MENA Hydrocarbons Announces Sale of Non-Core Assets and Changes in Board of Directors and Executive Officers
April 04 2014 - 6:34PM
Marketwired
MENA Hydrocarbons Announces Sale of Non-Core Assets and Changes in
Board of Directors and Executive Officers
CALGARY, ALBERTA--(Marketwired - Apr 4, 2014) - MENA
Hydrocarbons Inc. ("MENA" or the "Company") (TSX-VENTURE:MNH) is
pleased to announce that it has completed the sale of its Montana
non-core oil and gas leases to an arm's length third party for
USD$625,000. The proceeds from the sale are being used to reduce
the Company's indebtedness and to fund ongoing operations.
In addition, the
Company is pleased to announce the appointment of Brian Hearst as
Chief Financial Officer and Director. Mr. Hearst is a Chartered
Accountant with over 30 years experience in the oil and gas
industry, including 15 years as Chief Financial Officer of junior
public companies with both international and domestic operations.
Most recently Mr. Hearst was CFO of Canacol Energy Ltd. with
operations in Colombia, Brazil, and Guyana, and together with the
Canacol management team grew company production from gross 1,000
barrels of oil per day before government royalty and production
share to gross approximately 40,000 barrels of oil per day. Prior
positions involved operations in Russia, India, and Alberta. Mr.
Hearst is a member of the Institute of Corporate Directors of
Canada. Mr. Hearst is also a director of Gold Royalties Corp., a
public Alberta company with investments in royalties in junior
Canadian mining companies.
Mr. Hearst has had
extensive experience managing and overseeing start up, financial,
internal control, continuous disclosure and operating activities.
These experiences include inter-listing on the TSX and Colombia
Stock Exchange and London AIM Exchange, capital and debt raising
activities, establishing international and local banking
relationships, tax planning, and setting up offshore
structures.
In addition to Mr.
Hearst's appointment, the Company also announces that Mr. Guirguis
Ropheal and Mr. David Parry have resigned their positions as
directors, and in Mr. Ropheal's case, as an officer, of MENA
effective today. Mr. Ropheal will, however, continue to work in our
MENA International Egypt operation.
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
kilometer 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
kilometer onshore block prospective for crude oil, natural gas and
condensate. MENA's shares currently trade on the TSX Venture
Exchange under the symbol "MNH".
Forward-looking
Information
This news release
contains forward-looking information relating to the Company's
expected use of the proceeds from the sale of its Montana non-core
assets . 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 availability of
financing on acceptable terms or at all and the timing such
financing is needed; 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; field production rates and decline rates; 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; 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 the Company's ability to successfully
maintain its stock exchange listing, the availability of capital on
acceptable terms or at all and the timing such capital is needed,
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 adequate or
accuracy of this release.
MENA Hydrocarbons Inc.Magdy BassalyPresident and Chief Executive
Officer+1(714) 713-6534 or Cell Cell 2 01 222
101582m.yousef@menahc.comwww.menahydrocarbons.comMENA Hydrocarbons
Inc.5 Hassan Hafez StreetSaraia Elqoba, Cairo Egypt