CALGARY, ALBERTA--(Marketwire - May 27, 2011) - Mr. Magdy Bassaly, a director and officer of MENA Hydrocarbons Inc. (TSX VENTURE:SKN) ("MENA"), has acquired, effective May 26, 2011, a total of 55,900,000 common shares ("Shares") of MENA at an effective price of $0.2921 per share. These Shares were acquired as a result of the reverse takeover of MENA (formerly SKANA Capital Corp.) by MENA Hydrocarbons Inc. ("Old MENA"), as Mr. Bassaly shares in Old MENA were exchanged for shares in MENA pursuant to the reverse takeover. Mr. Bassaly also holds options to acquire 430,000 Shares.
As a result of the acquisition Mr. Bassaly now holds 55,900,000 common shares of MENA representing approximately 25% of the issued and outstanding common shares of MENA, as of the date hereof, on a non-diluted basis and options to purchase a further 430,000 Shares.
An Early Warning Report respecting this acquisition has been filed on the System for Electronic Document Analysis and Review ("SEDAR") and can be viewed at www.sedar.com.
Mr. Bassaly acquired the shares referred to above for investment purposes only. The investments will be reviewed on a continual basis, and Mr. Bassaly's holdings may be increased or decreased in the future, depending upon economic or market conditions or matters relating to MENA.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Magdy Bassaly
+ 20122101582
Mbassaly@hotmail.com