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Mira Announces Field Development Decision

Source: www.gulfoilandgas.com 3/22/2013, Location: Africa

Mira Resources Corp announces that the Board of Directors has decided to develop the Tom Shot Bank Field (the "TSB Field") and take the field into oil production. Mira owns a 48% interest in the TSB Field. The Board of Directors has also decided that neither Mira nor its assets are for sale and that the process commenced with First Energy Capital to investigate strategic alternatives has been halted.

CEO and Director, Johnathan More, states: "We are very pleased to commence the immediate development of the TSB Field to production. Mira has a fantastic asset with over 22 MMBO in independently verified 2P Resources and additional resource upside potential. We are excited to continue working with our Nigerian partners, Associated Oil and Gas Services Limited and Dansaki Petroleum Limited, on a great opportunity to develop the Tom Shot Bank Field and to achieve initial production and cash flow in the near term."

Mira announces that to assist with the next steps of field development it is raising $5 million by way of a non-brokered private placement of 100,000,000 units at $0.05 per unit. Each unit will consist of one common share and one full warrant to purchase one additional common share at $0.10 per share for a period of two years. Mira management may participate in this financing. The private placement is not expected to result in a change of control of Mira and is subject to approval of the TSX Venture Exchange.

Mira also announces that the Board has accepted the resignation of Mr. Tom Cavanagh as President and Director. The Board would like to thank Mr. Cavanagh for his service and contributions to Mira and wish him well on his future endeavors. Mira has identified and is in the process of finalizing a world class management team with decades of Nigerian oil production experience. This team will assist in evolving the Tom Shot Bank Field into a producing asset.

For more information about related Opportunities and Key Players visit West Africa Projects

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