Last updated on April 16, 2014 at 21:24 EDT

Adira Energy granted extension of drill contract and spud date on its Samuel license, offshore Israel

July 3, 2012


TORONTO, July 3, 2012 /CNW/ – ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8).  Adira Energy Ltd. (“Adira” or the “Company“) is pleased to announce that the Ministry of Energy and Water of the
State of Israel (the “Ministry“) has granted an extension of the dates for the execution of a drilling
contract and the spudding of the first well on the Samuel offshore
license as indicated below:

    |                                    |Original date  |Revised date    |
    |Contract Execution Date             |July 1, 2012   |October 31, 2012|
    |Submission of an Environmental Study|-              |July 10, 2012   |
    |Spudding of first well              |October 1, 2012|April 30, 2013  |

The date for the submission of the Environmental Study is a new required
milestone, and Adira management will submit the study within this

This extension complements those extensions granted for the execution of
drilling contracts and the spudding of the first wells for the
Gabriella and Yitzhak Licenses (as announced June 12, 2012), thus providing the Company with sufficient time to execute on its
entire License portfolio.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: “Following last month’s decision by the Ministry of Energy and Water to
extend our Gabriella and Yitzhak licenses, we are delighted that the
Ministry has also extended our Samuel license.
This is another significant achievement for Adira, as it gives us
flexibility in our ability to identify a rig and sign a contract.

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.

Source: PR Newswire