Zion Oil & Gas Resumes Operations on Megiddo-Jezreel #1 Well in Israel

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Zion Oil & Gas Resumes Operations on Megiddo-Jezreel #1 Well in Israel

 

Israel’s Energy Ministry grants approval of Zion’s Well Testing Plan

DALLAS and CAESAREA, Israel, April 30, 2018 – Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it has resumed operations on its Megiddo-Jezreel #1 (MJ #1) well. After receiving formal approval from the Israeli Energy Ministry, Zion will now begin to flow test the MJ #1 well after reaching total depth of 5,060 meters (~16,600 feet) in February.

Zion’s President and Chief Operations Officer, Dustin Guinn, stated, “As can be expected with an exploration well with very little offset data, we wanted to take adequate time to properly evaluate our logs both internally and externally. We are very pleased with our internal geoscience staff and our independent petrophysical consultants, each of whom did a great job in their analysis. We are confident that their analytical work positions us well to deliver successful results. The equipment, which was sourced from the Netherlands, Italy, and the United States amongst other countries, has arrived and we are very eager to start our testing program.”

Zion’s CEO, Victor G. Carrillo, added, “Based on our internal interpretation that is supported by third-party petrophysical analysis, we have chosen up to three primary and two secondary deep target zones to test for flow/production capacity. Dr. Lee Russell, Dustin Guinn, and I will travel to Israel to observe and oversee the initial phase of well testing. We expect to start testing the first zone in the first week of May and testing will likely take several weeks to complete (depending on individual zone outcomes). We cannot comment on the well’s capacity for commercial production until after we conduct and analyze our well testing protocol. We will endeavor to provide further updates as material information becomes available.”

Zion’s 2018 Annual Shareholders Meeting will be held on June 5 at 2:00 pm at the Westin Park Central in Dallas, Texas. All shareholders planning to attend are asked to register on Zion’s website (www.zionoil.com/2018-annual-meeting-of-shareholders/). Shareholders are also encouraged to obtain Proxy information and voting instructions online from AST Financial (www.astproxyportal.com/ast/Zionoil/).

“And by the Almighty who will bless you with blessings of heaven above, Blessings of the deep that lies beneath …” Genesis 49:25

"In His hand are the deep places of the earth …" Psalm 95:1-7

FORWARD-LOOKING STATEMENTS: This communication contains statements that may be deemed to be “forward-looking statements” under federal securities laws and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, our ability to raise additional capital to fund our drilling program, our going concern qualification, our success in obtaining all needed regulatory approvals and/or extensions for the drill site, entering into drilling and other oilfield service agreements, changes in economic conditions generally and the oil & gas industry specifically, changes in technology, legislative or regulatory changes, and other risks and uncertainties discussed under the heading “RISK FACTORS” on our annual report on Form 10-K for the year ended December 31, 2017 and in the Company’s other SEC filings. We undertake no obligation to revise or update any forward-looking statement for any reason.