Zion Oil & Gas to Conduct In-Well Testing Operations at Its Elijah #3 Well
DALLAS and CAESAREA, Israel, June 19, 2013 (GLOBE 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.
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."
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: Zion Oil & Gas, Inc.
Brittany Russell, 214-221-4610
Zion Oil & Gas Logo
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