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Press Releases Zion has successfully completed the field acquisition stage of its geophysical survey
Press Releases Zion has successfully completed the field acquisition stage of its geophysical survey | Zion has successfully completed the field acquisition stage of its geophysical survey |
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Caesarea, Israel - January 23, 2008 - Zion Oil & Gas, Inc. (Amex: ZN), of Dallas, Texas and Caesarea, Israel, announced today that it has successfully completed the field acquisition stage of its geophysical survey in its Asher-Menashe License area between Caesarea and Haifa, Israel. Zion has completed the acquisition of 7 new lines of seismic data covering approximately 52 kilometers (32 miles). The survey was conducted on two of the prospective areas in the Asher-Menashe License - one in the Ramot Menashe hills where 4 lines (approximately 33 kilometers) of data were acquired. The other 3 lines (approximately 19 kilometers) were shot on the coastal plain and in the Carmel mountain valley known as Nahal Me'arot, east of the coastal town and Crusader fortress of Atlit. Related magnetic and gravimetric data were also collected. Glen Perry, Zion's president and chief operating officer, said that a review of the raw data indicated that the quality of the lines was very good. He gave much of the credit to Ernie Ayers, president of Radix Inc., Ft. Davis, Texas, who supervised field operations for Zion and to the professionalism of the seismic crews of the Geophysical Institute of Israel. One of the new seismic lines has been tied to the deep Asher-Atlit #1 well, drilled in the early 1980s. The Asher-Atlit #1 well, in which a Triassic reef 2,500 feet thick was encountered, is key to interpreting Zion's nearby Nahal Me'arot lead. The raw seismic data is now being taken to Ft. Davis, Texas for processing by Radix, Inc. using advanced computer systems. Radix is also reprocessing eight additional lines (totaling approximately 90 kilometers) of seismic data, overlapping Zion's seven new lines, to develop an integrated picture of the Ramot Menashe and Nahal Me'arot areas. All the processing should be completed by mid-March 2008. Mr. Perry commented that the combination of the new and reprocessed data (more than 140 kilometers of seismic lines) should enable Zion's geologists to better define two promising exploration leads, upgrade those leads to drillable prospects and select the optimal site for Zion's first test well on its Asher-Menashe License. Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres. FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding geological and economic interpretations and analyses and the possible implications thereof and statements regarding potential results of planned operations, are forward-looking statements as defined in the "Safe Harbor'' provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements. Zion's homepage may be found at: www.zionoil.com Contact: Ashley Chatman Zion Oil & Gas, Inc. 6510 Abrams Rd., Suite 300 Dallas, TX 75231 214-221-4610 Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it |
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Zion Oil & Gas, Inc. (ZN) AMEX Trade Date: 5/9/2008 Time: 4:00pm
Last: 6.4999
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NYSE & AMEX: 20 MIN.
High: 6.67 Low: 6.40 Volume: 10335
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