B2Gold Corp. press release
Mystique Energy Reports Financial Results for the Second Quarter of 2008
TSX - Toronto Stock Exchange · Gold · Canada
CALGARY, Aug. 28 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) reports its financial results for the three months ended June 30, 2008.
Financial results include: Cash flow for the three months ended June 30, 2008 was $47.8 thousand compared to ($1,431.5) thousand for the same period of 2007. Net earnings for the three months ended June 30, 2008 was $43.7 thousand compared to a net loss of $1464.1 thousand for the second quarter of 2007.
Complete financial results will be filed on SEDAR later today.
In other corporate developments, Mystique continues to work with Petro Energy Corp. to complete the business combination as previously disclosed.
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)
JUNE 30 DECEMBER 31 2008 2007 ASSETS
Current Cash and cash equivalents $ 258,159 $ 8,300,964 Accounts receivable 233,672 272,398 Refundable deposits 122,528 93,133 Prepaid expenses 27,422 135,934 641,781 8,802,429
Property, Plant and Equipment 42,345 50,659
$ 684,126 $ 8,853,088 LIABILITIES
Current Accounts payable and accrued liabilities $ 54,627 $ 382,406 Accounts payable per CCAA 1,989,265 9,696,456 2,043,892 10,078,862
SHAREHOLDERS' EQUITY
Share Capital (Note 3) 16,649,434 16,649,434 Contributed Surplus 1,317,252 1,317,252 Deficit (19,326,452) (19,192,460) (1,359,766) (1,225,774)
$ 684,126 $ 8,853,088
MYSTIQUE ENERGY INC
STATEMENTS OF OPERATIONS AND DEFICIT (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2008 2007 2008 2007 Revenues Oil and gas revenue $ - $ 1,395,224 $ - $ 3,288,610 Royalties net of ARTC - (376,405) - (906,486) Other revenue 124,662 72,543 161,033 176,979 124,662 1,091,362 161,033 2,559,103
Expenses Production - 249,566 - 611,024 Transportation - 18,245 - 39,503 General and administration 68,369 2,041,642 277,160 2,390,536 Depletion, depreciation and accretion 4,157 778,178 8,314 1,990,906 Interest 8,517 213,439 9,551 436,737 Stock-based compensation - 99,736 - 199,473 81,043 3,400,806 295,025 5,668,179
Income (Loss) Before Income Taxes 43,619 (2,309,444) (133,992) (3,109,076)
Future Income taxes - (845,340) - (1,231,583)
Net Income (Loss) and Comprehensive Income (Loss) For The Period 43,619 (1,464,104) (133,992) (1,877,493)
Deficit, Beginning of Period (19,370,071) (11,531,050) (19,192,460) (11,117,661)
Deficit, End Of Period $(19,326,452) $(12,995,154) $(19,326,452) $(12,995,154)
Loss Per Share Basic $ 0.00 $ (0.03) $ (0.00) $ (0.03) Diluted $ 0.00 $ (0.03) $ (0.00) $ (0.03)
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 SIX MONTHS ENDED JUNE 30 JUNE 30 2008 2007 2008 2007 Operating Activities
Net Income (loss) for the period $ 43,619 $ (1,464,104) $ (133,992) $ (1,877,493) Add: Items not involving cash: Future income tax - (845,340) - (1,231,583) Stock-based compensation expense - 99,736 - 199,473 Depletion, depreciation and accretion 4,157 778,178 8,314 1,990,906 47,776 (1,431,530) (125,678) (918,697) Change in non-cash working capital items: Accounts receivable 22,550 170,836 38,726 260,618 Accounts payable and accrued liabilities (306,421) 1,457,659 (8,034,970) 1,910,297 Prepaid expenses and deposits 70,604 (10,340) 79,117 21,617 (165,491) 186,625 (8,042,805) 1,273,835
Financing Activities Bank indebtedness - 221,897 - (3,885,183) 221,897 - (3,885,183)
Investing Activities Oil and gas property acquisitions - (496,764) - 2,917,928 Net change in non-cash working capital balances - 88,242 - (306,580) (408,522) - 2,611,348
Increase (Decrease) In Cash (165,491) - (8,042,805) - Cash, Beginning Of Period 423,650 - 8,300,964 - Cash, End of Period $ 258,159 $ - $ 258,159 $ -
Interest Paid $ 8,517 $ 206,439 $ 9,551 $ 429,737
%SEDAR: 00001147E