Mira Resources Corp.
TSX VENTURE : MRP

Mira Resources Corp.

July 20, 2011 09:15 ET

Mira Announces Appointment of Mr. Mohammed Asibelua as Chairman of the Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited are pleased to announce that Mr. Mohammed Asibelua, Chairman of the Equinox Group has agreed to accept the position as Chairman of Mira's Board of Directors.

Mr. Asibelua is a leading Nigerian businessman with over 20 years experience in the energy industry. He is involved with numerous projects in both the upstream and downstream sectors of the oil & gas industry throughout Africa with a focus on the Gulf of Guinea.

Mr. Asibelua is the Chairman of the Equinox Group (www.equinoxgroupltd.com), a leading private Nigerian conglomerate, Arcadia Petroleum Nigeria Limited as well as the Aspen Group, an oil and gas service company operating in the Gulf of Guinea. The Equinox Group is a multifaceted private conglomerate with subsidiaries which are active in oil trading, oil services, real estate and has partnered with significant international corporations such as Gazprom, Sinopec, British Gas and PetroVietnam in numerous upstream projects. Mr. Asibelua's past industry experience includes work with Arcadia Petroleum Limited UK where he secured crude oil contracts totaling 250,000 barrels per day (bpd) and petroleum products contracts of 480,000 metric tons (MT) per annum. Mr. Asibelua holds a majority equity interest in OML 14 Tom Shot Bank Field through Associated Oil & Gas Services. Mr. Asibelua holds a B.Sc. in Personnel Management and Industrial Relations.

Thomas Cavanagh, President of Mira, stated, "Mira is pleased to announce the strengthening of our strategic partnership with the Equinox Group and Mr. Mohammed Asibelua's acceptance of the position as Chairman of Mira's Board of Directors. This move further solidifies our maturation from a venture company to an active West African exploration and production company. Mr. Asibelua's agreement to join our board as Chairman illustrates his commitment to Mira and its subsidiaries to grow Mira into a leading independent exploration and production company within Nigeria as well as the other countries within West Africa. His sterling reputation, knowledge of the West African operating environment in both the upstream and downstream petroleum industry, political relationships and long standing active participation in all aspects of business in West Africa will add tremendous growth, leadership and experience to Mira."

Mr. Cavanagh continues, "Mr. Asibelua's Chairmanship with Mira will enable Mira to establish a local office in the Nigerian state capital of Abuja and with this presence, Mira hopes to become the technical, financial and political partner of choice for other current and future marginal field owners."

Mr. Asibelua stated, "Mira has demonstrated to the Government of Nigeria, the indigenous exploration and production industry in Nigeria and to me that they are a serious financial and technical partner who understands how to work and succeed within Nigeria. I welcome leading Mira as we develop Mira into a successful operating exploration and producing company within Nigeria and other West African countries. I fully support their business model of concentrating on opportunities that we may bring to production and cash flow within 18 months of signing the concession."

Thomas Cavanagh summarized, "Mr. Asibelua's appointment strengthens our board and reflects our emergence as an operating company. Mira will continue to seek additional highly qualified board members with West African experience to further strengthen the Board."

Mira will grant, pursuant to the terms of its stock option plan, 2,000,000 options to Mr. Asibelua at an exercise price of $0.38 per share for a period of five years.

Mira's current asset in Nigeria is the TSB Field is located within Oil Prospecting License 276 ("OPL 276") which is adjacent to the Abana Field in Oil Mining License 114 and due north of Addax Petroleum Corp. in Oil Mining License 123 ("OML 123"). Addax Petroleum Corp. is producing almost 50,000 BOPD from multiple fields within OML 123. TSB Field was discovered by Shell Petroleum in 1980 and encountered 425 Gross Feet of hydrocarbon pay, 57 net feet of gas and 83 net feet of oil proven pay with another possible 111 net feet of oil and 29 net feet of gas pay in reservoirs which Shell Petroleum interpreted as probable laminated reservoirs. This well will be re-entered and tested in late August immediately following the tetra well currently drilling in OML 109, Offshore Nigeria.

ON BEHALF OF THE BOARD

Thomas Cavanagh, President and Director

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Mira's expectations include risks related to the exploration stage of Mira's project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mira Resources Corp.
    Thomas Cavanagh
    President and Director
    Toll Free: 1-855-687-7742
    (604) 681-0796 (FAX)
    www.miraresourcescorp.com