Jura Energy Corporation

Jura Energy Corporation

June 01, 2012 06:00 ET

Jura Extends Date for Reorganization and Recapitalization

CALGARY, ALBERTA--(Marketwire - June 1, 2012) - Jura Energy Corporation (TSX:JEC) ("Jura") announced today that on May 31, 2012 Jura entered into an amending agreement with respect to the acquisition agreement dated November 23, 2011 between Jura and Eastern Petroleum Limited (as previously amended, 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 June 30, 2012. Previously on May 17, 2012, Jura announced 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, and there are no further confirmations or approvals required from the Government of Pakistan to complete the transactions contemplated by the Acquisition Agreement.

On May 31, 2012, Jura filed its application with the Canadian stock exchange with respect to obtaining conditional listing approval of the Jura common shares (on a 10 for one consolidated basis) to be issued in connection with the Transactions. Closing of the Transactions remains subject to satisfaction of all other conditions precedent to closing, including the listing of the Jura shares on a Canadian stock exchange. 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 the Canadian stock exchange'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 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 and the occurrence of unexpected events.

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