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MRP

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Share Name Share Symbol Market Type
TSXV:MRP TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Mira Engages FirstEnergy Capital Corp. as Exclusive Financial Advisor

22/02/2012 1:15pm

Marketwired Canada


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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