April 1, 2013 Unofficial Consolidation – Rule 13-502Fees[Form 13-502F1]
FORM 13-502F1
CLASS 1 REPORTING ISSUERS – PARTICIPATION FEE
Reporting Issuer Name:Adira Energy Ltd.
End date of last completed fiscal year:December 31, 2012
End date of reference fiscal year:December 31, 2011
(A reporting issuer’s reference fiscal year is the reporting issuer’s last fiscal year ending before May 1, 2012, provided that it was a reporting issuer at the end of that fiscal year and, if it became a reporting issuer in that year as a consequence of a prospectus receipt, all or substantially all of its securities were listed or quoted on a marketplace at the end of that fiscal year. In any other case, it is the reporting issuer’s last completed fiscal year.)
| Market value of listed or quoted securities: | ||
| Total number of securities of a class or series outstanding as at the end of the | ||
| issuer’s reference fiscal year | 101,768,453 (i) | |
| Simple average of the closing price of that class or series as of the last trading | ||
| day of each month in the reference fiscal year, computed with reference to | $0.49 (ii) | |
| clauses 2.7(1)(a)(ii)(A) and (B) and subsection 2.7(2) of the Rule | ||
| Market value of class or series | (i) X (ii) = | $49,867,000 (A) |
| (Repeat the above calculation for each other class or series of securities of the | ||
| reporting issuer that was listed or quoted on a marketplace in Canada or the | ||
| United States of America at the end of the reference fiscal year) | (B) | |
| Market value of other securities not valued at the end of any trading day in a | ||
| month:(See paragraph 2.7(1)(b) of the Rule) | ||
| (C) | ||
| (Provide details of how value was determined) | ||
| (Repeat for each other class or series of securities to which paragraph 2.7(1)(b) | (D) | |
| of the Rule applies) | ||
| Capitalization for the reference fiscal year | ||
| (Add market value of all classes and series of securities) | (A) + (B) + (C) + (D) = | $49,867,000 |
| Participation Fee (determined without reference to subsections 2.2(3.1) of | ||
| the Rule) | $2,320 (iii) |
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April 1, 2013 Unofficial Consolidation – Rule 13-502Fees[Form 13-502F1]
| (From Appendix A of the Rule, select the participation fee | |
| beside the capitalization calculated above) | |
| Did the issuer become a reporting issuer in the previous fiscal year as a result | |
| of a prospectus receipt? If no, participation fee equals (iii) amount above. | $2,320 (iii) |
| If yes, prorate (iii) amount as calculated in subsection 2.2(3.1) of the Rule to | |
| determine participation fee. | (iv) |
| Late Fee, if applicable | |
| (As determined under section 2.5 of the Rule) |
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