EXTENSION OF DRILL CONTRACT AND ENVIRONMENT SURVEY SUBMISSION
DATES ON ITS YITZHAK LICENSE GRANTED
TORONTO,
Aug. 24, 2012 /CNW/ - ADIRA ENERGY
LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8).
The Board of Adira Energy Ltd. ("Adira" or
the "Company") is pleased to announce the appointment of Mr.
Amos Lasker as Co-Chair of the Board
of Directors, effective immediately.
Mr. Lasker previously held positions of
President and CEO of Israel
Electric Corporation, the State of
Israel's national electricity generation, transmission and
distribution company.
Dennis Bennie,
Adira's current Chairman stated: "We are
honoured to welcome Amos as Co-Chair of the Board of Adira Energy.
Mr Lasker brings a wealth of talent and Israeli experience to our
Canadian listed company. We are fortunate to have the benefit of
his insight and guidance as we progress towards drilling and
producing oil and gas in Israel."
About Mr. Amos
Lasker
Mr. Lasker has more than 25 years' experience in
founding and managing Israeli and international manufacturing,
infrastructure, and communications companies. Most recently, he was
the President & CEO of Israel Electric Corporation ("IEC")
(2008-2011). The IEC is the integrated electric utility in
Israel and generates, transmits
and distributes substantially all the electricity used in the
State of Israel. The Company is
one of the largest industrial companies in Israel with annual total revenues in excess of
U.S $5.5 billion and total assets of
U.S. $22.3 billion.
Mr. Lasker also served as CEO of the Med Group between 1996 and
2005. The Med Group has built four international and national
communications networks. From 2006-2007, Mr. Lasker was CEO of
Gilat Satcom, (traded on the AIM Stock Exchange), an international
service provider of Broadband Internet, Data and Voice Services
over Satellite in three continents.
Mr. Lasker has a BA in Economics, MBA Business
Administration & Quantity Research, and M.A. Philosophy all
from Tel Aviv University. He served in
the IDF Armored Corps, completing his reserve duty with the rank of
Captain.
As incoming Co-Chair of Adira Energy, Mr.
Lasker commented: "I am pleased to work alongside Adira's
highly accomplished board and management team to bring oil to
Israel. As Israel develops itself into a significant
regional energy provider, I will have the opportunity to apply my
experience as former CEO of the IEC for the benefit of Adira
Energy."
Yitzhak Drilling Contract and Environmental
Survey Submission Dates Extension
Adira Energy is also pleased to announce that
the Ministry of Energy and Water of the State of Israel has granted extensions of the
dates for the submission of environmental survey from September 1, 2012 to October 31, 2012 and for the execution of a
drilling contract from September 1,
2012 to December 31, 2012, on
its Yitzhak License, offshore Israel.
Stock Option Grant
Adira Energy announces the granting of incentive
stock options to purchase 8,130,000 common shares of Adira Energy
to its employees, officers, and directors, pursuant to its
incentive stock option plan (the "Plan"), of which 7,140,000 have
been issued to insiders. The stock option grant is subject to
regulatory approval. The options will be exercisable at
$0.20 for a five year period
following their date of being granted, subject to earlier
termination in accordance with the Plan.
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, 9 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,
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.
For more information on the Company, investors should review the
Company's filings, available at www.sedar.com and www.sec.gov. This
announcement does not constitute an offering of securities nor a
solicitation to purchase securities. An offer of securities will
only be made by subscription agreement and subject to applicable
law.
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.
This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the
securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Adira Energy Ltd.