Mira Resources Corp V.MRP

Mart Resources Comparison

[WarrenMuppet]

I was reading the Haywood report on Mira and found the comparison with Mart Resources most interesting. Here are a few small facts about Mart Resources, part owner of the Umusadege oil field in Nigeria (first discoverd in 1974)..
Mart was one of the first foreign companies to establish partnershipswith local Nigerian oil companies under the indigenous and marginalfield programs. 
The company’s gross proved plus probable reserves were 12.9 million as at December 31, 2010.Production for the entire Umusadege field (three partners) by May 2011 averaged 10,525 bopd.
What I also find interesting is that Mira's COO & Director, David Urquhart, is the former COO of Mart Resources.  Also, Moses Ojo, Mira's Manager of Well Operations, spent 4 years as Well Site Geologic Operations Supervisor with Mart
Resources (and Addax Petroleum).
The figures from the Tom Shot Bank field look just a prosperous as those from Umusadege. This gives me great confidence in my holdings with Mira. I simply cannot find a better play out there..
Mart Resources: Market Cap $198m. Mira Resources: Market Cap $36m
Mira's CEO Johnathan More has been doing a lot ofbuying over the last couple of months. He now holds 7.3 million shares,representing 6.9% of the company. This also gives me a lot of belief.

[Public_Heel]

While you're comparing, consider that Mart has unbelievable cashflow, even when choked back to 50% because of its pipeline dispute with AGIP. Mira is broke. It would seem to have wonderful prospects, but God only knows what it will have to do to get the money to exploit those prospects....

[WarrenMuppet]

Yes indeed, but Mart were also "broke". once  Mart commenced first oil production in April 2008, yet managed to survive the greatest recession ever when oil prices tanked. Nearly all oil juniors are broke when they find oil.This is from the Jennings report:With success on TSB-1 and a reasonably definitive timeline to firstproduction, we anticipate the share price will respond, and

[Public_Heel]

To trigger the warrants conversion, the price must go above .55 and stay there for a month. hardly likely, at least not before they need the money for TSB-3. Even more likely that they'll be able to finance at .66. Right now, they'd do well to get half that, so you can image the dilution would be required to finance a $25m project. Then that loan for $15m? For one thing, it isn't even

[Public_Heel]

even LESS likely... sorry

[WarrenMuppet]

Public heel,The price hit .39 only last week, and was .45 only last July pre the recent uptate figures. And you're saying it wouldn't hit .55 on commercial flow rates? Have you read the recent updates and extra pay? Mira's has a market cap today of only $38m. @ .55 we would still be capped at only $75m.. The NAV alone would be above this, even without further drilling. I'm not

[waterboy100]

Public heel has shown his colors of hopefully bashing here and bringing the price down so he hopes his stock ( MMT) can somehow get a deal of getting in on the action with MRP.Go back to MMT Public !!

[juansabrosa]

Public_Heel, you wrote: "...the best partner I can think of happens to be Mart, which is already in the neighborhood and has more cash than it can use." - Are you referring to the very insignificant $1.66 million in cash on Mart's balance sheet? - And that's without including $13 million in debt.*****

[WarrenMuppet]

Public_Heel,You know it'll probably be Mira putting in a bid for Mart soon at the rate they're going. LOL. ;)