PRESS RELEASE: Zion Oil & Gas Drilling Operations Exceed One Mile Depth in Israel
Zion Oil & Gas Drilling Operations Exceed One Mile Depth in Israel
Company successfully raises sufficient funds to drill and test MJ #1 well to proposed total depth
DALLAS and CAESAREA, Israel, July 20, 2017 — Zion Oil & Gas, Inc. (NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel. As of today, we have reached a depth of approximately 5,345 feet (~1,629 meters) toward a proposed total depth of up to ~15,000 feet.
Zion’s CEO, Victor Carrillo, says, “We continue to be very pleased with the operational drilling progress. We’ve observed no notable drilling concerns and have experienced no recordable safety incidents whatsoever. Beginning Sunday after Shabbat, we plan to run a suite of wireline logs from the current depth up to the level of our prior logging run before we set and cement 13 3/8 inch casing to the surface. After the cement fully sets, and we ensure the integrity of the casing job, we will proceed to drill deeper toward our next logging and casing point.”
Successful Outcome of Recent Unit Program
Zion’s recent $250 Unit Program under its Dividend Reinvestment and Common Stock Purchase Plan (DSPP), ended successfully on July 12, 2017. We are pleased to announce that the company raised sufficient funds to drill and test the current well to its proposed total depth, with the ability to also pay for unanticipated financial contingencies.
Carrillo continued, “Management would like to express our tremendous gratitude to our existing and many new shareholders who participated in the Unit Program. It is only with your ongoing financial and prayer support that we are able to move forward in our oil exploration program in Israel.”
Zion Oil & Gas explores for oil and gas onshore in Israel and its operations are focused on the Megiddo-Jezreel License (approximately 99,000 acres) south and west of the Sea of Galilee.
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Purchased my first shares on March 2009 after much prayer and was led to invest in this company and to believe in the vision of God blessing Israel with energy independence. It has truly been a long road but I believe in this Zion Oil & Gas and will continue to pray for it’s success daily.
I pray for great success. I did sell my initial investment, but that allowed me to reinvest some through the unit offering. Until then, I only had what was already issued, which indirectly supported the company. By making a direct purchase, I was actually able to put cash directly toward the project. This directly supported the company and Israel. Thank God for that blessing.
I believe more oil will be discovered than is expected.
We are in for the long run also. We want to see Israel prosper, and Zion Oil and Gas, and the faithful stock holders.
My stock broker called me awhile back and told me to sell ZN was at $7 , he doesn’t understand why I didn’t sell , I told him that this is a prophetic project we are working on here. Been with you since 2011. I believe in what we are doing and I know it will be a success. Let me know if y’all need any help over theređź‘Ť