CALGARY, March 6 /CNW/ - Jura Energy Corporation ("Jura") announced on
January 3, 2007 that it had completed the acquisition of producing oil and gas
assets in Pakistan. Jura acquired 66.7% of the shares of Pyramid Energy
International Inc. ("Pyramid").
The remaining 33.3% of the shares of Pyramid were previously acquired in
trust for Petroleum Exploration (Pvt.) Limited ("PEL"), with funds of
approximately US$3.1 million advanced by Jura, pending approval of the State
Bank of Pakistan. This approval has now been received and title to these
shares will pass to PEL.
Pyramid's only asset is a 15.7895% interest in Block 22, which is
situated in the Central Gas Basin in Pakistan. The Block 22 assets comprise
three gas fields, Hasan, Khanpur and Sadiq, together with the Hamza appraisal
area. The fields are currently producing approximately 16 MMcf/d of gas into a
processing facility located adjacent to the Hasan Field from where it is
delivered and sold to the Sui Northern Gas Pipeline Ltd. Two new production
wells have been budgeted and are currently scheduled to be drilled in the
first half of 2007. Block 22 is operated by PEL. Jura's portion of the
budgeted costs for the drilling of these production wells is US$421,000.
Jura Energy Corporation is an international energy company engaged in the
exploration, development and production of petroleum and natural gas
properties with activities conducted exclusively in Pakistan. Jura is based in
Calgary, Alberta, and listed on the Toronto Stock Exchange trading under the
Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that 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
the Corporation's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Mr. Nigel McCue, President & CEO, Mr. Graham
Garner, Executive Vice President, Tel: (403) 266-6364, Fax: (403) 266-6365,
Website: www.juraenergy.com, E-Mail: firstname.lastname@example.org