CALGARY, Alberta, Feb. 27, 2026 (GLOBE NEWSWIRE) -- Jura Energy Corporation (TSXV: JEC) ("Jura" or the "Company") updates its shareholders that it is aware that Mr. Shahzad Zaheer, a minority shareholder of the Company, has filed a Statement of Claim in the Ontario Superior Court of Justice against the Company and its directors (the "Claim").
Jura is aware that Mr. Zaheer is the owner and Chief Executive Officer of Petroleum Exploration (Private) Limited ("PEL"). As previously announced by the Company, PEL has lost a multi-million US dollar international arbitration initiated by Jura's subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited (the "Jura Subsidiaries"). Enforcement efforts in respect of that award are ongoing.
Mr. Zaheer's Claim contains a number of allegations, including that the acquisition by IDL Investments Limited ("IDL") of Jura shares from Phoenix Exploration effective March 6, 2025 (the "Transaction") breached certain statutory and regulatory requirements, including the Pakistan Petroleum (Exploration and Production) Rules. Jura disputes those allegations and maintains that no prior governmental consent was required in respect of the Transaction.
In July 2025, Pakistan's Directorate General Petroleum Concessions ("DGPC") issued a show cause notice requesting clarification about the Transaction. Jura responded in detail to that notice and continues to cooperate fully with the relevant authorities. Mr. Zaheer further alleges that the Company was required to disclose that regulatory correspondence and did not do so. As of the date of this release, no petroleum right held by the Jura Subsidiaries has been revoked, suspended, or otherwise impaired in connection with the Transaction.
Mr. Zaheer previously commenced a proceeding in the Islamabad High Court challenging the validity of the Transaction, which resulted in the issuance of an interim order by that Court. That proceeding has since been dismissed and no interim relief remains in force or effect. Notwithstanding that dismissal, Mr. Zaheer's Claim seeks, among other relief, recognition and enforcement in Canada of that prior interim order.
The Company believes that the Claim is without merit. Jura intends to vigorously defend the Claim and to seek its costs. The Company also believes that the timing and context of the Claim are noteworthy in light of its ongoing enforcement efforts against PEL.
Forward Looking Advisory
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. The words "will", "approximately", and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information regarding Jura's intention to defend itself against Mr. Zaheer's claim and to seek costs against Mr. Zaheer.
The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Jura is currently active and other factors management believes are appropriate in the circumstances. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include but are not limited to: uncertainty relating to the outcome of legal proceedings commenced by Mr. Zaheer. Additionally, there are economic, political, social and other risks inherent in carrying on business in Pakistan. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Jura's Management's Discussion and Analysis for the year ended December 31, 2024, available on SEDAR+ at www.sedarplus.ca, for further description of the risks and uncertainties associated with Jura's business.
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 is listed on the TSXV under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| Stephen Smith, Chairman, Jura Energy Corporation | |
| Website: | www.juraenergy.com |
| E-Mail: | info@juraenergy.com |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
