TORONTO, Nov. 24, 2011 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd. ("Adira" or the "Company") announced today that the Company has filed an Amended 20-F to add to
the original 20-F for the year ended September 30, 2010 dated February
2, 2011 (the "Original Filing") under Item 17, in Part III, the audited financial statements of Adira
Energy Israel Ltd., an Israel corporation, which was determined
subsequent to the date of the Original Filing to be a predecessor
entity of Adira.
In addition, the Amended Form 20-F amends the Original Filing to remove
from Item 3 all references to financial information of Adira for the
years ended September 30, 2008, 2007 and 2006, which relate to the
period prior to the acquisition of Adira Energy Corp.
Adira has not modified or updated any other disclosure in the Original
Filing. Accordingly, the Amended Form 20-F does not reflect events
occurring after the filing of the Original Filing and does not modify
or update those disclosures affected by subsequent events. Information
not affected by the Amended 20-F is unchanged and reflects the
disclosures made at the time of the Original Filing.
For further details please refer to the Explanatory Note contained on
page 4 of the Amended 20-F filed on SEDAR at www.sedar.com.
About Adira Energy Ltd.
Adira Energy Ltd. is an energy company which explores for oil and gas on
and offshore Israel. It has four petroleum exploration licenses; the
Eitan, Gabriella, Yitzhak and Samuel Licenses. These licenses are
located respectively on-shore Israel in the Hula Valley, 10 km offshore
between Netanya and Ashdod, 17 km offshore between Hadera and Netanya
and adjacent to the coast between Ashkelon and Bat-Yam.
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