TORONTO,
March 14, 2012 /PRNewswire/ -
ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd.
("Adira" or the "Company") today announces the
Company has granted Jeffrey E.
Walter, Chief Executive Officer 2,000,000 incentive stock
options of Adira. The stock option grant is subject to regulatory
approval. Terms of the options include an exercise price of
$0.25 per common share, a vesting
schedule allowing for the vesting of 12.5% of the options granted
every six months with the initial amount vesting on the date that
is six months from the date hereof, resulting in the options being
fully vested on March 14, 2016. The
options expire on March 14, 2017.
About Adira Energy Ltd.
Adira Energy Ltd. is an oil and gas company
which focuses offshore Israel. The
Company 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 and Bat-Yam.
The Company has received two resource reports
related to the Gabriella and the Yitzhak licenses, prepared by
Netherland Sewell & Associates
Inc. and titled "Estimates of Unrisked Contingent and Prospective
Resources to the Adira Energy Ltd. Interest in Discoveries and
Prospects located in Block 387 (Gabriella) Offshore Israel" dated
March 1, 2012 and "Estimates of
Unrisked Prospective Resources to the Adira Energy Ltd. Interest in
Certain Prospective Reservoirs located in Block 380 (Yitzhak)
Offshore Israel" dated March 1, 2012.
Both reports are available at www.SEDAR.com
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.