Mira Resources Corp.
TSX VENTURE : MRP

Mira Resources Corp.

July 04, 2011 09:15 ET

Mira Signs Third Service Agreement With Schlumberger and Gives Operational Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 4, 2011) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its wholly owned subsidiary Equinox TSB Development (Nigeria) Limited is pleased to announce the following Operational and New Business Development Update.

Operations:

The Ben Avon Rig is in Nigeria and on location for its first well of this year's drilling campaign. This further refines the timing of the re-entry of the Tom Shot Bank 1 well, now estimated to be within the next 35 to 48 days, dependent on the results of the first well. Additionally, Schlumberger Nigeria Ltd. has been awarded the Tom Shot Bank 1 Well Testing Contract and Mira now has in place its Operational Staff in preparation for the re-entry and testing program.

New Business Development:

New Opportunities are being evaluated on existing concessions as well as continued preparation for possible new awards.

Thomas Cavanagh, President of Mira Resources states, "We are very happy to have selected Schlumberger, the world's recognized technical leader in subsurface evaluation and modeling, to complete our Production Testing." In a press release dated May 17th, Mira announced the first contract with Schlumberger to build the 3D Reservoir Models and to acquire modern high resolution wire line logs to further advance Mira's understanding of the reservoir quantity, quality and hydrocarbon presence in the Tom Shot Bank 1 Well. This initial work was the prerequisite for the design of the comprehensive and optimal test program necessary to determine the appropriate well test intervals, duration required to characterize the reservoirs, hydrocarbon deliverability to potentially convert these resources to reserves. Cavanagh continues, "By utilizing Schlumberger to build 3D Reservoir Models, and then acquire modern cased hole wire line logs, will allow us to quickly integrate the new higher resolution data into the 3D Reservoir Models and further refine our understanding of the Production Test Results." Cavanagh continues, "To ensure the rigorous and technically sound Operation, we have recently contracted Expro Nigeria to second a Senior Well Test Engineer to our staff to work with our primary contractor, Axxis Petroconsultants and the KCA Deutag's Ben Avon Jack up Rig to ensure all is in place for the upcoming well test and that it will be conducted in the most technical rigorous and safe manner. 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 in the safest manner possible."

Relative to New Opportunities Cavanagh states, "With the Purchase of a complete Petrel Interpretation Software License our ability to quickly evaluate the new opportunities that are being offered to us as well as prepare a rapid reaction to any new awards and or license rounds has been significantly enhanced. Although several of the opportunities we evaluated have not met our technical and or commercial criteria, our focussed and aggressive Lagos based operations continues to bring in new potential acquisitions that vary from current producing blocks, existing marginal fields as well as Oil Prospecting Licenses where the existing owners are seeking a new Operator. We will continue to focus only on our stated business model which only selects opportunities that are able to generate cash flow within a 12 to 18 month time frame. We firmly believe we will be announcing further developments in the very near future."

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