Zion signs drilling rig MOU with Viking Services
DALLAS and CAESAREA, Israel, Feb. 25, 2015 (GLOBE NEWSWIRE)
Zion Oil & Gas, Inc. (Nasdaq:ZN) (“Zion”) entered into a Memorandum of Understanding (“MOU”) with Viking Services BV (“Viking”) (a Netherlands private company), to contract for a land-based oil and gas rig with deep drilling capacity and certain other oilfield services and crew for exploration activities within Zion’s Megiddo-Jezreel License area in Israel.
Under the scope of work, Viking would provide their Rig 35, or a rig of similar capabilities with at least a 1,500 HP engine and the capability of drilling to a depth of 15,000 feet. The agreement would be for a two year term to drill two wells with an option to drill a third well.
The parties anticipate a spud date for the first well (Megiddo-Jezreel #1) in the second half of 2015, subject to Zion securing full regulatory approval from the State of Israel and regional and local governing bodies.
After the primary term of the drilling contract, the parties may jointly establish Zion Drilling, Inc. (“Zion Drilling”), to initially lease and then possibly acquire and hold title to a drilling rig, either the rig under the primary term or a similar but deeper drill capacity rig.
Zion Drilling’s stated business purpose would be to conduct drilling on Zion’s oil and gas licenses within the State of Israel and to the extent not so utilized, to lease out the rig for hire to other Israel-based drilling projects.
Victor G. Carrillo, Zion’s President and COO, states: “We are excited to join forces with Viking Services, a respected international oilfield services company who can help provide integrated service solutions, with equipment and operations located throughout the Eastern Hemisphere including ongoing operations in Israel. We believe this marks the beginning of a lasting business relationship in Israel with Zion and continues to build on the operational footprint that Viking has established with other energy companies in Israel committed to the development of onshore exploration and production of oil and gas.”
February 25, 2015 – Viking CEO, Dustin Guinn, signs MOU with Zion President, Victor Carrillo.
Zion explores for oil and gas in Israel and currently holds the Megiddo-Jezreel License, a large area comprised of approximately 99,000 acres.
Under Israeli law, Zion has an exclusive right to oil and gas exploration in our license area in that no other company may drill there.
We continue our exploration focus on our Megiddo-Jezreel License area as it appears to possess the key geologic ingredients of an active petroleum system. Based on our interpretations of some newly acquired seismic data, we have now selected the precise drill pad location from which to drill our next well(s), the first of which we anticipate to spud in the second half of 2015.
For updates on operational activities, please visit Zion’s website: “www.zionoil.com.” Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN.”
FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion’s planned operations and potential results thereof 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 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.
UPDATE 4/15/2015:
Mr. Dustin Guinn is appointed to Zion’s Board of Directors as independent director. Read the Press Release HERE…
Amen! Glory Be To God.
Praise God! I am thrilled to learn that God has opened this wonderful door for Zion Oil & Gas! God truly loves Israel & so do I! He said in his word that he would bless anyone who blesses Israel and curse those who curse Israel. I stand with the minority that BLESSES ISRAEL! God is not slack concerning his promises but will fulfill each and everyone of them without any doubt. I stand with Zion Oil & Gas and will proud to be a future investor!
I believe in One God not 3!
Hear O Israel, The Lord our God is one.
There are a lot of churches here in America who are part of an International Organization called UPC which stands for United Pentecostal Church and everyone of them Blesses Israel to which I am proud to be a part of!!
God’s richest blessings upon Israel and his people!
Wonderful news. Praise God, He is good.
Our Father in heaven is faithful in His promises. He brings it to fulfilment. I always believed, from the moment I came to know the exploration started, that the black gold will be flowing to the wells of Israel from around its enemies. Israel will be the richest in the world. Because Israel is God’s chosen land and He owns all the riches in the universe.
Praise the God of heaven. I shall continue to pray in the name of Jesus, the King of Kings who is to come into His Holy City Jerusalem. Amen.
In Jesus,
Stephen Bernard.
Praise the Lord for answered prayer. Indeed we serve the Living God.
Glory be to His name.
One more step closer….GOD is I control, not isis! and Israel is the Apple of his eye.
Praise The Lord! I wish you much success! Though our current POTUS does not represent most Fellow believers-I truly believe those who bless Israel will be blessed and those who curse Israel will be cursed. Praying the The Lord a Almighty blesses you with unimaginable wealth and success and peace to your borders all around!
In Jesus Name. Amen
Dear Mr. Brown and ZOG, Mazel Tov!
Regards, Marie-France A. Smith
We believe in what you are doing in and for Israel! We claim the Word over Zion Oil and Israel “Let the blessing come on the head of Joseph”! Deut. 33
Praise God! And the Lord will bless them who bless Israel.
God bless you all!
Janice and Russell
Dear Zion Oil & Gas,
Praise God! I have been praying for Zion Oil & Gas since I was first made aware of you. I have stood in faith from that time and pray for you. I know that I know that I
know the time is soon. John Brown’s faith and commitment to this project is what brought me on board. I pray prophetically for Zion Oil & Gas and I continuously visualize the oil gushing. I will continue standing with you until it is brought to fruition. I have also prayed for finances to purchase stock and I have faith it is coming soon! I look forward to supporting you in that area as well. Until that day
I remain in prayer for you.
Blessings,
Charis Bruner