Mystique Energy Inc. Executes Letter of Intent to Merge with a Private Company



    CALGARY, Nov. 2 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture)
("Mystique") announces that it has executed a letter of intent ("LOI") whereby
Mystique and a private company would merge by way of an amalgamation or such
other business arrangement as may be mutually agreed upon.
    The LOI will form the basis of a plan of arrangement ("Plan") that
Mystique plans to file pursuant to the Companies' Creditors Arrangement Act
(Canada) ("CCAA"). The Plan must be filed with the Alberta Court of Queen's
Bench (the "Court") by November 19, 2007.
    The terms of the LOI and other pertinent details of the private company
will be submitted to the TSXV for review. Trading in Mystique shares will
remain halted until such time as may be determined by the TSXV. Details of the
proposed business combination will be released shortly.

    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




For further information:

For further information: Victor Luhowy, President & CEO, Mystique
Energy, Inc., Tel: (403) 261-3634, Fax: (403) 265-3348, vic@mystiqueenergy.ca

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MYSTIQUE ENERGY, INC.

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