TSX.V: ADL
TORONTO,
July 6, 2012 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd.
("Adira Energy" or the "Company") is pleased to
announce that Mr. Jeffrey E. Walter
and Mr. Richard P. Crist have been
appointed to the Company's Board of Directors effective today,
July 6, 2012. Mr. Walter and Mr.
Crist replace Mr. Eli Barkat and Ms.
Yael Reznik Cramer whose
resignations were effective and were accepted by the Company on
July 6, 2012.
About Mr. Richard P.
Crist - Director
With over 42 years of oil and gas experience,
Mr. Crist has a broad range of managerial and technical expertise
that includes 25 years in corporate and senior management roles. He
brings relevant expertise in new business development in the
Rockies and other North American basins, as well as in the
International arena.
Prior to being appointed an officer of Gasco
Energy where he currently is employed, Mr. Crist served as Chief
Operating Officer and Founder of White Birch Energy, a US-based
company focused on providing technical consulting to international
exploration and production companies including those companies with
East Mediterranean assets. From 2008 to 2010, Mr. Crist served as
Executive Vice President - Business Development for Delek US and
was in charge of New Ventures and Marketing in the Rockies.
From 2002 to 2008, Mr. Crist served as Executive Vice President and
Chief Operating Officer and later as Executive Vice President,
Business Development for Elk Resources, a privately held,
Denver-based oil and gas company.
Prior to Elk Resources, he held various senior technical and
business development positions for energy companies including,
GLOBEX Energy, Inc (Australia,
Equatorial Guinea, Cameroon and the
Philippines), Triton Energy Corporation, The Superior Oil
Company and Sinclair/Atlantic Richfield where he began his career
as a geophysicist.
Mr. Crist earned his degree as an engineer of
geophysics with a minor in geology from the Colorado School of Mines in Golden, Colo. He is a member in good standing
of the Society of Exploration Geophysicists and the American
Association of Petroleum Geologists and is a Certified Petroleum
Geologist.
About Mr. Jeffrey E.
Walter - Director
Mr. Walter is currently the Chief Executive
Officer of Adira and an executive manager with over 30 years in the
energy industry and over 10 years in 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 Noble Energy 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.
Chairman of the Board Dennis Bennie says:
"We are most fortunate to have Richard
Crist and Jeffrey Walter join
the Board of Adira Energy. Their combined business and technical
experience in the oil and gas industry with many international E+P
companies will be a major contribution to Adira Energy as the
Company continues forward with the prospectus financing and
prepares for the drilling of its offshore licenses. Mr. Bennie
continued: "I would also like to thank Eli Barkat and Yael
Reznik Cramer for their significant contribution to Adira's
growth during their tenure."
Prospectus Offering Update
As a result of the wider interest in the Adira
Energy's prospectus offering, the Company is also pleased to
announce that Dundee Securities
Ltd. has joined GMP Securities L.P. and Cormark Securities Inc. as
co-lead agents and co-book runners in the prospectus offering
syndicate, which also includes Clarus Securities Inc. and
FirstEnergy Capital Corp.
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, 17 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 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.
Forward-looking statements are based on the Company's internal
projections, estimated or beliefs, concerning, among other things
an outlook on the estimated amounts and timing of exploration work
and capital expenditures or other expectation, beliefs, plans,
objectives, assumption, intentions or statements about future
events or performance, which are considered by management to be
reasonable at the time made. 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 stated factors are 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, except as required by
applicable law. 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.
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.