MENA Hydrocarbons Announces Changes in Board of Directors
CALGARY, ALBERTA--(Marketwired - Feb 3, 2014) - MENA
Hydrocarbons Inc. ("MENA" or the "Company") (TSX-VENTURE:MNH)
announced today that Messrs, Abby Badwi, Jason Bednar, Robert Cross
and Merfyn Roberts have each resigned their respective positions as
members of MENA's board of directors (the "Board") and, where
applicable, as officers of the Company and its subsidiaries. MENA
thanks Messrs. Badwi, Bednar, Cross and Roberts for their services
and contributions to MENA.
MENA is pleased to
announce the appointment of Messrs, David Parry, Mark Ross and
Guirguis Ropheal as board members of MENA effective today to full
to fill the vacancies created by the foregoing resignations.
In addition to being
appointed a director, Mr. Ross has been appointed Chairman of the
Board and Mr. Ropheal has been appointed Chief Financial
Officer.
Mr. Parry, who is
Vancouver based, has been in the oil and gas business for the last
25 years, is presently self-employed and serves on the board of
directors of Abenteuer Resources Corp., a TSX-V listed oil and gas
company whose operations are focused on the Western Canadian
Sedimentary Basin, specifically south eastern Saskatchewan.
Mr. Ross, an
attorney based out of Orange County in California, practiced law
for over 20 years.
Mr. Guirguis Ropheal
has been in the finance industry for over 28 years and he is
licensed CPA. Mr. Ropheal is presently located in Cairo, Egypt and
serves and the Chief Financial Officer of MENA International
Petroleum and, prior to holding this position, was financial
manager for Alliance International Petroleum Company from 2003 to
2010. Mr. Ropheal is also member of the board of directors of
Petrosinai (Joint Venture company between MENA International
Petroleum co. and Egyptian General Petroleum Corporation).
"We are excited to
have Messrs. Parry, Ross and Guirguis join the board, which we
expect will focus its efforts on continuing to develop our Lagia
asset, targeting increased production and cash flow therefrom,
while also working to stabilize MENA's financial position," said
Mr. Magdy Bassaly, MENA's President and Chief Executive Officer.
"The Company remains focused on operations in the Middle East and
North Africa and MENA expects to provide further details regarding
is goals and targets for 2014 and 2015 in the near future."
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. 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 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 planned
development and exploration activities on the properties in which
the Company has interests and our financial position. 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 Company maintaining
its stock exchange listing; 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 2 01 222
101582m.yousef@menahc.comwww.menahydrocarbons.comMENA Hydrocarbons
Inc.5 Hassan Hafez StreetSaraia Elqoba, Cairo Egypt
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