Mirage Energy Ltd.

Mirage Energy Ltd.

February 20, 2008 12:23 ET

Mirage Energy- Announces Sale of Properties

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2008) - Mirage Energy Ltd. ("Mirage" or the "Company") (TSX VENTURE:MGE) (PINK SHEETS:MRGYF) announces that it has sold a 30% working interest in an oil property located in the Tangent area of Alberta for $761,734.51. The proceeds from the sale was used to pay off Mirage's bank debt. In addition, Mirage has sold a 17% working interest in a section of Nikanassin rights in the Gold Creek area of Alberta for $101,079.95. The proceeds from the sale will be used to pay down other existing corporate debt. Mirage expects that it will continue to sell non-core area properties in order to focus on its core areas of Lloydminster, Alberta, Hayter, Alberta and in western Saskatchewan.

Mirage is also pleased to announce that it intends to commence drilling activities on its 50% working interest well in the Lloydminster area of Alberta with the proceeds from its recent flow-through financings. This well is expected to spud in the next 2 weeks.

Mirage is a junior oil and gas company focused on the exploration and development of oil and gas in western Canada.


Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, adequate available financing and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mirage Energy Ltd.
    Rene LaPrade
    President and CEO
    (403) 232-1359
    Email: rene@mirage-energy.ca
    Mirage Energy Ltd.
    Peter J. Boswell
    (403) 232-1359
    Email: petebos@telusplanet.net
    Mirage Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2