Press Releases Zion Oil & Gas, Inc. reports results for Fiscal Year 2007 | Zion Oil & Gas, Inc. reports results for Fiscal Year 2007 |
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Caesarea, Israel - March 31, 2008 - Zion Oil & Gas, Inc. (Amex: ZN), of Dallas, Texas and Caesarea, Israel, filed its Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007 on March 28. The Company reported a net loss of $(13,047) thousand or $(1.34) per share for the 2007 year compared to a net loss of $(2,510) thousand or $(0.32) per share for the prior year. The Company had no revenues, as it is still an exploration stage company. As in prior years, the audit opinion from the Company’s independent registered accounting firm, Somekh Chaikin (a Member of KPMG International), included in the Company's Annual Report on Form 10-KSB a 'going concern' qualification.
Upon release of the 2007 annual results, Zion’s Chief Executive Officer, Richard Rinberg, commented: “During 2007 Zion became a publicly traded company, was granted its two petroleum exploration licenses, carried out one of the largest field surveys in Israel in recent years and purchased casing and other materials for drilling its planned next two wells targeted to test the Triassic and Permian geological layers. Our business is moving forward as planned." For additional information regarding the 2007 results, as well as the Company’s future plans, please refer to the Company's latest Form 10-KSB which is available on the SEC's website www.sec.gov and at Zion’s website www.zionoil.com. Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv. It currently holds two petroleum exploration licenses, the Joseph and the Asher-Menashe Licenses, between Netanya, in the south, and Haifa, in the north, covering a total of approximately 162,100 acres. The Company's financial statement information is summarized below: (In thousands, except for per share income)
FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's operations and planned operations and an ability to raise additional capital, 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 home page may be found at: www.zionoil.com Contact: Zion Oil & Gas, Inc. 6510 Abrams Rd., Suite 300 Dallas, TX 75231 Ashley Chatman, tel: 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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