2009-04-30-2009-04-30

To buy company, gaining 12,570 acres in the Hula Valley.

AMG Oil Ltd., Vancouver, (OTCBB: AMGOF) plans to acquire Ontario-based Adira Energy Corp., in exchange for a stake in AMG. Adira Energy has a petroleum license covering 12,570 acres in the Hula Valley in northern Israel and plans to prove up and, if warranted, develop the natural gas and coalbed-methane gas field, generate gas-powered electricity and acquire additional exploration/development licenses in the region. Pro forma, AMG will be renamed Adira Energy Corp. The deal is contingent on the closing of a $2-million private placement to Adira shareholders, where AMG will offer 8 million units at US$0.25 each. Current Adira Energy shareholder will hold approximately 49.8% of the combined company. The board of the combined company will be comprised of five appointees of Adira Energy, one appointee of AMG as approved by Adira Energy and any other appointee as designated by the board of the resulting issuer.