Mystique Energy Releases Financial and Operational Results for Third Quarter of 2007



    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.

    (*) 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




For further information:

For further information: For additional information on Mystique, please
contact: Victor Luhowy, President & Chief Executive Officer, Mystique Energy,
Inc., Tel: (403) 261-3634, Fax: (403) 265-3348, vic@mystiqueenergy.ca,
www.mystiqueenergy.ca

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MYSTIQUE ENERGY, INC.

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