2010-05-19-2010-01-26

To acquire 70% WI in Gabriella license offshore Israel.

Modiin Energy Ltd., Netanya, Israel, has acquired a 70% interest in the Gabriella license offshore Israel from Adira Energy Israel Ltd., a subsidiary of Adira Energy Ltd., Toronto, (OTCBB: ADENF) in exchange for drilling commitments of approximately US$5.6 million.

The Gabriella license covers approximately 150 square miles in the Mediterranean Sea and is approximately six miles from the Israel coast between the cities of Netanya and Ashdod.

Under the agreement, Adira will conduct a 3-D seismic survey and drill a well to approximately 16,000 feet in depth. The work budget has been set at US$8 million.