B2Gold Corp. press release
Mystique Energy Completes First Quarter Drilling Program, Continues to Increase Production
TSX - Toronto Stock Exchange · Gold · Canada
TSX-Venture Exchange: MYS
CALGARY, April 11 /CNW/ - Mystique Energy, Inc. ("Mystique") announces that the company has completed the drilling of its fourth well for 2006 and has suspended drilling operations due to the imposition of road bans during spring breakup. Drilling operations will resume after road bans are removed. The four wells were drilled to depths ranging from 2000 to 3000 metres on farm-in lands located northwest of Calgary. All four wells were cased. Earned working interests of the wells vary from 45% to 85%. One of the four wells has been completed, tied-in and is on production. The other three wells are in various stages of being completed and tested. One additional well (earned working interest (equal sign) 85%), which had been drilled and cased in December, 2005, is also being completed and tested. Because of spring break-up, additional completion work will resume after road bans are removed. Any flowline construction work will also be completed after spring breakup. Mystique anticipates that successful results from the completion work on these new wells will add to Mystique's growing production base during the second quarter of 2006. Mystique has licensed four new wells to start drilling immediately after road bans are lifted and has 11 additional locations being licensed. All of the drilling locations are on the farm-in lands. Mystique is continuing to increase its production as it brings on new wells resulting from the successes of its 2005 drilling program on the farm-in lands located northwest of Calgary. Production averaged 195 boepd during the fourth quarter of 2005 with a December 2005 average of 213 boepd. In January 2006, production increased to an average of 225 boepd. With more wells coming on stream in February and March, current production is estimated to be exceeding 300 boepd.
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 and accuracy of this release.
Use of the term barrels of oil equivalent per day ("boepd") 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.
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