Mystique Energy, Inc'

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2004 - 09
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Mystique Energy, Inc.

• Corporate Overview
• Public junior oil gas company
• Based in Calgary, Alberta, Canada
• TSX Venture Exchange MYS
• 24.25 million shares outstanding
• 32.76 million shares fully diluted
• Market capitalization 10 MM

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Mystique Energy, Inc.

• Share Detail
• (MM Shares)
• Shares outstanding 24.25
• Options 1.35
• Warrants
• _at_ 0.25, expiring 2005-07 2.00
• _at_ 0.40, expiring 2006-03 1.21
• _at_ 0.45, expiring 2006-08 3.81
• _at_ 0.31, expiring 2006-08 0.14
• Shares fully diluted 32.76

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Mystique Energy, Inc.

• Management
• Vic Luhowy President Chief Executive Officer
• Alex Tworo Vice President, Exploration

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Mystique Energy, Inc.

• Board of Directors
• Burkhard Franz Chairman
• Savi Franz Director
• Vic Luhowy President Chief Executive Officer
• Lorraine McVean Legal Consultant
• Brent Walter Associate, ProVenture Law LLP

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Mystique Energy, Inc.

• Growth Strategies
• Growth will be driven by the drill bit
• Exploration team led by Alex Tworo
• Concentrate in focus area western Alberta, W5M,
  Calgary to Grand Prairie fairway
• Explore on major company lands

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Activity Focus Area

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Grand Prairie
Edmonton
Calgary
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Mystique Energy, Inc.

• Activity Focus Area
• Calgary to Peace River Arch
• Multiple horizon fairway
• Good balance of oil and gas prospectivity
• Infrastructure in place
• New billion companies will be vacating
• Alex Tworo successful exploration track record

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Activity Focus AreaGarrington

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Grand Prairie
Edmonton
Garrington
Calgary
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Mystique Energy, Inc.

• Garrington Operations
• Garrington field in central Alberta
• Production 350 boepd, 60 boepd net
• Opportunities for cost optimization,
  recompletions and step-out drilling

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Garrington Area
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Mystique Energy, Inc.

• Production
• Oil Percent
• Liquids Gas Equiv Liquids
• (bpd) (mcfpd) (boepd)
• 2002 Avge 14 80 27 52
• 2003 - Q1 18 94 33 55
• Q2 20 100 37 54
• Q3 72 93 87 83
• Q4 52 54 62 84
• 2003 Avge 41 85 55 75
• 2004 - Q1 54 73 66 82
• Q2 45 47 52 87

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Mystique Energy, Inc.

• 2004 Garrington Operations
• Continued optimization cost reduction program
• Reactivations, recompletions drilling

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Mystique Energy, Inc.

• 2004 Garrington Program
• Reactivations
• 8-23, 6-27, 16-27
• Drilling
• 11-16 drill for Cardium
• 10-20 drill for Pekisko (primary target)
  Shunda, Viking and Glauconite (secondary
  target)

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Garrington Area
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Activity Focus AreaLochend

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Grand Prairie
Edmonton
Garrington
LOCHEND
Calgary
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Mystique Energy, Inc.

• Lochend Development Drilling Program
• Farm-in on Provident Energy Trust lands NW of
  Calgary
• Development / stepout drilling program
  extension of Lochend Cardium B pool
• 5280 gross acres of undrilled land
• Three well drilling obligation, followed by
  option wells
• 20 well ultimate potential

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Mystique Energy, Inc.

• Lochend Development Drilling Program
• Mystique pays 100 of Provident's WI to drill,
  complete and equip wells Providents WI
  79-100
• Mystique earns 50 of Providents WI
• Avge production from existing pool 100 boepd
  per well (light oil, natural gas and NGLs)
• Avge reserves per well 200 Mboe
• Expect to drill three obligation wells in 2004-Q4

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Mystique Energy, Inc.

• Reserves1
• Oil Gas NGLs Equiv2
• (Mbbl) (MMcf) (Mbbl) (Mboe)
• Proved producing 34.3 301 22.2 106.7
• Total proved 34.3 301 22.2 106.7
• Probable 10.1 53 3.9 22.8
• Total proved probable 44.4 354 26.1 129.5
• Proved reserves life
• index (years)3 2.0 15.3 13.5 4.7
• McDaniel Associates 2003-12-31
• (2) Conversion ratio 6 mcf 1 boe
• (3) Based on 2003-Q4 average production rates

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Mystique Energy, Inc.

• Reserve NPVs (1)
• (M)
• 10 15
• Proved producing 1,300 1,172
• Total proved 1,300 1,172
• Probable 225 183
• Total proved probable 1,525 1,354
• (1) Oil prices US WTI 2004 29.00, 2005
  26.50, 2006 25.50, 2007 25.00
• Gas prices Cdn AECO 2004 5.50, 2005
  5.19, 2006 4.87, 2007 4.68

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Mystique Energy, Inc.

• Summary of Financials
• (M)
• 2004-Q2 2004-Q1 2003 2002
• Gross Revenue 233 260 786 95
• Cash Flow 42 142 367 (109)
• Net Income (173) 30 104 (181)
• Working Capital 1,838 659 32 (328)
• Current Debt 0 15 15 270
• Long Term Debt 0 0 0 0
• Available Bank Line 325 325 325

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Mystique Energy, Inc.

• Support Firms
• Legal Counsel ProVenture Law
• Bank Alberta Treasury Branch
• Auditors Morgan Company
• Reserves Evaluation McDaniel Associates
• Investor Relations Hedlin Lauder

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2004-09