Dallas, Texas and Caesarea, Israel – Zion Oil & Gas, Inc. (NYSE Alternext US: ZN) announced today that, on February 24, 2009, Zion submitted an application to Israel’s Oil Commissioner requesting the grant of a preliminary petroleum exploration permit on approximately 245,000 acres onshore Israel, in the area that was formerly within Issachar’s and Zebulun’s ancient biblical tribal areas. The requested permit area is adjacent to and to the east of Zion’s Asher-Menashe license area. Zion has tentatively named the area as the ‘Issachar-Zebulun Permit Area’.
Zion 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. If Zion’s Issachar-Zebulun Permit Area application is granted, it would increase Zion’s total license area to over 400,000 acres.
Zion’s Chief Executive Officer, Richard Rinberg, said today, “With the Issachar-Zebulun application, we have taken a positive step forward with our plan to continue building shareholder value in Zion. We now eagerly await the arrival of the 2,000 horsepower drilling rig and the drilling of Zion’s second well, on our Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and then, we plan, to the Permian Formation (down to a depth below 18,000 feet).”
Zion’s common stock trades on the NYSE Alternext US under the symbol “ZN” and Zion’s warrants trade under the symbol “ZN.WS”.
Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion’s planned operations, potential results thereof and plans contingent thereon, including the importation of a drilling rig into Israel and the granting of various required permits, are forward-looking statements as defined in the “Safe Harbor” provisions 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:
Zion Oil & Gas, Inc.
Brittany Russell, 214-221-4610
moc.l1328831493ionoi1328831493z@sal1328831493lad1328831493
