Jura Energy Corporation
TSX : JEC

Jura Energy Corporation

July 10, 2015 06:37 ET

Jura Energy Corporation: Update on Zarghun South and Guddu Blocks

CALGARY, ALBERTA--(Marketwired - July 10, 2015) - Jura Energy Corporation (TSX:JEC) ("Jura") is pleased to provide an update on its operations in the Zarghun South and Guddu Blocks in Pakistan.

Zarghun South Block

After provisional notification of tight and conventional gas prices by the Government of Pakistan, the operator of the Zarghun South Block has issued gas sales invoices relating to sales during the period from August 2014 through April 2015. Jura's share of these gas sale invoices is approximately US$ 4 million, payment of which is expected to be received in late July 2015.

Current production from the Zarghun South Block is approximately 14.3 MMcf/d (Jura share 5.7 MMcf/d). Based on current daily production, and assuming crude oil priced at US$ 70 per barrel, Jura's share of monthly revenue from the Zarghun South Block is approximately US$ 0.70 million.

Jura holds a 40% working interest in the Zarghun South Block, which is operated by Mari Petroleum Company Limited.

Guddu Block

After tie-in with the existing gas pipeline infrastructure, production from development well Reti-2, in the Reti Lease, has commenced. Currently, the well is producing gas at the rate of approximately 3.1 MMcf/d (Jura share 0.33 MMcf/d).

Current production from the Guddu Block, including production from Reti-2, is approximately 15.5 MMcf/d (Jura share 1.65 MMcf/d). Based on current daily production, and assuming crude oil priced at US$ 70 per barrel, Jura's share of monthly revenue from the Guddu block is approximately US$ 0.13 million.

Jura holds a 10.66% post commerciality working interest in the Guddu Block, which is operated by Oil and Gas Development Company Limited.

About Jura Energy Corporation

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 Advisory

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. The words "approximately", "expected", "will", and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include: expected timing of receipt of payment of Zarghun South gas sales invoices, production volumes and monthly revenue from Zarghun South and Guddu Blocks.

The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Jura is currently active and other factors management believes are appropriate in the circumstances. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law.

Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in exploration, development and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the imprecision of resource and reserve estimates, assumptions regarding the timing and costs relating to production and development as well as the availability and price of labour and equipment, weather, volatility of and assumptions regarding commodity prices and exchange rates, marketing and transportation risks, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in applicable law. Additionally, there are economic, political, social and other risks inherent in carrying on business in Pakistan. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Jura's Annual Information Form for the year ended December 31, 2014, available on SEDAR at www.sedar.com, for further description of the risks and uncertainties associated with Jura's business.

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