Jura Energy Corporation
TSX : JEC

Jura Energy Corporation

October 09, 2012 08:00 ET

Jura Energy Corporation: Closing of Sara-Suri Acquisition

CALGARY, ALBERTA--(Marketwire - Oct. 9, 2012) - Jura Energy Corporation ("Jura") (TSX:JEC) announced the closing of its acquisition of a 38.2% interest in each of the Sara and Suri Development and Production Leases (the "Sara-Suri D&P Leases") from Tullow Pakistan (Developments) Limited ("Tullow"). Jura has also acquired operatorship of the Sara-Suri D&P Leases from Tullow.

The closing was completed following the Government of Pakistan's approval of the assignment of Tullow's interests along with operatorship to Jura.

Jura has also entered into sale and purchase agreements with Pakistan Oilfields Limited and The Attock Oil Company to acquire an additional 21.8% interest in the Sara-Suri D&P Leases. Formal approval of these assignments is awaited from the Government of Pakistan.

Total consideration for the acquisition of the 60% interest in the Sara-Suri D&P Leases is US$500,000.

Jura plans to restart production from the shut-in Suri gas field wells after carrying out low cost, rig-less operations. Jura is also carrying out studies to evaluate the drilling of a replacement well at Sara West-1 to recover bypassed gas from the Sara gas field.

There is also exploration potential in the Sara-Suri D&P Leases. Three drillable prospects have been identified based on existing 3D seismic data and are currently under review.

About Jura:

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 (Pvt) 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.

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