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Press Releases Zion Oil signed an agreement with the Geophysical Institute of Israel
Press Releases Zion Oil signed an agreement with the Geophysical Institute of Israel | Zion Oil signed an agreement with the Geophysical Institute of Israel |
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Caesarea, Israel - September 17, 2007 - Zion Oil & Gas, Inc. (Amex: ZN), of Dallas, Texas and Caesarea, Israel, announced today that the company signed an agreement with the Geophysical Institute of Israel to conduct one of the largest and most comprehensive geophysical surveys on-shore in Israel of the past two decades. The survey, including seismics, gravimetrics and magnetics, is to be conducted in Zion's Asher-Menashe License area. The purpose of the designed 60 kilometer survey is to acquire new geological and geophysical data to assist Zion in selecting the optimal drilling site for a test well on its Ramot Menashe (Menashe Heights) prospect and to upgrade the company's Nahal Me'arot lead (nearby the Asher-Atlit No. 1 well) into a drillable prospect. The estimated cost of the survey, including processing and interpretation, if completed to its full 60 kilometer designed length, is approximately $650,000. Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel, onshore between Tel-Aviv and Haifa. It currently holds a 78,000 acre exploration license, known as the Asher-Menashe License, located between Caesarea and Haifa. Its application for the issuance of an 85,000 acre exploration license, tentatively named the Joseph License, located between Caesarea and Netanya, on which the company drilled a 15,842 foot well in 2005, is currently pending before the Israel Petroleum Commission. A decision on the application is expected during September or October 2007. FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding the effect of Zion's actions on future operations and the potential results of future operations and plans contingent thereon, 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 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: 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: 5/16/2008 Time: 4:00pm
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