CALGARY, ALBERTA -- (Marketwired) -- 07/31/13 -- MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE: MNH) is issuing this news release at the request of the TSX Venture Exchange Inc. (the "Exchange"). Section 4.1 of the Exchange's Policy 3.2 (Filing Requirements and Continuous Disclosure) required MENA to hold an annual meeting of its shareholders within 18 months of its certificate of amalgamation dated May 25, 2011, which stems from the reverse takeover transaction between the private issuer named MENA Hydrocarbons Inc. and SKANA Capital Corp., and subsequently thereafter in each year not more than 15 months after the last preceding annual meeting of shareholders (or such earlier date as required by applicable corporate or securities laws) (the "Exchange's Requirements").
The Company is offside the Exchange's Requirements. MENA last held a meeting of its shareholders on May 18, 2011, more than 26 months before the date of this news release. MENA has previously failed to hold a planned shareholder meeting on two occasions:
-- In a news release dated July 15, 2012, MENA announced that it would hold
a meeting of its shareholders on July 25, 2012.
-- In a news release dated July 2, 2013, MENA announced that it was unable
to call and hold its shareholder meeting by June 30, 2013.
In the news release dated July 2, 2013, MENA announced that the board of directors had called a meeting of shareholders for August 29, 2013. A management proxy circular, form of proxy and other meeting materials are printed and in the process of being delivered to shareholders.
Each of the directors and officers of MENA has completed an acknowledgement and undertaking whereby he (i) acknowledges that the Company has been in default of holding an annual general meeting ("AGM") within the time prescribed by the Exchange's polices on two occasions, and (ii) undertakes, inter alia, to have the Company comply with the Exchange's polices regarding the holding of AGMs in the 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 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".
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 adequacy or accuracy of this release.
Contacts:
MENA Hydrocarbons Inc.
Magdy Bassaly
President & Chief Executive Officer
+1.714.713.6534
MENA Hydrocarbons Inc.
Jason Bednar
Vice President, Finance, Chief Financial Officer
and Corporate Secretary
MENA Hydrocarbons Inc.
Bow Valley Square 4
3100, 250 - 6 Avenue SW
Calgary, AB T2P 3H7
general_inquiries@menahydrocarbons.com
www.menahydrocarbons.com
