Jura Extends Date for Reorganization and Recapitalization
CALGARY, ALBERTA--(Marketwire - Feb. 29, 2012) - Jura Energy Corporation (TSX: JEC) ("Jura") announced today that on February 28, 2012 Jura entered into an amending agreement with respect to the acquisition agreement (the "Acquisition Agreement") dated November 23, 2012 between Jura and Eastern Petroleum Limited. Pursuant to the amendment, the outside date for completion of the transactions contemplated in the Acquisition Agreement (the "Transactions") has been extended to March 31, 2012.
As indicated in Jura's February 14, 2012 press release, closing of the Transactions is subject to satisfaction of all other conditions precedent to closing, including obtaining conditional listing approval of the Jura common shares (on a 10 for one consolidated basis) to be issued in connection with the Transactions on a Canadian stock exchange, which is in progress. On December 27, 2011, an application was also made to the Director General of Petroleum Concessions in Pakistan ("DGPC") to approve the Acquisition and, subject to the conditions precedent to the closing of the Transactions being fulfilled prior thereto, Jura anticipates that it will proceed expeditiously with the closing of the Transactions once it has received DGPC's approval in respect of the Acquisition.
Jura also announced that it will file its first quarter financial statements on or before March 15, 2012, availing itself of the 30 day extension permitted by applicable law for the filing of its first interim financial statements prepared under IFRS.
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiary Frontier Holdings Limited.
Forward-looking statements: This document contains statements about expected or anticipated future events, including the approval of the Acquisition by DGPC, Canadian stock exchange approvals and the closing of the Transactions, which 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 Jura's capability to execute and implement its future plans.