CALGARY, ALBERTA--(Marketwire - March 23, 2012) - MENA Hydrocarbons Inc. ("MENA" or the "Company") (TSX VENTURE:MNH) announced that it has granted 8.18 million options to acquire common shares of MENA to the employees, consultants, directors and officers of the Company and its international subsidiaries. The options were granted at an exercise price of $0.18 per share (representing an approximate 70% premium to the current market price) for a period of five years and vest in equal installments on the first, second and third anniversaries of the grant date. MENA also ratified the May 2011 grant of 1,425,000 restricted share units ("RSUs") to certain non-resident officers and employees of MENA and its affiliates pursuant to their existing employment agreements. The grant and vesting of the RSUs are subject to the approval of the shareholders of MENA at the next annual general meeting of the Company.
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 MENA's corporate presentation on www.menahydrocarbons.com.