If we are successful in finding commercial quantities of hydrocarbons in Israel, a portion of the revenues from production will go to charities in Israel, the United States and elsewhere in the world. For this purpose, two charitable foundations have been established by us.
In Israel, we established the Bnei Joseph Foundation. In November 2008, both the Articles of Association and Incorporation Certificate were certified by the Registrar of Amutot, i.e. the Registrar of Charities, in Israel.
In Geneva, Switzerland, for worldwide charitable activities, we established the Abraham Foundation. In June 2008, the articles of incorporation were executed and filed by the Swiss Notary in the Commercial Registrar in Geneva and in November 2008, the Swiss Confederation approved the Foundation as an international foundation under the supervision of the federal government. In December 2008, the Republic of Geneva and the Federal Government of Switzerland issued a tax ruling providing complete tax exemption for the Foundation.
In February 2009, we assigned both a 3% overriding royalty interest to the Bnei Joseph Foundation in Israel and a 3% overriding royalty interest to the Abraham Foundation in Switzerland. In June 2009, the Israeli Petroleum Commissioner formally approved Zion’s transfer of the overriding royalty interests to the respective foundations. The general application of the funds will be to support projects for the restoration of the land and people of Israel and social, charitable, medical, religious, educational and rehabilitative projects in the United States and internationally. Of course, if we are unsuccessful in our exploration efforts, no funds will be available for donation.