TORONTO, Feb. 27, 2012 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). The Board of Adira Energy Ltd. ("Adira" or the "Company") is pleased
to announce the appointment of Mr. Jeffrey Walter as Chief Executive
Officer, and the transition of Mr. Hezi Kugler from CEO to Strategic
Consultant to the Company, both effective immediately.
Mr. Walter previously held positions with Noble Energy for 27 years, a
large multi-national independent energy company with a market
capitalization exceeding US$18 billion. He presided over the team
responsible for the largest gas discovery at the time in Israel. He
directed programs increasing international oil reserves from 29% to 69%
and gas reserves from 6% to 61% of overall corporate reserve base. Mr.
Walter has actively explored for hydrocarbons in Argentina, Australia,
China, Denmark, Ecuador, Equatorial Guinea, Gabon, Israel, Ireland,
Netherlands, Norway, Portugal, Senegal, Spain, Tunisia, United Kingdom,
Vietnam, as well as evaluations and recommendations in other countries
Dennis Bennie, Adira's Chairman stated: "We are elated to welcome Jeff as Chief Executive Officer of Adira
Energy. Having the experience of a pioneer in the Israel oil and gas
sector as senior executive of Noble Energy which made three of Israel's
most significant discoveries to date endows Adira with the necessary
technical skill and leadership, as we embark on its drilling program."
As incoming Chief Executive Officer of Adira Energy, Mr. Walter commented: "It is exciting to be part of Adira's continued growth in the Eastern
Mediterranean. Our significant portfolio of assets will serve as a
solid foundation for commercial success and further expansion in the
About Mr. Jeffrey Walter
Jeffrey E. Walter is an executive manager with over 30 years in the
energy industry and 10+ years in creative leadership positions
including business unit Vice President and Director of various
corporate subsidiaries for Noble Energy. He possesses a unique
combination of technical and business acumen and has demonstrated
repeatable success discovering high impact resources. As the Vice
President for the Europe and Mediterranean Business Group based in
London he led the teams responsible for recent world-class discoveries
in Israel as well as the initial success in the region. The globally
significant "Tamar" discovery offshore Israel was the largest
conventional gas field of 2009. Over 1 billion barrels oil equivalent
has been announced to date. This business group was also responsible
for all business activity in the UK, Norway, Netherlands, Israel and
Cyprus. Mr. Walter expanded the prospect portfolio creating a new
business group core area. Amongst others he participated in private
meetings with Israel's President.
Prior to moving to London he was Noble's Vice President of Latin America
and Asia. His projects included gas to power in Ecuador, heavy oil
production in China, discoveries in Vietnam, and green field
exploration in many other countries. The position was responsible for
upstream, mid-stream, and downstream infrastructure projects including
a gas fired power plant located in a logistically challenging remote
area of Ecuador.
During his tenure as International Exploration Manager for Noble he
built an international portfolio containing several projects that now
have become core legacy assets which continue to create value. During
this time his accomplishments also include the "Noa" and "Mari B"
discoveries offshore Israel. These positions have enabled him to be
successful in diverse situations and provided extensive cross cultural
management in many unique settings. As an exploration geologist, he was
instrumental in Nobel's expansion into the US offshore Gulf of Mexico.
Mr. Walter was responsible for creating "company building" projects
that facilitated their unprecedented expansion. He has a Bachelor of
Science in Geology from the University of New Mexico.
Mr. Hezi Kugler
As the Company rapidly approaches its drilling campaign, Mr. Kugler will
work with the Company as a strategic consultant to complement Mr.
Walter and the accomplished Adira management team in achieving its
Chairman, Dennis Bennie expressed his gratitude to Mr. Kugler on behalf of the board of
directors, stating: "On behalf of Adira and the other members of Adira's board I would like
to thank Hezi for his service to Adira as CEO. Hezi brought excellent
synergistic capabilities and experience. His dedication to the Company
has been very valuable to date and ongoing consulting role will play an
important role in the future plans of Adira as we embark on the next
phase of the Company's life cycle."
About Adira Energy Ltd.
Adira Energy Ltd. is an energy company which explores for oil and gas on
and offshore Israel. It has three petroleum exploration licenses; the
Gabriella, Yitzhak and Samuel Licenses. These licenses are located
respectively 10 km offshore between Netanya and Ashdod, 17 km offshore
between Hadera and Netanya and adjacent to the coast between Ashkelon
The Company has received two gross prospective resource reports related
to the Gabriella and the Yitzhak licenses, prepared by Gustavson
Associates and titled "Report for License #378 / Gabriella, Offshore
Israel", dated September 06, 2011 and "Report for License #380 /
Yitzhak, Offshore Israel", dated September 06, 2011, respectively.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this press release,
other than statements of historical facts, including those that
announce proposed financings that the Company expects to complete, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include the failure of investors who are believed to have
committed to the financings to complete them as a result of general
market conditions, adverse developments unique to such investors, or
otherwise. Accordingly, the actual amounts raised may differ materially
from those projected in the forward-looking statements. For more
information on the Company, investors should review the Company's
filings, available at www.sedar.com and www.sec.gov. This announcement
does not constitute an offering of securities nor a solicitation to
purchase securities. An offer of securities will only be made by
subscription agreement and subject to applicable law.
Neither the 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.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Adira Energy Ltd.
For further information:
Exec. Vice President, Corp. Dev.
Manager, Investor Relations
+ 972 549437512
+972-3-7693333 or +972-54-6699311