Jura Announces Changes to Its Board of Directors

CALGARY, Alberta, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") announced today that it has accepted the resignations of directors Timothy M. Elliott, Stephen C. Akerfeldt, Frank J. Turner and Stephen Smith effective today. The Company notes that it has been 10 years since the closing of the reverse takeover transaction acquisition by Jura of all of the issued and outstanding shares of Spud Energy Pty Limited, a private oil and gas company with operations in Pakistan. The Company expresses its thanks to the outgoing directors, particularly for their roles on the various corporate governance committees of Jura’s board of directors (the “Board”). The outgoing directors and the Company see this as a good time and opportunity for renewal of the Board.

Jura also announces the appointment of Dr. Grant R. Pogosyan and Mehran Inayat Mirza as directors effective today, with such individuals to serve on the Board until the next scheduled meeting of shareholders of the Corporation. Jura will announce the constitution of the various committees of the Board in due course. The appointments of Messrs. Pogosyan and Mehran are subject to the customary review of the TSX Venture Exchange.

In connection with the departure of Messrs. Elliott, Akerfeldt and Turner, such directors surrendered all of their restricted share units issued to them pursuant to the Amended and Restated Restricted Share Unit Plan of the Corporation dated May 31, 2019 (together with the Corporation’s predecessor plan(s), the “RSU Plan”) for a cash payment. No securities of the Corporation were issued in connection therewith. The Board has terminated the RSU Plan.

About Jura Energy Corporation

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-V trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.

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