MENA Hydrocarbons Inc.
TSX VENTURE : MNH

MENA Hydrocarbons Inc.

February 02, 2012 06:00 ET

MENA Hydrocarbons Announces Appointment of Omar Nasser and Acquisition of a Middle East and North Africa Focussed Private Company

CALGARY, ALBERTA--(Marketwire - Feb. 2, 2012) - MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE:MNH) is pleased to announce that it has entered into an agreement for the appointment of Omar Nasser as Director of Corporate Development of MENA based in Cairo, Egypt and acquisition of a private company focussed on the acquisition of oil & gas exploration and production opportunities in the Middle East and North Africa region.

Appointment of Omar Nasser

Mr. Omar Nasser is a respected and seasoned executive with 15 years of experience in the Middle East and North Africa region focusing on corporate and strategic planning and major project development and management in the energy and infrastructure sectors. During that time, Mr. Nasser advised Burren Energy plc, GFI Oil & Gas and others on the acquisition of exploration and production opportunities in Egypt, Libya, Yemen, Oman, Tunisia and Sudan. In addition, he served as Business Development Director for Egyptian Hydrocarbons Inc. in connection with the development of a US$600 million petrochemical facility and US$500 million fertilizer plant in Suez, Egypt. Mr. Nasser completed his MBA at the University of Chicago Booth School of Business and his undergraduate degree at York University, Toronto.

Graham Lyon, President and C.E.O of MENA, commented that "Mr. Omar Nasser brings a wealth of regional knowledge, opportunities and expertise to the MENA team further strengthening MENA's focus on capturing profitable growth projects."

About the acquisition

In addition to the appointment of Mr. Nasser, MENA intends to acquire a private company with access to several exploration and production opportunities in the Middle East and North Africa region. MENA would issue 5.0 million common shares of MENA and 2.5 million warrants to complete the acquisition. Each warrant would be convertible into one common share of MENA at an exercise price of $0.38 per share on or before June 10, 2013. Mr. Nasser's appointment will be effective upon completion of the transaction which is subject to the approval of the TSX Venture Exchange.

About MENA Hydrocarbons

MENA Hydrocarbons is an international oil and gas company focused on growing an asset base of production, development and high impact exploration in the Middle East and North Africa region. In Egypt, MENA owns and operates the development lease for the Lagia oil field, a 32 square kilometre onshore block located on the Sinai Peninsula, directly adjacent to the Gulf of Suez. In Syria, MENA owns a 30% participating interest in Block 9 in Syria, a 10,032 square kilometre onshore block prospective for crude oil, natural gas and condensate. In the United States, MENA owns 6,242 gross acres (with an 81.2% average working interest) in Northwestern Montana with light/medium oil reserves, and 36,201 gross acres (with a 99.5% average working interest) in East-Central Utah prospective for both commercial gas sand and coal bed methane. MENA's shares currently trade on the TSX Venture Exchange under the symbol "MNH".

Further information

For more information, please see MENA's corporate presentation on www.menahydrocarbons.com.

Forward looking information

This news release contains forward-looking information relating to the appointment of Mr. Omar Nasser and the completion of the acquisition of the private company, and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking information.

Forward-looking information is based on certain factors and assumptions regarding, among other things, the impact of increasing competition; the general stability of the economic and political environments in which the Company operates or owns interests; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with instability of the economic and political environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, the inability to settle the definitive terms of the farmout arrangements, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

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

  • MENA Hydrocarbons Inc.
    Graham Lyon
    President & Chief Executive Officer
    +1 (403) 930-7500
    +1 (403) 930-7599 (FAX)

    MENA Hydrocarbons Inc.
    Jason Bednar
    Vice President & Chief Financial Officer
    +1 (403) 930-7500
    +1 (403) 930-7599 (FAX)

    MENA Hydrocarbons Inc.
    1000, 205 - 5th Avenue S.W.
    Calgary, AB
    T2P 2V7
    general_inquiries@menahydrocarbons.com
    www.menahydrocarbons.com