2009-08-19-2007-02-01-2007-02-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$5.9MM
Description

Production: 16 MMcf/d

Jura Energy Corp., Calgary, (Toronto: JEC) and Pakistan-based Petroleum Exploration (Pvt.) Ltd. acquired assets of Pakistan-based Pyramid Energy International Inc. from Asia Resources Oil Ltd. and Industrial Support Ltd., Dammam, Saudi Arabia, for approximately US$5.9 million, including US$4.8 million in cash and US$1.1 million in stock. Jura acquired 66.66% of Pyramid shares and Petroleum Exploration will acquire 33.33%. Pyramid's only asset is a 15.8% interest in Block 22 in the Central Gas Basin, comprised of the Hasan, Khanpur and Sadiq fields, together with the Hamza appraisal area. Total production is approximately 16 million cubic feet of gas per day into a processing facility adjacent to the Hasan Field and delivered and sold to Sui Northern Gas Pipeline Ltd. Two new production wells are scheduled for first-half 2007. Block 22 is operated by Petroleum Exploration. Jura president and chief executive Nigel McCue says the assets represent the company's first production in Pakistan.