CALGARY, ALBERTA--(Marketwire - July 16, 2012) - Jura Energy Corporation ("Jura") (TSX:JEC) announced the following appointments in connection with the recent reorganization and recapitalization of the Company.
Shahid Hameed has been appointed President and Chief Operating Officer. Mr. Hameed is a trained geologist with 30 years of experience in exploration, development and related projects in Pakistan. Since 2009, he has been a director and Chief Executive Officer of Spud Energy Pty Limited ("Spud"), which was recently acquired by Jura constituting a reverse take-over of Jura by Spud. Mr. Hameed has also worked with Dewan Petroleum Private Ltd., Rally Energy Pakistan Ltd., Schlumberger Data Services in Pakistan, and Oil and Gas Development Company Limited, Pakistan's national oil company. Mr. Hameed manages a team of 20 technical and financial staff in Islamabad, Pakistan.
Jura also announced that Nadeem Farooq has replaced Paul Rose as the Chief Financial Officer of Jura. Mr. Farooq is a chartered accountant (Pakistan) and has served as the Chief Financial Officer of Spud since February 2008. Prior to joining Spud, Mr. Farooq was with A.F. Ferguson & Co. (a PricewaterhouseCoopers member firm) where he managed accounting, tax planning and audits for various domestic and international oil and gas concerns.
Stephen Smith has replaced Nigel McCue as Chair of the Board of Directors. Mr. Smith is a Chartered Accountant (UK) and began his career with Ernst & Young in 1991. He subsequently joined European Capital, a London-based project and corporate finance company, where he advised on over US$2 billion of debt and equity financings. Mr. Smith is a director of Jahangir Siddiqui & Co. Ltd, a leading publicly-listed financial services and investment group in Pakistan. He is also chairman of an Asian credit bureau business.
Graham Garner will remain Chief Executive Officer of Jura and Nigel McCue will remain a director.
"These new appointments bring a wealth of operational, financial and capital markets experience to Jura, and establish a strong technical presence for the Company on the ground in Pakistan" said Graham Garner, CEO. "We would like to extend our thanks to Mssrs. McCue and Rose, who have served the Company well in their respective capacities as Board Chair and CFO. We also express our thanks and appreciation to outgoing directors Peter Whitbread and Norm Holton for their contributions to the Company since joining the Board in 2007."
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries Frontier Holdings Limited and Spud Energy Pty Limited.
Forward-looking statements: This document contains statements about expected or anticipated future events, including the satisfaction of the listing conditions of the TSX Approval, the satisfaction of the closing conditions under the Acquisition Agreement and the closing of the Transactions, which 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 and the occurrence of unexpected events.