B2Gold Corp. press release
Mystique Energy Announces Financial and Operational Results for First Quarter of 2007
TSX - Toronto Stock Exchange · Gold · Canada
CALGARY, May 28 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) ("Mystique") today reported its financial and operational results for the three months ended March 31, 2007. Financial and operational results for the first quarter of 2007 include:
Cash flow of $512,833 compared to $602,470 for the first quarter of 2006.
Net loss of $413,389 compared to $133,275 for the first quarter of 2006.
Production sales averaged 454 barrels of oil equivalent per day ("boepd")(x) compared to an average production rate of 255 boepd in the first quarter of 2006.
Sold the Garrington assets for gross proceeds of 4.05 MM$. Initial closing occurred on March 15th. Final closing and adjustments is expected to be completed in June. The Garrington assets contributed an average of 74 boepd to Mystique's production during the quarter.
Other developments included:
Entered into a forbearance agreement with its lender to allow time for Mystique to restructure its working capital deficit. The initial term of the forbearance agreement expired on March 28th, 2007.
Developments that have occurred to date during the second quarter include:
Negotiated an extension of the term of the forbearance agreement with its lender to June 30th, 2007 to allow time for Mystique to seek strategic alternatives.
Engaged GMP Securities L.P. to seek strategic alternatives.
Filed for creditor protection under the Companies' Creditors Arrangement Act ("CCAA") while seeking strategic alternatives. The initial order for a stay of proceedings has been extended from May 24th to July 17th, 2007.
Three independent directors, Mr. Verne Johnson, Mr. Terry McCoy and Mr. Mike Shaikh, resigned on April 24th.
Complete financial and operating results will be filed on SEDAR and made available on Mystique's website, www.mystiqueenergy.ca, 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 2007 2006 ASSETS
Current Accounts receivable $ 1,775,847 $ 1,873,645 Other tax receivable 165,032 165,032 Prepaid expenses and deposits 97,667 129,623 2,038,546 2,168,300 Restricted Cash - 110,540 Future Income Tax 386,243 2,297,130 Property, Plant and Equipment (Note 2) 23,646,021 28,433,017
$ 26,070,810 $ 33,008,987 LIABILITIES
Current Accounts payable and accrued liabilities $ 10,066,455 $ 10,067,841 Bank indebtedness (Note 5) 9,337,089 13,444,168 19,403,544 23,512,009 Advances Payable - 59,354 Asset Retirement Obligation (Note 3) 519,399 678,975 19,922,943 24,240,338 SHAREHOLDERS' EQUITY
Share Capital (Note 4) 16,547,706 18,844,836 Contributed Surplus 1,131,211 1,031,474 Deficit (11,531,050) (11,117,661) 6,147,867 8,758,649
$ 26,070,810 $ 33,008,987
MYSTIQUE ENERGY INC.
STATEMENTS OF OPERATIONS AND DEFICIT (Unaudited)
THREE MONTHS ENDED THREE MONTHS ENDED MARCH 31, 2007 MARCH 31, 2006
Revenues Oil and gas revenue $ 1,893,386 $ 1,137,182 Royalties net of ARTC (530,081) (210,230) Other revenue 104,436 13,598 1,467,741 940,550 Expenses Production 361,458 180,293 Transportation 21,258 27,115 General and administration 348,894 102,332 Depletion, depreciation and accretion 1,212,728 641,564 Interest 223,298 28,340 Stock-based compensation (Note 4) 99,737 94,180 2,267,373 1,073,824
Loss Before Income Taxes (799,632) (133,275)
Income taxes Future income tax (386,243) 5,925
Net Loss For The Period (413,389) (139,199)
Deficit, Beginning of Period (11,117,661) (833,999)
Deficit, End Of Period $ (11,531,050) $ (973,198)
Earnings (Loss) Per Share Basic $ (0.01) $ 0.00 Diluted $ (0.01) $ 0.00
Weighted Average Number Of Shares Basic 59,840,682 46,357,943 Diluted 59,840,682 48,050,733
MYSTIQUE ENERGY INC.
STATEMENTS OF CASH FLOW FLOWS (unaudited)
THREE MONTHS ENDED THREE MONTHS ENDED MARCH 31, 2007 MARCH 31, 2006 Operating Activities Net loss for the period $ (413,389) $ (139,199) Add: Items not involving cash: Future income tax (386,243) 5,925 Stock-based compensation 99,737 94,180 Depletion, depreciation and accretion 1,212,728 641,564 512,833 602,470
Change in non-cash working capital items: Accounts receivable 89,782 (2,633,017) Accounts payable and accrued liabilities 452,638 2,884,762 Other tax receivable - (34,435)
Prepaid expenses and deposits 31,957 48,796 1,087,210 868,576
Financing Activities Shares issued for cash - 2,776,275 Bank indebtedness (4,107,080) 3,508,635
Investing Activities Oil and gas property acquisitions 3,414,692 (7,120,808) Purchase of capital assets - (10,180) Net change in non-cash working capital balances (394,822) (613,092) 3,019,870 (7,744,080)
Increase (Decrease) In Cash - (3,366,869)
Cash, Beginning Of Period - 3,366,869
Cash, End of Period $ - $ -
Interest Paid $ 223,298 $ -
%SEDAR: 00001147E