Jura Energy Corporation

Jura Energy Corporation

February 02, 2010 08:30 ET

Jura Announces Sale of Production Assets

CALGARY, ALBERTA--(Marketwire - Feb. 2, 2010) - Jura Energy Corporation (TSX:JEC) ("Jura" or the "Company") announced today that it has agreed to sell its 66.67% equity interest in Pyramid Energy International Inc. ("Pyramid"). The consideration for the sale is US$3.2 million, including working capital attributable to Jura's interest of approximately US$580,000. The proceeds of the sale will be used to finance drilling operations in Jura's exploration blocks in Pakistan. The transaction is expected to close later this month, with an effective date of January 1, 2010.

Pyramid's only asset is a 15.8% interest in Block 22, which is situated in the Central Gas Basin in Pakistan. The Block 22 assets comprise three gas fields, Hasan, Khanpur and Sadiq, together with the Hamza appraisal area. The fields are currently producing approximately 16 MMcf/d of gas into a processing facility located adjacent to the Hasan Field from where it is delivered and sold to the Sui Northern Gas Pipeline Ltd.

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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