Mira Resources Corp.
TSX VENTURE : MRP

Mira Resources Corp.

July 10, 2012 16:50 ET

Mira Clarifies Terminology Relating to Independent Resource Assessment for the Discovered Total Petroleum Initially-In-Place for Tom Shot Bank Field

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2012) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its wholly-owned subsidiary Equinox TSB Development (Nigeria) Limited are very pleased to announce the RPS Energy Independent Resource Assessment for the Discovered Total Petroleum Initially-In-Place in the tested reservoirs of Tom Shot Bank Field. "Discovered Petroleum Initially-In-Place" is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. There is a 462% growth in the Independent Certified Discovered Total Petroleum Initially-In-Place P 50 estimate from the previous 2010 NSAI Certified Discovered Total Petroleum Initially-In-Place completed prior to the reentry of TSB 1.

The U 7 Certified Discovered Total Petroleum Initially-In-Place in the U 7 Best Estimate P 50 or 2C increased from 6.57 Million Barrels of Total Petroleum Initially-In-Place (NSAI) to 65 Million Barrels of Total Petroleum Initially-In-Place. The U 9 Reservoir which was not tested in the 2011 Reentry was assessed by NSAI in 2010 at 14.89 Million Barrels of Total Petroleum Initially-In-Place has been assessed at 18.9 Million Barrels of Total Petroleum Initially-In-Place with another 26.5 million Barrels of Prospective Total Petroleum Initially-In-Place by the RPS Group with a 76% geologic chance of success. The conversion of the Discovered Total Petroleum Initially-In-Place to Independently Certified Recoverable Resources is currently being worked by Schlumberger Nigeria Nodal Analyses Group and will be announced when they have completed the revised Economic Model for the proposed Early Production Facility and the proposed fixed platform in the updated NI 51-101.

The consolidated Discovered Total Petroleum Initially-In-Place for Tom Shot Bank Field from RPS is as follows:

P 90 59.6 MMstb
P 50 100.0 MMstb
P 10 168.0 MMstb

Prospective Oil in the U 9 Reservoir with a GPOS (Geologic Probability of Success) of 76%

P 90 8.62 MMstb
P 50 26.5 MMstb
P 10 58.3 MMstb

Johnathan More, CEO of Mira, states, "We are pleased with the significant growth in the Total Petroleum Initially-In-Place assessment in the one reservoir we tested in 2011 and anticipate further positive increases in the other reservoirs when we drill TSB 3. If we had tested the laminated nature of the reservoirs in the U 9 it is our interpretation we would have seen a similar increase in the Discovered Total Petroleum Initially-In-Place in the U 9 as RPS has documented in the U 7. The U 8, U 5 and the attic oil in the U 3 will be fully evaluated with TSB 3 as well as the anticipated conversion of the existing Discovered Total Petroleum Initially-In-Place to resources, reserves and the determination of the extent of the laminated reservoirs. We firmly believe we will see significant increases in Discovered Total Petroleum Initially-In-Place and the conversion to resources and reserves when TSB 3 is drilled. Furthermore, all permitting necessary to drill TSB 3 is underway and we anticipate having all necessary permits completed by the end of the 3rd quarter of 2012."

Our recently appointed exclusive financial advisor, First Energy Capital, will be opening their data room this month for the possible sale of Mira. Mira's Board of Directors, in response to several expressions of interest, has established a special committee with a mandate, in consultation with First Energy, to solicit, review and consider strategic alternatives and to make recommendations to the Board as to whether any proposed transactions are in the best interests of Mira and its shareholders.

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.

There is no certainty that it will be commercially viable to produce any portion of the resources in the Tom Shot Bank Field.

ON BEHALF OF THE BOARD

Johnathan More, C.E.O. 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.

Issued and Outstanding: 156,965,926

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.

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