Mystique Increases Production

CALGARY, Oct. 23 /CNW/ - Mystique Energy, Inc. ("Mystique") (MYS:TSX
Venture) today announced that its present production rates are estimated to be
approximately 350 barrels of oil equivalent per day ("boepd"), an increase of
50% over the second quarter average production rate of 232 boepd. The present
production split is 56% gas and 44% light oil and natural gas liquids (NGL's).
The new production is a result of Mystique's successful 2006 drilling program
and Mystique will be adding additional production during the fourth quarter.
Three additional wells have been completed and tested and will be placed
on production during the fourth quarter. Two of these wells are expected to be
tied-in before mid-November and the third well is expected to be tied-in
towards the end of 2006. Production rates will be updated after these wells
come on stream.
With only one well remaining to be drilled pursuant to its farm-in
commitments, Mystique has curtailed further drilling operations for 2006 and
is allocating all of its remaining 2006 capital budget towards placing the
wells that were drilled during 2006 on production. During the year, Mystique
drilled nine gross (8.625 net) wells resulting in three (2.625 net) wells that
are now on production, three (3.0 net) wells that have been completed, tested
and waiting on tie-ins, two (2.0 net) wells that are waiting on
completion/recompletions and one (1.0 net) well that was abandoned, for an
overall success rate of 89%. Mystique was able to reduce the number of gross
wells drilled from its original plans by maintaining a higher working interest
in the wells , increasing its net participation. All of the wells were drilled
on farm-in lands in the Harmatten/Lochend/Bottrel/Wildcat Hills area located
immediately northwest of Calgary, Alberta.
"We are very excited to be reaping the benefits of our successful 2006
drilling program," said Vic Luhowy, President and Chief Executive Officer of
Mystique. "We are presently formulating a development drilling program for
2007 that will be based on exploiting the successful exploration wells that
were drilled during 2006."

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. 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.
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