Jura Energy Corporation

Jura Energy Corporation

May 17, 2012 14:31 ET

Jura Energy Corporation: Pakistan Government Confirms No Objection to Change in Control With Respect to Planned Reorganization and Recapitalization

CALGARY, ALBERTA--(Marketwire - May 17, 2012) - Jura Energy Corporation (TSX:JEC) ("Jura") announced today that it had received written confirmation from the Directorate General of Petroleum Concessions in Pakistan that it had no objection to the change in management and control of Frontier Holdings Limited, Jura's operating subsidiary in Pakistan, subject to the completion of certain filings that are underway.

There are no further confirmations or approvals required from the Government of Pakistan to complete the transactions contemplated by the acquisition agreement dated November 23, 2011 between Jura and Eastern Petroleum Limited, as amended on February 28, 2012, March 31 2012, and April 30 2012 (the "Transactions").

Closing of the Transactions remains subject to satisfaction of all other conditions precedent to closing, including obtaining conditional listing approval of the Jura common shares (on a 10 for one consolidated basis) to be issued in connection with the Transactions on a Canadian stock exchange and which is in progress. Jura will issue a subsequent news release with respect to anticipated timing of the closing of the Transactions in due course.

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 subsidiary Frontier Holdings Limited.

Forward-looking statements: This document contains statements about expected or anticipated future events, including Canadian stock exchange approvals 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, 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 Jura's capability to execute and implement its future plans.

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