Photo Release -- Israel's Energy Minister Grants Megiddo-Jezreel License Annexation for Zion Oil & Gas
April 01 2015 - 5:15PM
Zion Oil & Gas, Inc. ("Zion" or "Company")
(Nasdaq:ZN) announced today that, on March 29, 2015, the State of
Israel's Minister of Infrastructure, Energy and Water Resources
(the "Energy Minister") approved the annexation of 67,950 dunam
(approximately 16,791 acres) into Zion's existing Megiddo-Jezreel
Petroleum Exploration License No. 401. The additional acreage
derived from the southern portion of Zion's former Jordan Valley
License. An approximate equal amount of acreage was relinquished
from our Megiddo-Jezreel License so that the overall total area of
our license remains at approximately 400,000 dunam (400 square
kilometers or 98,842 acres), the maximum size authorized under
Israeli law. Zion filed our application to Israel's Petroleum
Commissioner on April 10, 2014 so it has taken almost one year to
gain final approval.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=31859
Victor G. Carrillo, Zion's President and Chief Operating
Officer, said, "This license annexation approval from Israel's
Energy Minister Silvan Shalom is further affirmation that Zion is
on the right path in our future oil exploration efforts. We still
have key regulatory and financial requirements ahead of us before
we can drill our next deep exploratory well but we continue moving
forward. Our license area appears to have all of the geologic
ingredients of an active petroleum system with good potential and
we still plan to spud our well in 2015."
Zion explores for oil and gas in Israel and currently holds the
Megiddo-Jezreel License, a large onshore area of approximately
99,000 acres. Under Israeli law, Zion has the exclusive right to
oil and gas exploration within its license area in that no other
company may drill there.
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
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 statements.
CONTACT: Zion Oil & Gas, Inc.
6510 Abrams Rd., Suite 300
Dallas, TX 75231
Telephone: 214-221-4610
Email: dallas@zionoil.com
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