B2Gold Corp. press release
Mystique Energy Announces Financial and Operational Results for Second Quarter of 2007
TSX - Toronto Stock Exchange · Gold · Canada
CALGARY, Aug. 29 /CNW/ - Mystique Energy, Inc. (MYS:TSX Venture) ("Mystique") today reported its financial and operational results for the three month and six month periods ended June 30, 2007.
Financial and operational results for the second quarter of 2007 include:
Cash flow of $(1,431,530) compared to $316,926 for the second quarter of 2006.
Net loss of $1,464,104 compared to $129,976 for the second quarter of 2006.
Production sales averaged 336 barrels of oil equivalent per day ("boepd")(x) compared to an average production rate of 232 boepd in the first quarter of 2006.
Accepted an offer to purchase the remainder of its oil and gas assets and tax pools, effective 2007-06-01, for gross proceeds of $19.2 million.
Other developments included:
Obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA") pursuant to an Order from the Alberta Court of Queen's Bench (the "Court") effective 2007-04-24.
Developments that occurred during the third quarter included:
Closed the sale of the remainder of its oil and gas assets and tax pools, effective 2007-06-01, for gross proceeds of $19.2 million.
The initial Court order granting creditor protection under CCAA was extended until 2007-10-15.
Effective 2007-08-28, Mr. Nick Antonenko has been appointed a director of Mystique. He has resigned his position as Vice President, Production Operations.
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.
BALANCE SHEETS (Unaudited)
JUNE 30 DECEMBER 31 2007 2006 ASSETS
Current Accounts receivable $ 1,605,284 $ 1,873,645 Other tax receivable 165,032 165,032 Prepaid expenses and deposits 108,006 129,623 1,878,322 2,168,300 Restricted Cash - 110,540 Future Income Tax 1,231,583 2,297,130 Oil and Gas Properties (Note 2) 23,365,014 28,433,017
$ 26,474,919 $ 33,008,987 LIABILITIES
Current Accounts payable and accrued liabilities $ 11,612,629 $ 10,067,841 Bank indebtedness (Note 5) 9,558,986 13,444,168 21,171,615 23,512,009
Advances Payable - 59,354 Asset Retirement Obligation (Note 3) 519,805 678,975 21,691,420 24,240,338 SHAREHOLDERS' EQUITY
Share Capital (Note 4) 16,547,706 18,844,836 Contributed Surplus 1,230,947 1,031,474 Deficit (12,995,154) (11,117,661) 4,783,499 8,758,649
$ 24,474,919 $ 33,008,987 Approved by the Directors:
"Victor Luhowy" "Brent Walter" Director Director
STATEMENTS OF OPERATIONS AND DEFICIT (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2007 2006 2007 2006 Revenues Oil and gas revenue $ 1,395,224 $ 1,002,534 $ 3,288,610 $ 2,139,716 Royalties net of ARTC (376,405) (187,982) (906,486) (398,212) Other revenue 72,543 7,687 176,979 21,285 1,091,362 822,239 2,559,103 1,762,789
Expenses Production 249,566 187,068 611,024 367,361 Transportation 18,245 20,268 39,503 47,383 General and administration 2,041,642 193,917 2,390,536 296,249 Depletion, depreciation and accretion 778,178 546,319 1,990,906 1,187,883 Interest 213,439 104,060 436,737 132,400 Stock-based compensation (Note 4) 99,736 101,651 199,473 195,831 3,400,806 1,153,283 5,668,179 2,227,107
Income (Loss) Before Income Taxes (2,309,444) (331,044) (3,109,076) (464,318)
Income taxes Future income tax (845,340) (201,068) (1,231,583) (195,143)
Net Income (Loss) For The Period (1,464,104) (129,976) (1,877,493) (269,175)
Deficit, Beginning of Period (11,531,050) (973,198) (11,117,661) (833,999)
Deficit, End Of Period $(12,995,154) $ (1,103,174) $(12,995,154) $ (1,103,174)
Earnings Per Share Basic $ ( 0.03) $ 0.00 $ (0.03) $ (0.01) Diluted $ ( 0.03) $ 0.00 $ (0.03) $ (0.01)
Weighted Average Number Of Shares Basic 59,840,682 49,678,208 59,840,682 48,025,381 Diluted 59,840,682 50,076,636 59,840,682 49,184,489
STATEMENTS OF CASH FLOWS (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2007 2006 2007 2006 Operating Activities Net Income (loss) for the period $ (1,464,104) $ (129,976) $ (1,877,493) $ (269,175) Add: Items not involving cash: Future income tax (845,340) (201,068) (1,231,583) (195,143) Stock-based compensation expense 99,736 101,651 199,473 195,831 Depletion, depreciation and accretion 778,178 546,319 1,990,906 1,187,883 (1,431,530) 316,926 (918,697) 919,396 Change in non-cash working capital items: Accounts receivable 170,836 427,758 260,618 (2,205,262) Accounts payable and accrued liabilities 1,457,659 (3,109,802) 1,910,297 (225,040) Other tax receivable - (31,348) - (65,783) Prepaid expenses and deposits (10,340) (33,321) 21,617 15,475 186,625 (2,429,787) 1,273,835 (1,561,214)
Financing Activities Shares issued for cash - (4,598) - 2,771,677 Bank indebtedness 221,897 6,827,001 (3,885,183) 7,559,361 221,897 6,822,403 (3,885,183) 10,331,038
Investing Activities Oil and gas property acquisitions (496,764) (3,744,873) 2,917,928 (10,865,681) Purchase of capital assets - (3,531) - (13,711) Net change in non-cash working capital balances 88,242 (644,212) (306,580) (1,257,301) (408,522) (4,392,616) 2,611,348 (12,136,693)
Increase (Decrease) In Cash - - - (3,366,869) Cash, Beginning Of Period - - - 3,366,869
Cash, End of Period $ - $ - $ - $ -
Interest Paid $ 206,439 $ 52,263 $ 429,737 $ 52,263
%SEDAR: 00001147E