Jura Energy Corporation
TSX : JEC

Jura Energy Corporation

May 19, 2010 16:31 ET

Jura Announces 2010 Work Program and Corporate Update

CALGARY, ALBERTA--(Marketwire - May 19, 2010) - Jura Energy Corporation (TSX:JEC)

Work Program

Jura Energy Corporation ("Jura") is pleased to announce plans for the resumption of drilling operations on its exploration blocks in Pakistan.

The 2010 work program is expected to include the drilling of 2 wells, Wahid-1 (TD 2300m) in Badin IV North, and Gharahi-1 (TD 2625m) in Badin IV South. The joint venture is in the process of evaluating tenders for the provision of a drilling rig to execute the work program. Current plans are to drill Wahid-1 first; the rig will then be immediately mobilized to drill Gharahi-1. The Wahid prospect is located within the main hydrocarbon fairway of Badin and is only 6 kilometers away from the producing Khaskeli oil field. Over 14 additional prospects have been identified within the Badin IV North and Badin IV South blocks. The Company and its partners are in the process of further evaluating and ranking these prospects with a view to planning the 2011 drilling program.

The acquisition of 45 kilometers of 2D seismic data over an existing mapped lead in the Salam block was completed earlier this month. The lead lies approximately 10 kilometers northeast of the producing Badar gas field. The data will be processed over the next six weeks. This data will complement the 88 kilometers acquired in 2007 with a view to drilling an exploration well in Salam late this year or early in 2011.

The Kandra 4-Deep, Rafay-1, and Jamali Deep-1 wells which were drilled in 2008-2009 remain suspended pending further analysis of the results and recommendations regarding further testing and/or remedial work from third party contractors. The joint venture partners have conducted a pilot seismic inversion study over parts of the Mirpur Mathelo block with a view to better predicting reservoir quality for future exploration wells. The results of the inversion pilot are being reviewed and, if encouraging, a more comprehensive study will be completed later this year.

Assignment of Interests

The Company has agreed to assign 10% of its 37.5% interest in each of the Badin IV North and Badin IV South blocks to Pyramid Energy International Inc. The assignments are subject to the approval of the Government of Pakistan, which has not yet been received.

Once the assignments are approved, Jura will have sufficient working capital to fund the budgeted cost of the 2010 work programs in all of its blocks. The Company is also exploring several alternatives for longer-term financing.

About Jura:

Jura Energy Corporation is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties with activities conducted exclusively in Pakistan. Jura is based in Calgary, Alberta, and listed on the Toronto Stock Exchange trading under the symbol JEC. Jura Energy Corporation conducts its business in Pakistan through its subsidiary, Frontier Holdings Limited.

Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Corporation's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

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