B2Gold Corp. press release
Mystique Energy Places Two New Wells on Production
TSX - Toronto Stock Exchange · Gold · Canada
TSX-Venture Exchange: MYS
CALGARY, Jan. 31 /CNW/ - Mystique Energy Inc. ("Mystique") is pleased to announce that the company has placed two newly drilled wells on production during the last week of January. The new wells, combined with Mystique's active drilling program, have increased production to an estimated 300 boepd net to Mystique, compared to 154 boepd during the third quarter of 2005 and an estimated 190 boepd during the fourth quarter of 2005. Mystique drilled nine wells (5.0 net) during 2005, most of which were drilled during the second half of the year. Five of the newly drilled wells (2.8 net) are now on production. Of the four wells not yet on production, one well is waiting on completion and three wells are waiting on recompletions/workovers. It is anticipated that the success of these four remaining wells (2.2 net) could add approximately 200 boepd to Mystique's net production by the end of the first quarter of 2006. In addition, Mystique is drilling the second well of its 22 well budgeted drilling program for 2006. The first well, which was drilled in the Harmattan area, was cased and is presently being completed. The well is expected to be on production during the early part of the second quarter. Three additional wells have been licensed to drill and eight new locations are in various stages of being licensed. According to Vic Luhowy, President of Mystique "With the scarcity of equipment and personnel in our industry, getting wells completed, tied-in and on production is taking longer than in previous years. However, we are pleased with the results of our drilling program; results that will continue to expand our reserves, production and cash flow."
Based in Calgary, Mystique is involved in the exploration and exploitation of petroleum reserves in western Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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