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MNH

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Share Name Share Symbol Market Type
TSXV:MNH TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

MENA Hydrocarbons Announces Changes in Board of Directors

03/02/2014 12:16pm

Marketwired Canada


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
MENA Hydrocarbons Inc.
Magdy Bassaly
President and Chief Executive Officer
+1(714) 713-6534 or Cell 2 01 222 101582
m.yousef@menahc.com
www.menahydrocarbons.com


MENA Hydrocarbons Inc.
5 Hassan Hafez Street
Saraia Elqoba, Cairo Egypt

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