CALGARY, ALBERTA--(Marketwire - Jan. 20, 2012) - MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE:MNH) announced that further to its news release of October 11, 2011, the Company has engaged Moyes & Co. to assist in the disposition of its US assets in Montana and Utah. An evaluation of these assets was prepared by the Colorado based independent qualified reserves evaluators Gustavson Associates effective September 1, 2011. Highlights of the evaluation include:
- Net present value (discounted 10% before tax - forecast prices) of US$38.1 million (US
.17 per MENA share) attributed to its NW Montana proven + probable (2P) reserves.
- Net present value (discounted 10% before tax - forecast prices) of US$16.7 million (US
.07 per MENA share) attributed to its NW Montana proven (1P) reserves.
- Net present value (discounted 10% before tax - forecast prices) of US$148.4 million (US
.66 per MENA share) attributed to its NW Montana proven + probable + possible (3P) reserves.
The evaluation was prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. For additional information relating to the reserves and resource estimates respecting our US properties, please see Gustavson's report and the material change report of the Company dated and filed October 11, 2011, both of which are available on www.sedar.com.