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Through its wholly-owned subsidiary Adira Energy Corp., an Ontario corporation, the Company explores for oil and gas in Israel in areas located on-shore in the Hula Valley, Northern Israel, 10km offshore between Netanya and Ashdod, and 17km offshore between Hadera and Netanya. The Company currently holds three petroleum exploration licenses, the Eitan, Gabriella and Yitzhak Licenses, covering an aggregate total of approximately 160,550 acres. Brownstone Ventures Inc a Canadian-based, TSX Venture Exchange listed, energy investment company, has the right, subject to certain conditions, to earn a 15% participating interest in the Company’s’ offshore blocks. The Yitzhak License area is centered approximately 17 km off the Israeli coast and stretches from Netanya in the South to Hadera in the North (about 11 km). The Yitzhak License covers a total license area of 127,700 Dunam (approximately – 127.7 square kilometers or 31,555 acres). The Yitzhak License is directly to the North of, and contiguous to the company’s Gabriella License. The license area is in shallow water with a depth of approximately 150 meters, which the Company believes will make drilling more cost efficient. The Yitzhak License has been granted for an initial period of three years commencing October 15, 2009. Stephen Pierce, AMG’s Senior Vice President of Geology, said: “During early 1970 an oil well located in the area covered by the Yitzhak License called “Delta-1” was drilled. The total depth of Delta-1 was 4423m, and ended in the Upper Jurassic. However, this depth is above the oil encountered in the Jurassic Bathonian age limestones in the Yam Yafo-1 (4894m – 4955m) and Yam-2 wells (5315m).