DALLAS and CAESAREA, Israel, July
5, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) continues active drilling operations at its
Megiddo-Jezreel #1 well in Israel. As of today, we have
reached a depth of ~3,280 feet (~1,000 meters) toward a proposed
total depth of up to ~15,000 ft.
Zion's CEO, Victor Carrillo,
added, "Since our last update on June
19th, we continue to be quite pleased with the operational
progress of the drilling. We successfully ran a suite of
electric logs from surface to ~1,900 ft., successfully ran and
cemented our surface casing with 18 5/8 inch casing, and
continue drilling deeper. I would like to emphasize to our
investors that as opposed to most other drilling operations around
the world, in Israel, we do not
drill during Shabbat (Friday sunset to Saturday Sunset) out of
respect for local laws and religious traditions. We recognize
that this may extend the overall time it takes to drill our well,
but we will continue to be good stewards of Israel's land and customs in acknowledgment
that we are their guests."
Zion's forward looking plans call for obtaining sidewall cores
(SWCs) from upcoming zones of interest and drilling ahead to our
next casing point.
$250 Unit Program Ends on
July 12, 2017 and Will Not Be
Extended
Zion Oil & Gas will not be extending the current
$250 Unit Program under its Dividend
Reinvestment and Common Stock Purchase Plan (DSPP) beyond next
Wednesday, July 12,
2017.
Interested participants may participate in the $250 Unit program through July 12, 2017 only. To learn more about this
program, visit Zion's information on the Direct Stock Purchase Plan
(DSPP) – www.zionoil.com/dspp
Zion Oil & Gas explores for oil and gas onshore in
Israel and its operations are
focused on the Megiddo-Jezreel License (approximately 99,000 acres)
south and west of the Sea of Galilee.
Forward Looking Statements
This press release contains statements that may be deemed to be
"forward-looking statements" under federal securities laws. Any
forward-looking statements are based upon our current expectations,
estimates and projections about our business and our industry and
reflect our beliefs and assumptions based upon information
available to us at the date of this release. We caution readers
that forward-looking statements are predictions based on our
current expectations about future events. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties and assumptions that are difficult to
predict. Our actual results, performance or achievements could
differ materially from those expressed or implied by the
forward-looking statements as a result of a number of factors and
other risks and uncertainties discussed under the heading "RISK
FACTORS" at page 22 of the Prospectus Supplement and in the
Company's other filings with the Securities and Exchange
Commission. We undertake no obligation to revise or update any
forward-looking statement for any reason.
Zion Oil & Gas, Inc. has filed with the SEC a registration
statement (including a prospectus) for the unit program under the
DSPP to which this communication relates. Before you invest, you
should read the prospectus in that registration statement
and other documents Zion Oil & Gas, Inc. has filed with the SEC
for more complete information about Zion and this offering.
That prospectus and other documents the Company has filed with the
SEC may be obtained at no charge (free) by visiting EDGAR on the
SEC website at www.sec.gov. Alternatively, Zion Oil & Gas, Inc.
will send you the prospectus upon request by calling toll free
888-891-9466. Direct links to the SEC location, or to the documents
in PDF, may be found on Zion's home page at www.zionoil.com.
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000
Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: andrew.summey@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.