Noravena Capital Corporation Completes Qualifying Transaction

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2012) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.

Noravena Capital Corporation ("Noravena" or the "Corporation") (TSX VENTURE:NRV.P), a capital pool company, is pleased to announce that, subject to completion of filings with the TSX Venture Exchange (the "Exchange"), it has closed its qualifying transaction (the "Qualifying Transaction") with 3MV Energy Inc. ("3MV") which was previously announced on August 29, 2011.

The Qualifying Transaction involved the merger of Noravena and 3MV by way of 3-corner amalgamation between 3MV and a wholly-owned subsidiary of Noravena, Noravena Acquisition Corporation ("Noravena Sub"), pursuant to the definitive amalgamation agreement among Noravena, Noravena Sub and 3MV. All of the issued and outstanding shares of 3MV were acquired on the basis of 20.27 pre-consolidation common shares of Noravena for each one (1) common share of 3MV. Noravena has changed its name to "3MV Energy Corp." (the "Name Change") and consolidated its common shares on the basis of one (1) post-consolidation common share for each ten (10) pre-consolidation common shares (the "Consolidation"). The Name Change and Consolidation were approved by Noravena's shareholders on October 12, 2011. The Corporation now has 13,988,860 post-Consolidation common shares outstanding after completion of the Qualifying Transaction.

The Corporation intends to complete final post-closing filings with the Exchange this week and expects the post-Consolidation common shares of the Corporation to begin trading under the name 3MV Energy Corp. under the symbol "TMV" sometime next week, subject to the Exchange being satisfied with all required filings.

The new management of the Corporation consists of Douglas D. McKinnon as President and CEO, William (Billy) Abbey as Vice-President, Finance and Chief Financial Officer, and Stacey Baba as Chief Operating Officer and Corporate Secretary.

The Board of Directors of the Corporation consists of Douglas D. McKinnon, Ronald Baba, Dallas Duce, Donald O. Fairholm, Roderick W. Wilmer and Alex Francoeur. Background biographies regarding the directors and officers (other than Alex Francoeur) are contained in the filing statement of the Corporation dated January 26, 2012 which is filed on SEDAR at www.sedar.com under the Corporation's profile (the "Filing Statement").

Mr. Francoeur was appointed a director of the Corporation at closing of the Qualifying Transaction. He has been a professional geologist in Alberta since November 2003 and has been the President of his private consulting company, Serpa Petroleum Consulting Ltd., since 1996, and prior to that of Serpa Petroleum Consulting since September 1980. He received a Bachelor of Science degree (Geology) in 1979, from Concordia University in Montreal, Quebec, and has been working in the Western Canadian Sedimentary Basin since September 1980.

The Corporation also announces that at the request of the Exchange, in order to supplement the disclosure contained the Filing Statement, the Corporation will file on SEDAR later this week a land map or maps indicating the location of the key properties of the Corporation and certain other information (the "3MV Map"). The 3MV Map can be viewed under the Corporation's profile on SEDAR at www.sedar.com.

About 3MV

3MV is a junior E&P company focused on low-risk light oil resource plays in the Kindersley area of West Central Saskatchewan. 3MV targets drilling of the Lower Cretaceous Albian age Viking sandstone. The Viking formation has an aerial extent encompassing much of Saskatchewan and Alberta. Production from vertical wells in the Viking first occurred in the late 1950's. The 3MV management team is the same group that advanced the Viking as a resource play by drilling the first horizontal multi-stage technology in the Kindersley area.

Forward Looking Statements

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Neither Noravena nor 3MV assumes any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in Noravena's filings with the Canadian securities regulators, which filings are available at www.sedar.com.