Adira Energy granted extension of drill contract on its Yitzhak license, offshore Israel

Friday, Dec 28, 2012

TORONTO, Dec. 27, 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 date for the execution of a drilling contract of the first well on the Yitzhak offshore license from December 31, 2012 to June 30, 2013.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: "This
extension allows Adira additional time in order to obtain the rig required to drill the well on Yitzhak while currently focusing on the imminent drilling of Gabriella."

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.

SOURCE Adira Energy Ltd.

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