A release mechanism for a jarring tool is formed by a plurality of segmented release lugs. Each lug includes a plurality of axial spaced projections on an inner surface and a plurality of grooves on an outer surface. The projections may have either different widths or may be separated by varying distances and releasably engage corresponding grooves in a mandrel located within a housing of the tool. The release lugs are positioned between a trigger sleeve and the mandrel. In one embodiment, the release lugs are positioned within a support collar. In a second embodiment, the lugs are provided with stabilizing posts and cavities that serve to maintain the lugs in a proper alignment.