Beginning Of Period 8,300,964 -
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Cash, End of Period $ 423,650 $ -
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Interest Paid $ 1,034 $ 233,298
%SEDAR: 00001147E