Mystique Energy Reports Financial Results for the First Quarter of 2008



    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.

    (*) 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
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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
                                             --------------------------------

                                               $    946,928     $  8,853,088
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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
                                             --------------------------------

    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
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Approved by the Directors:

    "Victor Luhowy"                         "Brent Walter"
    -----------------------                 -----------------------
    Director                                Director



                             MYSTIQUE ENERGY INC.

                     STATEMENTS OF OPERATIONS AND DEFICIT
                                 (Unaudited)


                                               THREE MONTHS     THREE MONTHS
                                                      ENDED            ENDED
                                             MARCH 31, 2008   MARCH 31, 2007

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Revenues
       Oil and gas revenue                     $          -     $  1,893,386
       Royalties                                          -         (530,081)
       Other revenue                                 36,371          104,436
                                             --------------------------------
                                                     36,371        1,467,741
                                             --------------------------------

    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)
                                             --------------------------------

    Deficit, End Of Period                     $(19,370,071)    $(11,531,050)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    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

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    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
                                             --------------------------------
                                                   (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
                                             --------------------------------
                                                 (7,877,313)       1,087,210
                                             --------------------------------

    Financing Activities
    Bank indebtedness                                     -       (4,107,080)
                                             --------------------------------
                                                          -       (4,107,080)
                                             --------------------------------

    Investing Activities
    Oil and gas property acquisitions                     -        3,414,692
    Net change in non-cash working
     capital balances                                     -         (394,822)
                                             --------------------------------
                                                          -        3,019,870
                                             --------------------------------

    Decrease In Cash                             (7,877,313)               -

    Cash, Beginning Of Period                     8,300,964                -
                                             --------------------------------

    Cash, End of Period                        $    423,650     $          -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Interest Paid                              $      1,034     $    233,298
    

    %SEDAR: 00001147E




For further information:

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

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MYSTIQUE ENERGY, INC.

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