B2Gold Corp. press release
Mystique Energy Reports Financial Results for the First Quarter of 2008
TSX - Toronto Stock Exchange · Gold · Canada
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.
(x) 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