CALGARY, ALBERTA -- (Marketwired) -- 07/03/13 -- MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE: MNH) today announced the resignation of Mr. Kelsey Clark as Corporate Secretary of MENA effective June 29, 2013, and the appointment of Mr. Jason Bednar as Corporate Secretary of the Company. MENA thanks Mr. Clark for his service and contribution to the Company.
The Company was unable to call and hold its shareholder meeting by June 30, 2013. The board of directors of the Company has now called its annual and special meeting of shareholders to be held on Thursday, August 29, 2013. The record date for notice and voting at the meeting is July 26, 2013. Further details concerning the shareholder meeting will be announced in due course.
The board of directors is continuing with its process to identify, examine and consider strategic alternatives with the view to enhancing shareholder value. Strategic alternatives may include, but are not limited to, sale of the corporation, merger or other business combination, recapitalization, sale of all or a portion of the Company's assets, or any combination thereof. At this time, the board of directors has decided not to establish a special committee or retain a financial advisor to assist it with this process but may revisit making such appointments in the future depending on the circumstances at the time. It is the Company's current intention not to disclose developments with respect to the strategic review process until the board of directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction. The Company has not yet set a definite schedule to complete its evaluation or process.
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. 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 the appointment of a special committee and retaining a financial advisor to assist the board of directors with its strategic review process, holding of the shareholder meeting and other statements that are not historical facts. 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.
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