Mira Properties Ltd. (CDNX - MPI) is an aggressive, newly formed junior resource company currently participating in one of the hottest oil and gas plays in the State of Texas. Mira has purchased a 1% interest and has an option to acquire an additional 2% interest in a syndicate with assets consisting of 200 leases (611 drillable acres) in the Brookshire Field, Waller County, Texas. The syndicate has completed eight wells to date, four of which are producing gas and the remaining four producing oil. An additional three wells are awaiting completion and tie-in and two new wells are currently being drilled. It is estimated that the syndicate will drill approximately 200 wells on the Brookshire Field.
BROOKSHIRE FIELD
The entire Brookshire Field is a salt dome covering almost 6,000 acres (Mira’s syndicate has leases covering 611 acres or roughly 10% of the entire field) and lies within one of the most prolific oil and gas producing provinces in the world. In the 1940’s, the area was identified as a potential oil resource target and subsequently developed, however the shallow sands appeared to contain significant water and were deceptively wet in the logs. As a result, companies seeking deeper targets didn’t log the shallow sections and the area was abandoned.
In 1996, a Midland, Texas based equipment dealer initiated the shallow play. They earnestly began their program in 1999 and the area has since become a hotbed of activity for oil and gas production, yielding in excess of one million barrels of oil last year alone.
The wells are inexpensive (starting at around US$125,000) and take about ten days to drill and complete. The syndicate has three rigs currently under contract and is negotiating to tie up a fourth.
There have been as many as eight productive zones identified to date on the salt dome, with the syndicated group currently producing from three oil zones and one gas. A productive gas zone exists at approximately 1,200 ft in most of the wells. Some of these can produce as much as a million cubic feet per day. The salt dome’s subsalt potential has not yet been adequately tested and presents an excellent opportunity for future exploration.
CORPORATE OBJECTIVES
Mira will soon become a cash flow positive exploration and production company, operating with a nominal burn rate. Its interests are carried, unencumbered by operational or
management participation, allowing the company to develop purely as a function of bottom line growth.
Mira’s objective is to leverage this growth into further opportunities by purchasing interests in producing fields and high impact exploration plays.
The Company’s management team is headed up by Mr. Craig Walker, President, CEO & Director. Further to his education in financial management, Mr. Walker has 18 years experience in corporate finance and public markets, acting as an investment advisor from 1980 to 1998. Since 1998, he has been a partner and managing director of two private Internet solution providers.
STOCK & FINANCIAL INFORMATION
(As at June 5, 2001)
Stock Symbol: MPI
Exchange: CDNX
Cusip #: 20756D
Authorized shares: 50,000,000
Issued shares: 3,942,754
Fully diluted: 12,662,470
Funds fully diluted: CDN$2,181,800
52 Week Hi/Low: 0.60/0.11
ANALYST FAMILIAR WITH COMPANY
Mr. Ron Struthers:Struthers’ Stock Report 519-374-9332
(report can be viewed @ www.victorycc.com )
INVESTOR RELATIONS
Victory Corporate Consulting Inc.
Tel: 604-684-4743 Fax: 604-684-4200
Toll Free: 1-866-684-4743
Web Site: www.victorycc.com
E-mail: info@victorycc.com |
