Mystique Announces Quarterly Results

Mystique Energy, Inc. has reported its financial and operational results for the three month and six month periods ending June 30, 2006.

Financial and operational highlights for the second quarter and first half of 2006 include:

--Cash flow of $317 thousand for the second quarter, compared to $449 thousand for the second quarter of 2005.
--Cash flow of $919 thousand for the first half, compared to $620 thousand for the first half of 2005.
--Production sales for the second quarter averaged 232 barrels of oil equivalent per day ("boepd")(x), an increase of 32 percent over the average production rate of 176 boepd for the second quarter of 2005.
--Production sales of 244 boepd for the first half of 2006, more than double the average production rate of 112 boepd for the first half of 2005.
--Drilled and cased one (0.5 net) well during the second quarter (fourth well of 2006) on farm-in lands located northwest of Calgary.
--Completed and tested two (1.325 net) newly drilled wells during the second quarter. One of the wells had been drilled in the fourth quarter of 2005; the other well was drilled during the first quarter of 2006.

Highlights so far for the third quarter of 2006 include:

--Drilled and cased three (1.95 net) wells; seven wells total for 2006. One (0.625 net) well has been completed, tied-in and is now on production. One (0.875 net) well is being completed and one (0.45 net) well is awaiting completion.
--Presently drilling two (0.95 net) wells (eighth and ninth wells for 2006). After drilling these wells, Mystique will drill one additional well in August/September to complete its drilling obligations under various farm-in arrangements in the Harmattan/Lochend/Bottrel/Wildcat Hills areas located northwest of Calgary.
--Currently tying in one (0.85 net) well, that was drilled during the first quarter, into a gathering system.
--Completed, tested and preparing to tie-in one (0.45 net) well that was drilled during the second quarter.
--Licensed four new wells to continue the 2006 drilling program and preparing eight additional locations for licensing.
--Completed a $4.5 million private placement financing.

Directors approved the granting of 330,000 options to purchase Mystique common shares at $0.35 to non-management employees. The TSX Venture Exchange has not yet approved the issuance of these options.

Complete financial and operating results will be filed on SEDAR, and made available on Mystique's website,

Based in Calgary, Mystique is involved in the exploration and exploitation of petroleum reserves in western Canada.


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