VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2012) -Mira Resources Corp. (TSX VENTURE:MRP) ("Mira" or the "Corporation") is pleased to announce that, in response to an unsolicited expression of interest in Mira, its Board of Directors has initiated a process to identify, examine and consider a range of strategic alternatives available to Mira, with a view to maximizing shareholder value. This process could result in a sale of the Corporation.
The Corporation has engaged FirstEnergy Capital Corp. ("FirstEnergy") as its exclusive financial advisor to assist in this strategic review process.
In addition, Mira's Board of Directors has established a special committee with a mandate, in consultation with FirstEnergy, 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 the Corporation and its shareholders.
Mira's President, Thomas Cavanagh, commented, "We are very excited to be working with FirstEnergy during this exciting time. Additionally, based on the success of the recompletion of TSB#1, we are looking forward to receiving our updated reserve report."
The Corporation cautions that there are no guarantees that the strategic alternatives process will result in a transaction or, if a transaction is undertaken, as to its terms or timing. The Corporation has not set a definitive schedule to complete its evaluation and, notwithstanding the above, no decision on any particular alternative has been reached at this time. Mira does not intend to make any further announcements regarding the process unless and until the Board has approved a specific transaction or other course of action or otherwise deems disclosure of developments is appropriate.
Further information regarding this opportunity will be available on the FirstEnergy website at www.firstenergy.com.
TOM SHOT BANK FIELD
Mira holds a 54% net profit interest (48% working interest) in the Tom Shot Bank ("TSB") Field in the shallow waters of the Gulf of Guinea off the eastern coast of Nigeria near the border with Cameroon. The field is located in the OML 14 block which has water depths of 5m to 15m and covers an area of approximately 23 km2. The block is covered by a large regional 3D seismic survey which was reprocessed using PSDM technology in 2008. Netherland Sewell & Associates Inc. ("NSAI") has prepared an independent assessment of the Corporation's resources associated with the TSB Field and identified up to 76 MMBOE of unrisked, total contingent and prospective resources (high case) recoverable.
In 2011, Mira commenced the re-entry of the TSB #1 well, which was initially drilled by Royal Dutch Shell in 1980 and tested multiple oil and gas bearing sands and was temporarily suspended. Upon completion of testing operations, the well flowed at rates of up to 512 bbl/d of light, sweet 41.6 degree crude oil; however the Corporation feels this rate is restricted due to reservoir damage near the wellbore that occurred during the drilling of the original well. Mira and its independent completion and testing experts have identified additional stimulation techniques that will be required to increase flow rates, which have been estimated at greater than 2,500 bbl/d based upon the commingling of the U4 gas reservoir and the U7 interval.
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: 152,885,558
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