EXTENSION OF DRILL CONTRACT AND ENVIRONMENT SURVEY SUBMISSION DATES ON
ITS YITZHAK LICENSE GRANTED
TORONTO, Aug. 24, 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. Amos Lasker as Co-Chair
of the Board of Directors, effective immediately.
Mr. Lasker previously held positions of President and CEO of Israel
Electric Corporation, the State of Israel's national electricity
generation, transmission and distribution company.
Dennis Bennie, Adira's current Chairman stated: "We are honoured to welcome Amos as Co-Chair of the Board of Adira
Energy. Mr Lasker brings a wealth of talent and Israeli experience to
our Canadian listed company. We are fortunate to have the benefit of
his insight and guidance as we progress towards drilling and producing
oil and gas in Israel."
About Mr. Amos Lasker
Mr. Lasker has more than 25 years' experience in founding and managing
Israeli and international manufacturing, infrastructure, and
communications companies. Most recently, he was the President & CEO of
Israel Electric Corporation ("IEC") (2008-2011). The IEC is the
integrated electric utility in Israel and generates, transmits and
distributes substantially all the electricity used in the State of
Israel. The Company is one of the largest industrial companies in
Israel with annual total revenues in excess of U.S $5.5 billion and
total assets of U.S. $22.3 billion.
Mr. Lasker also served as CEO of the Med Group between 1996 and 2005.
The Med Group has built four international and national communications
networks. From 2006-2007, Mr. Lasker was CEO of Gilat Satcom, (traded
on the AIM Stock Exchange), an international service provider of
Broadband Internet, Data and Voice Services over Satellite in three
Mr. Lasker has a BA in Economics, MBA Business Administration & Quantity
Research, and M.A. Philosophy all from Tel Aviv University. He served
in the IDF Armored Corps, completing his reserve duty with the rank of
As incoming Co-Chair of Adira Energy, Mr. Lasker commented: "I am pleased to work alongside Adira's highly accomplished board and
management team to bring oil to Israel. As Israel develops itself into
a significant regional energy provider, I will have the opportunity to
apply my experience as former CEO of the IEC for the benefit of Adira
Yitzhak Drilling Contract and Environmental Survey Submission Dates
Adira Energy is also pleased to announce that the Ministry of Energy and
Water of the State of Israel has granted extensions of the dates for
the submission of environmental survey from September 1, 2012 to
October 31, 2012 and for the execution of a drilling contract from
September 1, 2012 to December 31, 2012, on its Yitzhak License,
Stock Option Grant
Adira Energy announces the granting of incentive stock options to
purchase 8,130,000 common shares of Adira Energy to its employees,
officers, and directors, pursuant to its incentive stock option plan
(the "Plan"), of which 7,140,000 have been issued to insiders. The
stock option grant is subject to regulatory approval. The options will
be exercisable at $0.20 for a five year period following their date of
being granted, subject to earlier termination in accordance with the
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company which is focused in the
eastern Mediterranean. The Company has three petroleum exploration
licenses offshore Israel; the Gabriella, Yitzhak and Samuel Licenses.
These licenses are located respectively 10 km offshore between Netanya
and Ashdod, 9 km offshore between Hadera and Netanya and adjacent to
the coast between Ashkelon and Bat-Yam.
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