Contact: Brittany Russell, Zion Oil & Gas, Inc., 214-221-4610, info@zionoil.com
DALLAS, Texas and CAESAREA, Israel, June 20, 2013 /Christian Newswire/ -- Zion Oil & Gas, Inc. (NASDAQ: ZN) ("Zion" or "Company") announced today that the Board of Directors approved of in-well testing at its Elijah #3 well in the Asher-Menashe License, in which an application was submitted to Israel's Petroleum Commissioner for a third one-year extension on April 26, 2013.
During Zion's 2013 Annual Shareholders' Meeting, the Board of Directors on June 12, 2013 approved an Authority for Expenditure ("AFE") proposal to conduct in-well testing of its Elijah #3 well within the Jurassic geological section, at approximately 7,380 feet (2,250 meters), with operations likely to occur in September, 2013. Zion then plans to perforate the zone of interest, fluid stimulate the carbonate rock, and perform a drill stem test. A drill stem test is a procedure for isolating and testing the pressure, permeability and productive capacity of a geological formation within a well. The test is a key method of obtaining information on the formation fluid and establishing whether a well has found a commercial hydrocarbon reservoir.
Future Projects:
At the request of John Brown (Zion's Chairman and Chief Executive Officer), Mr. Glen Perry (Zion's Engineering and Operations Consultant) will be taking a trip to Turkey to look at drilling rigs and drilling service providers for Zion's future exploration efforts in Israel.
Mr. Perry (M.S. in petroleum engineering from the University of Texas) has over 40 years of experience in the domestic and international petroleum energy field, specializing in project evaluation and development.
While in Turkey, Mr. Perry plans to visit with Viking International, a global service company engaged in oil and gas drilling services, to consider seeking a rig, crew, and associated well site services for Zion's future drilling operations in Israel.
The Vision and the Calling:
Recently, Mr. Brown appeared on Jewish Voice Ministries, a TV talk show with U.S. and worldwide outreach hosted by Rabbi Jonathan Bernis.
The show aired the week of June 10th, 2013. If any of you missed the show you can watch it by going to our website: www.zionoil.com/updates/is-there-oil-in-israel
Direct Stock Purchase Plan (DSPP)
Zion now offers a convenient and simple way for you to purchase Stock through our Direct Stock Purchase Plan.
Go to our website www.zionoil.com/dspp to learn more about investing.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Haifa and Tel Aviv. It currently holds three petroleum exploration licenses, the Joseph and the Asher-Menashe Licenses, between Netanya, in the south, and Haifa, in the north, covering approximately 83,000 and 79,000 acres, respectively, and the Jordan Valley License to the east of Zion's Asher-Menashe license area, covering approximately 56,000 acres. Zion also awaits approval of the Megiddo-Jezreel License of approximately 98,000 acres, in which the proposed work plan and boundaries have been preliminarily approved by Israel's Petroleum Commissioner within the Energy Ministry. If the Energy Ministry grants Zion's applied-for Megiddo-Jezreel License, Zion's total petroleum exploration rights area will be approximately 316,000 acres.
For updates on exploration and operational activities, please visit Zion's website: www.zionoil.com Zion's common stock trades on the NASDAQ Global Market under the symbol "ZN."
Please continue to pray for Israel and Zion Oil & Gas.
Psalm 69:13
John Brown
Chairman & CEO
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.
Contact Information:
Brittany Russell
6510 Abrams Rd., Suite 300
Dallas, TX 75231
Phone: 888.891.9466
Phone: 214.221.4610
Fax: 214.221.6510
Email: info@zionoil.com
Website: www.zionoil.com
