Mira Resources Corp.

Mira Resources Corp.

September 22, 2011 07:30 ET

Mira to Commence Re-entry and Testing Operations of Tom Shot Bank 1

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2011) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") and its fully owned subsidiary Equinox TSB Development (Nigeria) Limited is pleased to announce that it anticipates to commence Re-entry and Testing Operations at Tom Shot Bank Field (the "Operations") in approximately 10 days, on or around October 3rd 2011.


All regulatory Permits and Approvals in compliance with Nigerian regulations are in place and all contractors associated with the Operations have been pre-paid for the entire planned Operation.

Mira anticipates that the Ben Avon Jack Up Rig (the "Rig") will be under tow and contractually "on-hire" to Mira on or about Sunday, September 26, 2011. The current program predicts four days to tow the rig from its current location to Tom Shot Bank 1 and an additional four days to safely position, pre-load and jack-up the Rig and commence re-entry Operations.

Mira's President, Thomas Cavanagh states, "Barring unforeseen circumstances, we will commence re-entry operations around October 3rd and have the critical wireline logging completed within 15 days thereafter. Once the new logs are acquired and interpreted, we will make a final decision on the zones and intervals to production test. The new logs will be instrumental in the decision to test the deepest interval in TSB-1, the U 9.5, which has not been assessed in Mira's Resource Assessment due to the existing logs being inconclusive. Recent petrophysical analyses by two separate independent specialists conclude that the U9.5 is hydrocarbon bearing. Irrespective of the decision on the U9.5, testing the upper zones, the U 9.0 to U 7.0 reservoirs which previously recovered light oils (38 to 42 degree API) on wireline tests by Shell in 1980 is firm in the operational plan." Cavanagh continues, "Recent detailed log analyses has suggested that the U4.0 reservoir may be a light oil and or retrograde condensate and like the U 9.5 has not been included in Mira's Resource Assessment. If either the U9.5 or U4.0 are successful then this could result in considerable increase in Mira's previous resource and/or reserve assessment."

The Operations are anticipated to be completed within 30 days of the Rig's arrival on location. If the U9.5 and U4.0 are tested as a result of the new wireline logs, the Operations may be extended to 47 days in a success case scenario.

New Business Development:

Mira Resources is pleased to have selected Landmark Geographics and Schlumberger's Petrel as their software platform for their geologic, geophysical and engineering analyses. "We have spent a considerable effort in building our data bases and relationships within Nigeria to assist in our evaluation of both existing opportunities and new awards." Cavanagh reiterates, "We will continue to focus only on our stated business model, opportunities which 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.


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.

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