Kulczyk Oil Venturessays that MENA Hydrocarbons (Syria) Ltd., a wholly-owned subsidiary of MENA Hydrocarbons Inc. ("MENA"), has agreed to participate with Kulczyk Oil in the exploration of Syria Block 9.

Under the terms of an agreement with Loon Latakia Limited ("Loon Latakia"), a wholly-owned subsidiary of Kulczyk Oil, MENA will: 1. acquire a 30% interest in Block 9 by repaying to Kulczyk Oil 30% of approximately $10.4 million in costs incurred to date; 2. fund 60% of the costs for the drilling of the first exploration well on Block 9; and 3. assume liability for 30% of the $6,758,241 bank guarantee currently backed solely by Kulczyk Oil.

Tim Elliott, Chief Executive Officer of Kulczyk Oil, commented that "we are very pleased that a management and technical team with extensive experience in the region has recognized the potential of Syria Block 9 and agreed to move forward in partnership with us."

Tags: Kulczyk Oil Ventures