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Adira Energy Appoints Mr. Jeffrey Walter as CEO

Source: 2/27/2012, Location: Middle East

The Board of Adira Energy Ltd. is pleased to announce 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% and gas reserves from 6% to 61% 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.

Dennis Bennie, Adira's Chairman stated: “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.”

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.”

About Mr. Jeffrey Walter
Jeffrey E. Walter is an executive manager with over 30 years in the energy industry and 10+ years in creative leadership positions including business unit Vice President and Director of various corporate subsidiaries for Noble Energy. He possesses a unique combination of technical and business acumen and has demonstrated repeatable success discovering high impact resources. As the Vice President for the Europe and Mediterranean Business Group based in London he led the teams responsible for recent world-class discoveries in Israel as well as the initial success in the region. The globally significant “Tamar” discovery offshore Israel was the largest conventional gas field of 2009. Over 1 billion barrels oil equivalent has been announced to date. This business group was also responsible for all business activity in the UK, Norway, Netherlands, Israel and Cyprus. Mr. Walter expanded the prospect portfolio creating a new business group core area. Amongst others he participated in private meetings with Israel’s President.

Prior to moving to London he was Noble’s Vice President of Latin America and Asia. His projects included gas to power in Ecuador, heavy oil production in China, discoveries in Vietnam, and green field exploration in many other countries. The position was responsible for upstream, mid-stream, and downstream infrastructure projects including a gas fired power plant located in a logistically challenging remote area of Ecuador. During his tenure as International Exploration Manager for Noble he built an international portfolio containing several projects that now have become core legacy assets which continue to create value. During this time his accomplishments also include the “Noa” and “Mari B” discoveries offshore Israel. These positions have enabled him to be successful in diverse situations and provided extensive cross cultural management in many unique settings. As an exploration geologist, he was instrumental in Nobel’s expansion into the US offshore Gulf of Mexico. Mr. Walter was responsible for creating “company building” projects that facilitated their unprecedented expansion. He has a Bachelor of Science in Geology from the University of New Mexico.

Mr. Hezi Kugler
As the Company rapidly approaches its drilling campaign, Mr. Kugler will work with the Company as a strategic consultant to complement Mr. Walter and the accomplished Adira management team in achieving its goals.

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.”

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