Jura Energy Corporation - Kandra Exploration Well to Spud in August

    (JEC) TSX

    CALGARY, Aug. 7 /CNW/ - Jura Energy Corporation ("Jura") is pleased to
announce the following:
    Earlier this year, Jura announced that Petroleum Exploration (Pvt)
Limited, the Operator of its concessions in Pakistan, had entered into a
long-term contract with Weatherford Drilling International for the provision
of a National Oilwell Varco 1500hp Ideal Drilling Rig.
    The rig is currently being rigged up and tested after having been
successfully relocated to Pakistan. Jura anticipates that drilling of its
first exploration well, Kandra 4D, will commence in the latter half of August
once the drilling rig has been commissioned. The target depth of the Kandra 4D
well is 2,350 meters, which will allow for the evaluation of three separate
geological horizons that have been identified as prospective hydrocarbon
bearing formations.
    The Kandra 4D well is the first of nine committed exploration wells in
the joint venture's exploration program. Following the Kandra 4D well, it is
expected that the rig will be mobilized to the Badin IV North block for the
drilling of the Jamali Deep target. Multiple leads have also been identified
in the Badin IV South, Salam, and Mirpur Mathelo Blocks, with plans to
finalize drilling locations and drill an additional two wells in Badin IV
North, four wells in Badin IV South, one well in Salam, and one well in Mirpur

    About Jura:

    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
symbol JEC. Jura Energy Corporation conducts its business in Pakistan through
its subsidiaries, Frontier Holdings Limited and Pyramid Energy International
Inc., as well as through its 50% interest in the Kandra Power Company (Pvt)

    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. Graham Garner, Acting President & CEO, Tel:
(403) 266-6364, Fax: (403) 266-6365, Website: www.juraenergy.com, E-Mail:

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