Mystique Energy Accepts Offer to Purchase Assets

    CALGARY, June 6 /CNW/ - Mystique Energy, Inc. ("Mystique") (TSXV: MYS)
announces that it has accepted an offer from a Calgary based petroleum company
to purchase all of Mystique's oil and gas assets and tax pools for gross
proceeds of 19.2 million dollars. The effective date of the purchase is June
1, 2006. Closing of the transaction is anticipated to occur during the first
week of July, 2007. Net proceeds from the sale of the assets will be used to
eliminate Mystique's debt to its primary lender and other secured creditors.
The remaining proceeds will be used to pay down the debt owed to unsecured
    The Alberta Court of Queen's Bench (the "Court") had provided Mystique
creditor protection under the Companies' Creditors Arrangement Act (Canada)
("CCAA") on April 24th, 2007. The order granting CCAA protection expires on
July 17th, 2007.
    In addition to closing the transaction and completing the claims process
under the CCAA process, Mystique will be preparing a plan of arrangement
whereby all or substantially all of the remaining proceeds of the asset sale
will be distributed to the unsecured creditors on a pro rata basis. The plan
of arrangement must be approved by the Court. It is unlikely that there will
be any remaining value to be allocated to shareholders.
    This transaction is the conclusion of a process in which Mystique engaged
GMP Securities LP to seek strategic alternatives for Mystique.


    Certain information regarding Mystique in this news release including
management's assessment of future plans and operations and the timing thereof,
may constitute forward-looking statements under applicable securities laws and
may necessarily involve risks including, without limitation, risks associated
with oil and gas exploration, development, exploitation, production, marketing
and transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain services, delays
resulting from or inability to obtain required regulatory approvals, the
ability to access sufficient capital from internal and external sources and
the uncertainty involved in Court proceedings and the implementation of the
Plan under the CCAA. As a consequence, Mystique's actual results, performance
or achievements could differ materially from those expressed in, or implied
by, these forward-looking statements and, accordingly, no assurance can be
given that any events anticipated by the forward=looking statements will
transpire or occur, or, if any of them do so, what benefits Mystique will
derive therefrom. Readers are cautioned that the foregoing list of factors is
not exhaustive. Furthermore, the forward-looking statements contained in this
news release are made as of the date this news release and Mystique does not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release

    %SEDAR: 00001147E

For further information:

For further information: Vic Luhowy, President & Chief Executive
Officer, Mystique Energy, Inc., Tel: (403) 261-3634, Fax: 403-265-3348,, Website -

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