Mira Resources Corp.
TSX VENTURE : MRP

Mira Resources Corp.

April 05, 2011 13:50 ET

Nigerian Government Confirms and Extends Mira's Exploration Term

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2011) - Mira Resources Corp. (TSX VENTURE:MRP) ("Mira") is pleased to announce that its partners, Dansaki Petroleum Limited ("DPL") and Associated Oil and Gas Limited ("AOGSL") have informed our wholly owned Nigerian subsidiary, Equinox TSB Development (Nigeria) Limited ("Equinox TSB") that the Department of Petroleum Resources ("DPR") have confirmed in writing that the primary exploration term for the Tom Shot Bank Field has been extended to March 11, 2015.

Mira's President, Thomas Cavanagh states, "I am once again very pleased to announce that Mira's first Nigerian asset, the Tom Shot Bank Field has received written confirmation for a four year extension of the primary exploration term to March 11, 2015 to ensure sufficient time for our partnership to determine the most economically sound production scenario before entering into its production term which we anticipate in Q4 of this year. Dansaki Petroleum Limited and Associated Oil and Gas Services and our 100 % owned subsidiary Equinox TSB Development (Nigeria) Limited will be re-entering the first well in July 2011, to re-evaluate, then production test the lower discovered oil and gas reservoirs. Our Joint Operating Team (JOT) comprising of members from AOGSL, DPL and Equinox TSB are fully committed to achieve or exceed this goal. The JOT additionally has the option of drilling a second well in 2011 which if successful has the potential to double the initial forecasted production profiles. Furthermore, we are pleased to continue to deliver on every commitment we have made with the Government of Nigeria, the DPR, our Partners, and to our 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.

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