Mira Resources Corp.
TSX VENTURE : MRP

Mira Resources Corp.

May 17, 2011 09:15 ET

Mira Signs Service Agreement With Schlumberger

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited announce that a Master Service Agreement has been signed with Schlumberger Nigeria Limited which includes a contract to build the 3D Reservoir Static and Dynamic Models for the U 7, U 8 and U 9 reservoirs.

Thomas Cavanagh, President of Mira Resources stated today, "We selected Schlumberger, the recognized technical leader in subsurface evaluation and modeling, to build the 3D Reservoir Models and to acquire modern high resolution wire line logs to further advance our understanding of the reservoir quantity, quality and hydrocarbon presence in the Tom Shot Bank 1 well. The work Schlumberger is finalizing is the prerequisite for the design of a comprehensive and optimal test program to determine the appropriate well test intervals and duration required to characterize the reservoirs, hydrocarbon deliverability and the conversion of the resources to reserves. This is the final procedure necessary to tender the Production Test Interval and Design to ensure we fully evaluate and capture all the data necessary to convert the resources into reserves. We are in discussions on the test procedures and design with the four leading Test Evaluation Firms and anticipate awarding the final contract for evaluation and testing in early June, 2011. Utilizing Schlumberger to build the 3D Reservoir Models and wire line to evaluate the re-entry will enable us to quickly integrate the new higher resolution data into the 3D Reservoir Models to further refine and understand the production test results. We continue with our partners, Associated Oil and Gas Services and Dansaki Petroleum Limited, to strive to utilize the best technology available to ensure we identify and properly evaluate the hydrocarbon reservoirs in Tom Shot Bank Field."

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.

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.

Issued and Outstanding: 125,366,467

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
    (604) 687-7742/Toll free: 1-855-687-7742
    (604) 681-0796 (FAX)
    www.miraresourcescorp.com