Jura Energy Corporation (TSX:JEC) (" Jura ") announced today that on May 31, 2012 Jura entered into anamending agreement with respect to the acquisition agreement datedNovember 23, 2011 between Jura and Eastern Petroleum Limited (aspreviously amended, the " Acquisition Agreement "). Pursuant to the amendment, the outside date for completion ofthe 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 theDirectorate General of Petroleum Concessions in Pakistan that ithad no objection to the change in management and control ofFrontier Holdings Limited, Jura's operating subsidiary in Pakistan,subject to the completion of certain filings that are underway, andthere are no further confirmations or approvals required from theGovernment of Pakistan to complete the transactions contemplated bythe Acquisition Agreement. On May 31, 2012, Jura filed its application with the Canadian stockexchange with respect to obtaining conditional listing approval ofthe Jura common shares (on a 10 for one consolidated basis) to beissued in connection with the Transactions. Closing of theTransactions remains subject to satisfaction of all otherconditions precedent to closing, including the listing of the Jurashares on a Canadian stock exchange. |
Subject to the conditionsprecedent to the closing of the Transactions being fulfilled priorthereto, Jura anticipates that it will proceed expeditiously withthe closing of the Transactions once it has received the Canadianstock 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 propertiesin Pakistan. Jura is based in Calgary, Alberta, and listed on theTSX trading under the symbol JEC. Jura conducts its business inPakistan through its subsidiary Frontier Holdings Limited.
Forward-looking statements : This document contains statements about expected or anticipatedfuture events, including Canadian stock exchange approvals and theclosing of the Transactions, which are forward-looking in natureand, as a result, are subject to certain risks and uncertainties,such as general economic, market and business conditions, theregulatory process and actions and the occurrence of unexpectedevents. Jura Energy Corporation Mr. Graham Garner President & CEO (403) 266-6364 (403) 266-6365 (FAX).
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