Adira Appoints CEO

The Board of Adira Energy Ltd. announced the appointment of Mr. Jeffrey Walter as Chief Executive Officer, and the transition of Mr. Hezi Kugler from CEO to Strategic Consultant to the Company, both effective immediately.

Mr. Walter previously held positions with Noble Energy for 27 years, a large multi-national independent energy company with a market capitalization exceeding US$18 billion. He presided over the team responsible for the largest gas discovery at the time in Israel. He directed programs increasing international oil reserves from 29 to 69 percent and gas reserves from 6 to 61 percent of overall corporate reserve base. Mr. Walter has actively explored for hydrocarbons in Argentina, Australia, China, Denmark, Ecuador, Equatorial Guinea, Gabon, Israel, Ireland, Netherlands, Norway, Portugal, Senegal, Spain, Tunisia, United Kingdom, Vietnam, as well as evaluations and recommendations in other countries and basins.

"We are elated to welcome Jeff as Chief Executive Officer of Adira Energy. Having the experience of a pioneer in the Israel oil and gas sector as senior executive of Noble Energy which made three of Israel's most significant discoveries to date endows Adira with the necessary technical skill and leadership, as we embark on its drilling program," said Dennis Bennie, Adira's Chairman.

As incoming Chief Executive Officer of Adira Energy, Mr. Walter commented, "It is exciting to be part of Adira's continued growth in the Eastern Mediterranean. Our significant portfolio of assets will serve as a solid foundation for commercial success and further expansion in the region."

Chairman Dennis Bennie expressed his gratitude to Mr. Kugler on behalf of the board of directors, stating: "On behalf of Adira and the other members of Adira's board I would like to thank Hezi for his service to Adira as CEO. Hezi brought excellent synergistic capabilities and experience. His dedication to the Company has been very valuable to date and ongoing consulting role will play an important role in
the future plans of Adira as we embark on the next phase of the Company's life cycle."