Mystique Energy Inc. and Petro Energy Corp. Execute Agreement

    CALGARY, Sept. 12 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture)
("Mystique") announces that Mystique and Petro Energy Corp ("Petro Energy")
have executed an Arrangement Agreement ("Agreement") whereby Mystique Energy
and Petro Energy will complete a business combination.
    The Agreement forms the basis of a plan of arrangement ("Plan") that
Mystique has filed pursuant to the Companies' Creditors Arrangement Act
(Canada). The Plan has been approved by the Alberta Court of Queen's Bench
("Court") and Mystique unsecured creditors. The Court has extended the date by
which the Plan must be completed to December 31, 2008. Petro Energy
shareholders must approve the business combination.

    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,

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