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Share Name | Share Symbol | Market | Type |
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Mystique Energy (Tier2) | TSXV:MYS | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Mystique Energy, Inc. (TSX VENTURE:MYS) ("Mystique") reports its financial results for the three months ended September 30, 2008. Financial results include: - Cash flow for the three months ended September 30, 2008 was $(40.5) thousand compared to ($178.6) thousand for the same period of 2007. - Net earnings loss for the three months ended September 30, 2008 was $44.7 thousand compared to a net loss of $4,535.4 thousand for the third quarter of 2007. Complete financial results will be filed on SEDAR later today. In another corporate development, Mystique and Petro Energy Corp. ("Petro") have terminated an arrangement agreement dated September 8, 2008 ("Agreement"), the details of which had been provided in a press release dated October 16, 2008. Pursuant to the Agreement, Mystique undertook to acquire all of the issued common shares of Petro. Due to the changed and current market environment, Petro has determined that the business combination was not in the best interests of its shareholders. The Agreement was the basis of a proposed arm's length business combination (the "Combination") the details with respect to which Mystique has filed pursuant to the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). The terms of the Combination had been approved by the Alberta Court of Queen's Bench (the "Court") and by the unsecured creditors of Mystique. By order of the Court, the deadline to have completed the Combination is December 31, 2008. As a result of terminating the Agreement, Mystique and the Court appointed monitor will complete the distribution of the remaining cash assets and any recovered receivables, less any applicable costs, (second distribution) to Mystique's unsecured shareholders after all, or substantially all, of the remaining recoverable receivables are collected. The first distribution was made in January, 2008. Those unsecured creditors of Mystique who had elected (or deemed to have elected) to receive new Mystique shares in full satisfaction of their respective claims, instead of their share of the first distribution, will now receive their share of the first and second distributions. 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. 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) September 30 DECEMBER 31 2008 2007 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ASSETS Current Cash and cash equivalents $ 398,517 $ 8,300,964 Accounts receivable 490,301 272,398 Refundable deposits - 93,133 Prepaid expenses 27,422 135,934 ------------------------------- 916,240 8,802,429 Property, Plant and Equipment 38,189 50,659 ------------------------------- $ 954,429 $ 8,853,088 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- LIABILITIES Current Accounts payable and accrued liabilities $ 369,596 $ 382,406 Accounts payable per CCAA 1,989,265 9,696,456 ------------------------------- 2,358,861 10,078,862 ------------------------------- SHAREHOLDERS' EQUITY Share Capital (Note 3) 16,649,434 16,649,434 Contributed Surplus 1,317,252 1,317,252 Deficit (19,371,118) (19,192,460) ------------------------------- (1,404,432) (1,225,774) ------------------------------- $ 954,429 $ 8,853,088 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Approved by the directors: "Victor Luhowy" "Brent Walter" Director Director MYSTIQUE ENERGY INC STATEMENTS OF OPERATIONS AND DEFICIT (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 2008 2007 2008 2007 Restated Restated ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Revenues Oil and gas revenue $ - $ 313,461 $ - $ 3,602,071 Royalties net of ARTC - (21,881) - (928,367) Other revenue (84,169) 70,587 76,864 247,566 -------------------------------------------------------- (84,169) 362,167 76,864 2,921,270 -------------------------------------------------------- Expenses Production - 1,192 - 612,216 Transportation - (2,974) - 36,529 General and administration (27,256) 498,158 249,904 2,888,694 Depletion, depreciation and accretion 4,157 4,157 12,471 1,995,063 Interest 1,138 44,346 10,689 481,083 Stock-based compensation - 61,383 - 260,856 -------------------------------------------------------- (21,961) 606,262 273,064 6,274,441 -------------------------------------------------------- Loss From Operations (62,208) (244,095) (196,200) (3,353,171) Gain (Loss) on Sale of Assets 17,542 (4,027,276) 17,542 (4,027,276) -------------------------------------------------------- Loss Before Income Taxes (44,666) (4,271,371) (178,658) (7,380,447) Future Income taxes - 264,000 - (967,583) -------------------------------------------------------- Net Loss and Comprehensive Loss For The Period (44,666) (4,535,371) (178,658) (6,412,864) Deficit, Beginning of Period (19,326,452) (12,995,154) (19,192,460) (11,117,661) -------------------------------------------------------- Deficit, End Of Period $ (19,371,118) $ (17,530,525) $ (19,371,118) $ (17,530,525) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Income (Loss) Per Share Basic $ 0.00 $ (0.08) $ (0.01) $ (0.11) Diluted $ 0.00 $ (0.08) $ (0.01) $ (0.11) Weighted Average Number Of Shares Basic 59,840,682 59,840,682 59,840,682 59,480,682 Diluted 59,840,682 59,840,682 59,840,682 59,480,682 MYSTIQUE ENERGY INC STATEMENTS OF CASH FLOWS (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 2008 2007 2008 2007 (Restated) (Restated) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Operating Activities Net Income (loss) for the period $ (44,666) $ (4,535,371) $ (178,658) $ (6,412,864) Add: Items not involving cash: Loss on Sale of Assets - 4,027,276 - 4,027,276 Future income tax - 264,000 - (967,583) Stock-based compensation expense - 61,383 - 260,856 Depletion, depreciation and accretion 4,157 4,157 12,471 1,995,063 --------------------------------------------------------- (40,509) (178,555) (166,187) (1,097,063) Change in non-cash working capital items: Accounts receivable (256,629) 665,206 (217,903) 925,824 Accounts payable and accrued liabilities 314,968 (779,472) (7,720,002) 1,130,825 Income tax receivable - 165,032 - 165,032 Prepaid expenses and deposits 122,528 (31,383) 201,645 (9,766) --------------------------------------------------------- 140,358 (159,172) (7,902,447) 1,114,663 --------------------------------------------------------- Financing Activities Advances - (59,354) - (59,354) Bank indebtedness - (9,558,985) - (13,444,168) Restricted cash - 110,540 - 110,540 --------------------------------------------------------- - (9,507,799) - (13,392,982) --------------------------------------------------------- Investing Activities Petroleum and natural gas acquisitions - - - (778,261) Proceeds on sale of assets, net of costs - 18,810,145 - 22,506,334 Net change in non-cash working capital balances - (148,972) - (455,552) --------------------------------------------------------- - 18,661,173 - 21,272,521 --------------------------------------------------------- Increase (Decrease) In Cash 140,358 8,994,202 (7,902,447) 8,994,202 Cash, Beginning Of Period 258,159 - 8,300,964 - --------------------------------------------------------- Cash, End of Period $ 398,517 $ 8,994,202 $ 398,517 $ 8,994,202 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Interest Paid $ 1,138 $ 51,346 $ 10,689 $ 481,083
1 Year Mystique Energy (Tier2) Chart |
1 Month Mystique Energy (Tier2) Chart |
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