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Adira Energy Provides Update On Gabriella License Offshore Israel

TORONTO, January 31, 2013 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). As previously announced on December 24, 2012, Adira Energy Ltd. (“Adira” or the “Company”) entered into an Agreement with Modi’in Energy L.P. (“Modi’in”) and Brownstone Energy Inc. setting out, among other terms and conditions, the collateral required to place a Letter of Credit in favor of the rig contractor. The Company’s subsidiary, Adira Energy Israel Ltd. has not placed its share of the cash collateral, due to material breaches of the Agreement by Modi’in.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy commented: “Adira is working with Modi’in to resolve these issues so that the License partners can move forward with the drilling of the Gabriella well, which is expected to begin in March 2013.”

About Gabriella

The Gabriella License is located approximately 10 kilometers northwest of Tel Aviv, in the waters offshore Israel. The block covers an area of approximately 392 square kilometers (97,000 acres) and is in water depths that range from 100 meters on the east side of the block to just over 425 meters on the southwest side of the block. Adira holds a 15% Working Interest in the Gabriella License and is the designated Operator. On March 13, 2012, the Company announced it received an independent resource report prepared by Netherland, Sewell & Associates, Inc. which included a best estimate of 110.1 MMbbl of contingent oil on the Gabriella License on a gross unrisked basis. Full resource report is available on SEDAR (www.sedar.com)