Dallas, Texas and Caesarea, Israel – February 5, 2010 – Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that the Company is mobilizing its drilling rig, currently situated at the Elijah #3 well, to resume production testing operations on the Ma’anit-Rehoboth #2 well as soon as possible within approximately two weeks.
On Monday, February 1st, I was extremely happy to welcome to Zion, Mr. William (Bill) Ottaviani, Zion’s newly appointed President and Chief Operating Officer.
Dear Shareholder and/or Friend of Zion…
On Sunday, January 24, 2010, the Jerusalem Post ran an article on William “Tex” Moncrief, a Texas billionaire wildcatter. In particular, one quote from “Tex” Moncrief caught my eye:
Last week, I wrote that I am not going to continually repeat information that has already been sent to you and that when there is ‘no news to report‘, I will write just that.
There has been quite some discussion by our staff regarding Zion’s weekly updates, as not every week contains ‘news to report’ on every part of our exploration license and permit areas.
As the holiday season arrives, our work continues without letting up on the pace.
The past week has been most eventful, as every day revealed itself. Here are just some of the events:
Dallas, Texas and Caesarea, Israel – December 1, 2009: Zion Oil & Gas, Inc. (NASDAQ GM – ZN) announced today the preliminary results of its rights offering to stockholders, offering 3.6 million shares of Zion’s common stock at a subscription price of $5.00 per share. The rights offering terminated yesterday, November 30, 2009, as originally scheduled. Preliminary results indicate that subscriptions were received for over $37 million, significantly greater than the maximum available of $18 million.
The Ma’anit-Rehoboth #2 Well
This past week, on Thursday, we welcomed Petroleum Engineer John McKenney to Israel. He has arrived to review the completion procedures planned for the Ma’anit-Rehoboth #2 well. John has nearly 40 years experience in Oil & Gas. He has worked for many well-known petroleum companies, including Arco International, Phillips Petroleum, Schlumberger, Tesco Drilling and Triton Engineering. He has also consulted for many other companies, including Murphy Oil, Ocean Energy and Shell Oil.
The Ma’anit-Rehoboth #2 Well
In previous weeks, I have summarized the situation regarding this well.