Jura Completes C$11 Million Credit Facility to Bring Zarghun South Field on Production and Provides Update on Operations

Jura Completes C$11 Million Credit Facility to Bring Zarghun South Field on 
Production and Provides Update on Operations 
CALGARY, ALBERTA -- (Marketwire) -- 02/27/13 -- Jura Energy
Corporation (TSX:JEC) ("Jura") is pleased to announce that it has
entered into a C$11 million credit facility (the "Facility") with its
principal shareholder, Eastern Petroleum Limited ("EPL"). The
Facility provides Jura with sufficient funding to meet its working
interest commitments in order to bring the company's Zarghun South
field on production. 
Jura will draw down on the Facility over time to fund its capital
expenditures and operations. The Facility is designed as a bridge to
the completion of a future debt or equity financing, provided that
such financing is sourced on terms favourable to Jura. It is
anticipated that the Facility will either be: (i) repaid in full
following the closing of a future financing or (ii) converted into
common shares pursuant to the Conversion Option. 
The Facility will be used primarily to fund Jura's estimated US$10.5
million share of the capital expenditures required to bring the
Zarghun South field on production. As at August 30, 2011, DeGolyer
and MacNaughton Canada Limited ("DeGolyer"), Jura's independent
reserves evaluator, estimated Jura's share of the field's gross
proved plus probable reserves to be 27.9 Bcf.  
Pursuant to the requirement of Pakistan's Tight Gas (Exploration and
Production) Policy 2011 ("Tight Gas Policy"), DeGolyer in its report
dated April 30, 2012, certified 84.5% of The Zarghun South reserves
as "Tight Gas Reserves". Jura's share of gross proved plus probable
Tight Gas Reserves is 23.2 Bcf. Production from these reserves will
be entitled to an estimated price of US$6.23/MMBtu under such Tight
Gas Policy (based on US$80 crude). Jura holds a 40% interest in the
Zarghun South Development and Production Lease. 
"This facility will fund Jura's commitments for the Zarghun South
development and is a strong indication of our principal shareholder's
commitment to the Jura assets. Zarghun South is Jura's largest asset.
Bringing it on production will be a significant step for Jura and is
expected to transform the company into a cash-generating business. We
are looking forward to an exciting 2013," said Graham Garner, Jura's
The Facility is repayable at the demand of EPL on the earlier of (i)
February 20, 2014 and (ii) ten (10) business days after the closing
of a debt or equity financing by Jura for an aggregate amount in
excess of amounts drawn down under the Facility. The principal amount
outstanding at any time under the Facility carries interest at US
Dollar 3-months LIBOR plus 4% (a rate of 4.29% as of the date of this
news release), compounded quarterly. The Facility was approved by
directors of Jura who are unrelated to EPL. 
The outstanding principal and interest under the Facility is
convertible at the option of EPL on the basis of one (1) common share
in the capital of Jura for each C$1.00 so converted (the "Conversion
Option"). The Conversion Option is subject to the restriction that,
during any six month period, the aggregate number of common shares
issuable to EPL under the Conversion Option shall not exceed 10% of
the number of common shares in the capital of Jura outstanding, on a
non-diluted basis, prior to the date of the first conversion of the
Facility. Jura has received approval from the Toronto Stock Exchange
("TSX") for the listing on the TSX of the number of common shares
that may be issued upon the exercise of the Conversion Option during
a six months period. Should additional shares become issuable under
the Conversion Option, a further application will be made to the TSX
for the listing of such shares on the TSX. 
Jura also provided the following update on operations: 
Guddu License (Reti-Maru Field) 
In January 2013, the Government of Pakistan approved the sale of gas
from the Guddu field to a consortium of four fertilizer
manufacturers. The Guddu joint venture is in the process of
negotiating a Gas Sale Agreement and a Gas Pricing Agreement with the
consortium. The sale of gas is anticipated to commence later this
year following (i) the execution of these agreements, (ii) the
construction of a 15.32 km pipeline to the purchaser's facility, and
(iii) final regulatory approvals. Jura holds a 10.6% interest in the
Guddu License. 
Jura has commenced rigless operations in three wells to confirm flow
rates from the previously shut-in Sara-Suri fields. The work to be
performed includes a pressure buildup survey, saturation monitoring,
selective perforations, stimulation, production testing and the
running of velocity string in one well. Jura is the operator of these
fields and holds a 60% interest in the Sara-Suri Development and
Production Leases. 
Zarghun South 
The operator of the Zarghun South field, Mari Petroleum Company
Limited, advised Jura that it has mobilized a drilling rig to perform
the recompletion of the Zarghun South-1 well. Additional work to be
completed includes the installation of surface facilities and 25
MMSCFD gas processing plant. Sui Southern Gas Company Limited, the
purchaser of gas from Zarghun South, will be commencing construction
of a 64.2 km pipeline which will tie the field into the main gas
grid. Gas sales from Zarghun South are anticipated to commence by the
fourth quarter of 2013. 
About Jura:  
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 subsidiaries Frontier Holdings Limited and Spud Energy
Pty Limited.  
Cautionary Statements 
The estimates of reserves and future net revenue for individual
properties may not reflect the same confidence level as estimates of
revenue and future net revenue for all properties, due to the effects
of aggregation. As at August 31, 2011, DeGolyer estimated Jura's
share of gross proved plus probable reserves for all of Jura's
properties in Pakistan to be 35Bcf. 
Forward Looking Advisory 
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information in this
news release includes statements with respect to, among other things,
the level of costs required to bring the Zarghun South field on
production; expectations with respect to production and gas sales
from the Zarghun South field and the Guddu field and the timing
thereof; execution of agreements for the sale of gas by the Guddu
joint venture and receipt of final regulatory approvals therefore;
completion of pipelines from the Zarghun South field and the Guddu
field and the timing thereof; tie in of the pipeline from the Zarghun
South field with the main gas plant; commencing rigless operations in
the Sara-Suri gas fields and the timing thereof; expectations
regarding operations in the Zarghun South field and the timing
thereof, including mobilization of a drilling rig, completion of a
workover of the Zarghun South-2 well and completion of the
installation of a gas processing plant; expected pricing under the
Tight Gas Policy; anticipated method of repayment of the Facility;
and expectations regarding the application by Jura to list additional
shares issuable under the Conversion Option on the TSX. Readers are
cautioned that assumptions used in the preparation of such
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted as a
result of numerous known and unknown risks, uncertainties, and other
factors, many of which are beyond the control of Jura. These risks
include, but are not limited to: changes in interest rates applicable
to the Facility, failure of other working interest owners to fund
their working interest commitments, general economic, market and
business conditions, commodity prices and exchange rate changes,
regulatory changes, technical issues, new legislation, political and
business conditions, competitive and general economic factors and
conditions, uncertainties resulting from potential delays or changes
in plans, the occurrence of unexpected events, stock market
volatility, the ability to access sufficient capital from internal
and external sources and Jura's capability to execute and implement
its future plans. The risks outlined above should not be construed as
exhaustive. Readers are cautioned not to place undue reliance on this
forward-looking information as actual results may differ materially
from those expressed or implied in the forward-looking information.
Jura does not assume the obligation to revise or update this
forward-looking information after the date of this release or to
revise such information to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
Jura Energy Corporation
Mr. Graham Garner
(403) 266-6364
(403) 266-6365 (FAX)
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