CALGARY, ALBERTA -- (Marketwired) -- 04/10/13 -- Jura Energy Corporation ("Jura") (TSX: JEC) announced an increase in its reserves estimates.
In their Appraisal Report as of December 31, 2012, DeGolyer and MacNaughton Canada Limited ("D&M") estimated Jura's proved gross reserves at 63.5 Bcf, and proved plus probable gross reserves at 194.1 Bcf. D&M estimated the net present value of the reserves at US$55 million and US$138 million respectively, using a discount rate of 10% (forecast price case before taxes).
This represents a 769% increase in the estimated value of proved reserves, and a 170% increase in the value of proved plus probable reserves, in each case from the last published estimates as at August 31, 2011 (published in Jura's Management Information Circular dated December 16, 2011).
The increase is primarily due to the reclassification of the Kandra field from contingent resource to reserves, following an increase in the gas price applicable to the Kandra field from less than US$2.50/MMbtu to an estimated $8.75/MMbtu.
Additionally, as a result of increase in the applicable gas price of Guddu (Reti-Maru) and Zarghun South fields the estimated value of proved reserves increased by 48% and 446% respectively, also using a discount rate of 10% (forecast price case before taxes).
Further details of the reserves estimates are set out in Jura's 51-101F1 Statement of Reserves Data and other Oil and Gas Information filed with its AIF on March 28, 2013.
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.
Basis of Presentation
Estimates of Reserves and Net Present Value have been made assuming that development of each property in respect of which the estimate is made will occur, without regard to the likely availability to Jura of funding required for that development. Estimates of Net Present Value do not represent fair market value. References to "Bcf" are to billion cubic feet, and references to "MMbtu" mean million British Thermal Unit.
This news release contains forward-looking information which is not comprised of historical facts. Information and statements relating to reserves and net present value of future net revenue from reserves are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. 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: imprecision of reserves estimates, 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
+1 (403) 266-6364
+1 (403) 266-6365 (FAX)
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