Photo Release -- Israel Grants Zion 98,842 Acre Megiddo-Jezreel Petroleum
DALLAS and CAESAREA, Israel, Dec. 11, 2013 (GLOBE NEWSWIRE) -- Zion Oil & Gas,
Inc. ("Zion" or "Company") (Nasdaq:ZN) announced today that, on December 3,
2013, the State of Israel's Petroleum Commissioner awarded the Company the
Megiddo-Jezreel Petroleum Exploration License No. 401. The Megiddo-Jezreel
License covers an area of approximately 400,000 dunam (400 square kilometers
or 98,842 acres), of onshore land south and west of Zion's existing Jordan
Valley License. The new License has a three-year primary term, commencing
December 3, 2013 and going through December 2, 2016. The License may be
further extended for additional one-year periods up to a maximum of seven
years as provided by the Israeli Petroleum Law.
Zion's Active License Areas in the
State of Israel as of December 11, 2013
A photo accompanying this release is available at
Under the terms of the Megiddo-Jezreel License, the Company is to identify and
submit a drilling prospect in the license area by July 1, 2015; enter into a
contract for the drilling of such prospect by October 1, 2015; and begin
drilling or "spud" a well to a minimum proposed total depth of approximately
4,000 meters (~ 13,125 feet) by December 1, 2015. Additional terms of the
License require Zion to attain various geological and geophysical milestones
during the primary term, including reprocessing and acquiring additional
seismic data, all of which should be achievable before the stated deadlines.
The new license award follows the Company's submission in April of 2013 of a
detailed and extensive application proposal seeking the Petroleum Exploration
License in the Megiddo-Jezreel Valley area.
John Brown, Zion's CEO, said, "This is a key milestone in Zion's future
exploration success. We are committed to stay the course and fulfill Zion's
vision to render assistance to the Jewish people and Nation of Israel and to
aid them in the Restoration of the Land by providing the oil and gas necessary
to help the People of Israel maintain their political and economic
Victor G. Carrillo, Zion's President and Chief Operating Officer, said, "Being
awarded the 98,842 acre Megiddo-Jezreel Valley License is a critically
important step for Zion's future exploration efforts. We have many
prerequisite steps before we can drill our next deep exploratory well but we
plan to get to that point as expeditiously as possible. This new area appears
to have all of the geologic ingredients of an active petroleum system with
Zion's common stock trades on the NASDAQ Global Market under the symbol "ZN".
Zion Oil & Gas, a Delaware corporation, explores for oil and gas onshore in
Israel. It currently holds three petroleum exploration licenses: the
Asher-Menashe License (on approximately 79,000 acres), the Jordan Valley
License (on approximately 56,000 acres), and the newly granted Megiddo-Jezreel
License (on approximately 99,000 acres). Zion's total license area currently
amounts to approximately 234,000 acres.
FORWARD LOOKING STATEMENTS: Statements in this communication that are not
historical fact, including statements regarding Zion's planned operations,
plans to achieve certain milestones, and plans for future drilling, 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
Zion's homepage may be found at: http://www.zionoil.com
CONTACT: Zion Oil & Gas, Inc.
6510 Abrams Rd., Suite 300
Dallas, TX 75231
Zion Oil & Gas Logo
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