Mises Capital Corporation

Mises Capital Corporation

August 21, 2006 12:16 ET

Mises Capital Corporation: Buenavista Block Engineering and Operational Update

CALGARY, ALBERTA--(CCNMatthews - Aug. 21, 2006) - Mises Capital Corporation (TSX VENTURE:MPP) ("Mises" or the "Corporation") announces that it has received an engineering update, dated August 15, 2006 from Huddleston & Co., Inc., petroleum and geological engineers based in Houston, Texas (the "Huddleston Report").

The Huddleston Report was prepared for the purpose of evaluating Mises' potential oil recoveries associated with the Bolivar Structure, the 50 foot thick fractured chert interval from which the Bolivar - 1 well ("Bolivar - 1") is currently producing. Mises recently acquired a 35 bopd net interest in Bolivar - 1, currently the only producing well on the 10,000 hectare (24,700 acre) Colombian exploration block (the "Buenavista Block").

The Huddleston Report estimates the recoverable oil from the Bolivar Structure at approximately 5 million barrels. Bolivar - 1 currently produces 19.2 API crude oil at an average gross rate of 140 bopd (35 bopd net to Mises) with a 1% water cut. The Huddleston Report's estimate of the recoverable oil volumes represents the identified recoverable "resource" for the producing zone, is not intended to conform with the reserve definitions specified by the Canadian Oil and Gas Handbook that are standard and consistent with National Instrument 51-101.

Huddleston based its estimate of recoverable oil on information derived from the Bolivar - 1 completion and geological interpretations prepared on the basis of 2-D seismic data. In light of the limited subsurface information and limited seismic data, Huddleston reported that there is a substantial level of variation to the actual extent of the producing formation and would consider the water saturation utilized for the calculation of recoverable oil to be near the limit for a water free completion. Huddleston used a 15% recovery factor based on the assumption that the reservoir will be subject to a depletion drive mechanism. In addition, Huddleston confirmed that the log and seismic data identifies an underlying sandstone interval approximately 35 feet thick with a porosity of 12%. If this were shown to be oil producing on the basis of future testing, the overall net thickness of the reservoir would be materially increased.

All information necessary for the preparation of the estimate from the Huddleston Report were provided by Mises Capital Corporation. Huddleston reviewed the data and believes that they are consistent in the aggregate.

Mises also announces that is has delivered a guarantee to the National Hydrocarbon Agency of Colombia (the "ANH") in connection with the Phase 3 exploration period on the Buenavista Block as required under the Buenavista exploration and exploitation contract between the ANH and Union Temporal Omega Energy, the operator on the block (the "Buenavista Contract"). The purpose of the guarantee is to provide the ANH with assurance that the participants in the Buenavista Block will comply with the exploration and exploitation activities mandated under the Buenavista Contract. The 12 month Phase 3 exploration period commenced on August 9, 2006 and obligates the parties to drill an exploration well on the Buenavista Block within the 12 month period.

Forward-looking Information

Certain information regarding Mises in this news release including management's assessment of future plans and operations, wells to be drilled, timing of drilling of wells, reserve estimates, production estimates and planned capital expenditures may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas development, production, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, and inability to fund required capital expenditures. As a consequence, Mises' actual results, performance or achievements could differ materially from those expressed in, or be given that any events anticipated by the forward-looking statements will transpire or occur, or, if any implied by, these forward-looking statements and, accordingly no assurance can of them do so, what benefits Mises will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Mises' operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Mises' website (www.misescapital.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Mises does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.

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