Correct Preflop Fold?

[Nemmy]

I was just wondering if I should have played this hand for a 2BB bet before the flop. I was in a loose Omaha 8/b game at the time, but everyone was afraid of raising, so I put Chibob on a decent hand, possibly a mid-pocket pair and/or a suited ace and low card. (The latter turned out to be correct.)

http://www.pokerhand.org/index.php?p...mp;hand=161326

PokerStars Pot-Limit Omaha/8, $ BB (8 handed) FTR converter on zerodivide.cx

saw flop|<font color="#C00000">saw showdown</font>

<font color="#C00000">UTG ($1223)</font>
UTG+1 ($1780)
Hero ($8065)
<font color="#C00000">MP2 ($3485)</font>
<font color="#C00000">CO ($2580)</font>
<font color="#C00000">Button ($1958)</font>
SB ($4830)
BB ($2940)

Preflop: Hero is MP1 with 5[img]/images/graemlins/spade.gif[/img], 2[img]/images/graemlins/heart.gif[/img], 2[img]/images/graemlins/club.gif[/img], J[img]/images/graemlins/heart.gif[/img].
UTG+1: calls $20, <font color="#666666">1 fold</font>, MP2: calls $20, CO: calls $20, Button: calls $20, SB: calls $15, BB: calls $10, SB checks, BB checks, <font color="#CC3333">UTG: bets $50</font>, UTG+1 folds, MP2: calls $50, CO: calls $50, Button: calls $50, SB folds, BB folds.

Flop: ($285) 2[img]/images/graemlins/spade.gif[/img], Q[img]/images/graemlins/heart.gif[/img], J[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(4 players)</font>

Turn: ($285) 2[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(4 players)</font>
UTG checks, MP2 checks, CO checks, Button checks.

River: ($285) 3[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(4 players)</font>

Final Pot: $285
<font color="#009B00">Main Pot: $285, between UTG, MP2, CO and Button.</font>