CALGARY, Aug. 28 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) reports its financial results for the three months ended June 30, 2008.
Financial results include:
- Cash flow for the three months ended June 30, 2008 was $47.8 thousand
compared to ($1,431.5) thousand for the same period of 2007.
- Net earnings for the three months ended June 30, 2008 was
$43.7 thousand compared to a net loss of $1464.1 thousand for the
second quarter of 2007.
Complete financial results will be filed on SEDAR later today.
In other corporate developments, Mystique continues to work with Petro Energy Corp. to complete the business combination as previously disclosed.
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)
JUNE 30 DECEMBER 31
2008 2007
-------------------------------------------------------------------------
ASSETS
Current
Cash and cash equivalents $ 258,159 $ 8,300,964
Accounts receivable 233,672 272,398
Refundable deposits 122,528 93,133
Prepaid expenses 27,422 135,934
---------------------------
641,781 8,802,429
Property, Plant and Equipment 42,345 50,659
---------------------------
$ 684,126 $ 8,853,088
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
Current
Accounts payable and accrued liabilities $ 54,627 $ 382,406
Accounts payable per CCAA 1,989,265 9,696,456
---------------------------
2,043,892 10,078,862
---------------------------
SHAREHOLDERS' EQUITY
Share Capital (Note 3) 16,649,434 16,649,434
Contributed Surplus 1,317,252 1,317,252
Deficit (19,326,452) (19,192,460)
---------------------------
(1,359,766) (1,225,774)
---------------------------
$ 684,126 $ 8,853,088
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MYSTIQUE ENERGY INC
STATEMENTS OF OPERATIONS AND DEFICIT
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Revenues
Oil and gas
revenue $ - $ 1,395,224 $ - $ 3,288,610
Royalties net of
ARTC - (376,405) - (906,486)
Other revenue 124,662 72,543 161,033 176,979
-------------------------------------------------------
124,662 1,091,362 161,033 2,559,103
-------------------------------------------------------
Expenses
Production - 249,566 - 611,024
Transportation - 18,245 - 39,503
General and
administration 68,369 2,041,642 277,160 2,390,536
Depletion,
depreciation
and accretion 4,157 778,178 8,314 1,990,906
Interest 8,517 213,439 9,551 436,737
Stock-based
compensation - 99,736 - 199,473
-------------------------------------------------------
81,043 3,400,806 295,025 5,668,179
-------------------------------------------------------
Income (Loss) Before
Income Taxes 43,619 (2,309,444) (133,992) (3,109,076)
Future Income taxes - (845,340) - (1,231,583)
-------------------------------------------------------
Net Income (Loss) and
Comprehensive Income
(Loss) For The Period 43,619 (1,464,104) (133,992) (1,877,493)
Deficit, Beginning
of Period (19,370,071) (11,531,050) (19,192,460) (11,117,661)
-------------------------------------------------------
Deficit, End Of
Period $(19,326,452) $(12,995,154) $(19,326,452) $(12,995,154)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Loss Per Share
Basic $ 0.00 $ (0.03) $ (0.00) $ (0.03)
Diluted $ 0.00 $ (0.03) $ (0.00) $ (0.03)
Weighted Average
Number Of Shares
Basic 59,840,682 59,840,682 59,840,682 59,480,682
Diluted 59,840,682 59,840,682 59,840,682 59,480,682
MYSTIQUE ENERGY INC
STATEMENTS OF CASH FLOWS
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Operating
Activities
Net Income (loss)
for the period $ 43,619 $ (1,464,104) $ (133,992) $ (1,877,493)
Add: Items not
involving cash:
Future income
tax - (845,340) - (1,231,583)
Stock-based
compensation
expense - 99,736 - 199,473
Depletion,
depreciation
and accretion 4,157 778,178 8,314 1,990,906
-------------------------------------------------------
47,776 (1,431,530) (125,678) (918,697)
Change in
non-cash working
capital items:
Accounts
receivable 22,550 170,836 38,726 260,618
Accounts payable
and accrued
liabilities (306,421) 1,457,659 (8,034,970) 1,910,297
Prepaid expenses
and deposits 70,604 (10,340) 79,117 21,617
-------------------------------------------------------
(165,491) 186,625 (8,042,805) 1,273,835
-------------------------------------------------------
Financing
Activities
Bank indebtedness - 221,897 - (3,885,183)
-------------------------------------------------------
- 221,897 - (3,885,183)
-------------------------------------------------------
Investing Activities
Oil and gas
property acquisitions - (496,764) - 2,917,928
Net change in
non-cash working
capital balances - 88,242 - (306,580)
-------------------------------------------------------
- (408,522) - 2,611,348
-------------------------------------------------------
Increase (Decrease)
In Cash (165,491) - (8,042,805) -
Cash, Beginning Of
Period 423,650 - 8,300,964 -
-------------------------------------------------------
Cash, End of
Period $ 258,159 $ - $ 258,159 $ -
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Interest Paid $ 8,517 $ 206,439 $ 9,551 $ 429,737
%SEDAR: 00001147E