CALGARY, ALBERTA--(Marketwired - Jul 21, 2014) - MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE:MNH) is pleased to announce the following corporate update.
Mena has entered into non-binding negotiations on a potential sale or merger with arm's length publicly listed International oil and gas company with respect to its assets in Egypt where Mena owns 100 percent of the Lagia field.
Consistent with its fiduciary duties and in consultation with its advisors, MENA is considering and evaluating the proposal. There can be no assurance that a formal offer or a transaction will result from this proposal.
Furthermore, the Company has determined that it will not proceed to obtain shareholder approval to consolidate its shares at this time and will not be proceeding as originally outlined in March 2014.
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".
This news release contains forward-looking information relating to the negotiations and the consolidation. 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 subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. 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.