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.
MENA is also continuing to evaluate several corporate and property acquisition opportunities and will provide further updates as negotiations progress.
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 kilometre 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 kilometre 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, and 36,201 gross acres (with a 99.5% average working interest) in East-Central Utah prospective for both commercial gas sand and coal bed methane. MENA's shares currently trade on the TSX Venture Exchange under the symbol "MNH".
For more information, please see an updated version of MENA's corporate presentation onwww.menahydrocarbons.com.