TORONTO,
Jan. 31, 2013 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). As previously
announced on December 24, 2012, Adira
Energy Ltd. ("Adira" or the "Company") entered into
an Agreement with Modi'in Energy L.P. ("Modi'in") and
Brownstone Energy Inc. setting out, among other terms and
conditions, the collateral required to place a Letter of Credit in
favor of the rig contractor. The Company's subsidiary, Adira Energy
Israel Ltd. has not placed its share of the cash collateral, due to
material breaches of the Agreement by Modi'in.
Jeffrey E.
Walter, Chief Executive Officer of Adira Energy
commented: "Adira is working with Modi'in to resolve these
issues so that the License partners can move forward with the
drilling of the Gabriella well, which is expected to begin in
March 2013."
About Gabriella
The Gabriella License is located approximately 10 kilometers
northwest of Tel Aviv, in the
waters offshore Israel. The block
covers an area of approximately 392 square kilometers (97,000
acres) and is in water depths that range from 100 meters on the
east side of the block to just over 425 meters on the southwest
side of the block. Adira holds a 15% Working Interest in the
Gabriella License and is the designated Operator. On March 13, 2012, the Company announced it received
an independent resource report prepared by Netherland, Sewell &
Associates, Inc. which included a best estimate of 110.1 MMbbl of
contingent oil on the Gabriella License on a gross unrisked basis.
Full resource report is available on SEDAR
(www.sedar.com)
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. The
Company also has an option on the Yam Hadera License, offshore
Israel, which is located 30
kilometers offshore Israel,
between Hadera and Haifa and North
West of Adira's Yitzhak license.
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.