Business
Jura Energy Corporation - Completion of Pyramid Acquisition
Jura Energy Corporation - Completion of Pyramid Acquisition.
About this update from Jura Energy Corporation
[{"type":"text","content":"\n\n\n\n(JEC) TSX\n\n\nCALGARY, March 6 /CNW/ - Jura Energy Corporation ("Jura") announced on\nJanuary 3, 2007 that it had completed the acquisition of producing oil and gas\nassets in Pakistan. Jura acquired 66.7% of the shares of Pyramid Energy\nInternational Inc. ("Pyramid").\n\n\nThe remaining 33.3% of the shares of Pyramid were previously acquired in\ntrust for Petroleum Exploration (Pvt.) Limited ("PEL"), with funds of\napproximately US$3.1 million advanced by Jura, pending approval of the State\nBank of Pakistan. This approval has now been received and title to these\nshares will pass to PEL.\n\n\nPyramid's only asset is a 15.7895% interest in Block 22, which is\nsituated in the Central Gas Basin in Pakistan. The Block 22 assets comprise\nthree gas fields, Hasan, Khanpur and Sadiq, together with the Hamza appraisal\narea. The fields are currently producing approximately 16 MMcf/d of gas into a\nprocessing facility located adjacent to the Hasan Field from where it is\ndelivered and sold to the Sui Northern Gas Pipeline Ltd. Two new production\nwells have been budgeted and are currently scheduled to be drilled in the\nfirst half of 2007. Block 22 is operated by PEL. Jura's portion of the\nbudgeted costs for the drilling of these production wells is US$421,000.\n\n\nAbout Jura:\n\n\nJura Energy Corporation is an international energy company engaged in the\nexploration, development and production of petroleum and natural gas\nproperties with activities conducted exclusively in Pakistan. Jura is based in\nCalgary, Alberta, and listed on the Toronto Stock Exchange trading under the\nsymbol JEC.\n\n\nForward-looking statements: This document contains statements about\nexpected or anticipated future events and financial results that are\nforward-looking in nature and, as a result, are subject to certain risks and\nuncertainties, such as general economic, market and business conditions, the\nregulatory process and actions, technical issues, new legislation, competitive\nand general economic factors and conditions, the uncertainties resulting from\npotential delays or changes in plans, the occurrence of unexpected events, and\nthe Corporation's capability to execute and implement its future plans. Actual\nresults may differ materially from those projected by management. For such\nstatements, we claim t...