Jura Energy Corporation

Jura Energy Corporation

April 30, 2012 16:56 ET

Jura Extends Date for Reorganization and Recapitalization

CALGARY, ALBERTA--(Marketwire - April 30, 2012) - Jura Energy Corporation ("Jura") (TSX:JEC) announced today that on April 30, 2012 Jura entered into an amending agreement with respect to the acquisition agreement dated November 23, 2011 between Jura and Eastern Petroleum Limited (as amended on February 28, 2012 and March 30, 2012, the "Acquisition Agreement"). Pursuant to the amendment, the outside date for completion of the transactions contemplated in the Acquisition Agreement (the "Transactions") has been extended to May 31, 2012.

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 approval from the Director General of Petroleum Concessions in Pakistan ("DGPC") to approve the Acquisition, both of which are in progress. Subject to the conditions precedent to the closing of the Transactions being fulfilled prior thereto, Jura anticipates that it will proceed expeditiously with the closing of the Transactions once it has received DGPC's approval in respect of the Acquisition.

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 the approval of the Acquisition by DGPC, 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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