TORONTO, Jan. 10, 2012 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd. ("Adira" or the "Company") is pleased to announce that it has received approval from Israel's
Petroleum Commissioner for the farm-out of 25% of its interest in the
Yitzhak license (the "License") to the AGR Group and Ellomay Oil and Gas 2011 LP, pursuant to a
series of Farm-Out Agreements announced on December 5, 2011.
The Agreements are now unconditional and effective.
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. In addition,
please note that statements relating to "resources" or "reserves" are
deemed to be forward-looking statements, as they involve the implied
assessment, based on certain estimated and assumptions that the
resources or reserves described can be profitably produced in the
future. Such statements represent the Company's internal projections,
estimated or beliefs, concerning, among other things an outlook on the
estimated amounts and timing of capital expenditures, anticipated
future debt levels and incentive fees or revenues or other expectation,
beliefs, plans, objectives, assumption, intentions or statement about
future events or performance. These statements are only predictions.
Actual events or results may differ materially. Although the Company
believes that the expectations reflected in the statements are
reasonable, it cannot guarantee future results since such results are
inherently subject to significant business, economic, corporate,
political and social uncertainties and contingencies. Many factors
cause the Company's actual results to differ materially from those
expressed or implied in any forward looking statements made by, or on
behalf of, the Company and the foregoing list of important factors is
not exhaustive. The statements contained herein are made as of the date
hereof and the Company disclaims any intent or obligation to update
publicly any forward looking statements, whether as a result of new
information, future events or results or otherwise. Company
shareholders and potential investors should carefully consider the
information contained in the Company's filing with Canadian securities
administrators at www.sedar.com before making investment decisions with regard to the Company
The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's
expectations and projections.
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.
SOURCE Adira Energy Ltd.
For further information:
| Canada |
Exec. Vice President, Corp. Dev.
+1 416 250 1955
| Israel |
+972-3-7693333 or +972-54-6699311
| Julia Maxwell |
Manager, Investor Relations
+1 416 361 2211