(JEC) TSX
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.
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.
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.