DALLAS and CAESAREA, Israel, Jan.
31, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ:ZN) announces that its Megiddo-Jezreel #1 (MJ #1) well is
at a current depth of ~4,850 meters (~15,913 feet) and should reach
its final total depth (TD) of up to ~5,100 meters (~16,733 feet) in
the next few drilling days. Zion also announces the launch of
a new $5 per share Unit Program of
limited duration during the month of February under its Dividend
Reinvestment and Common Stock Purchase Plan (DSPP).
Zion's CEO, Victor G. Carrillo,
states, "We are on final approach to reaching the MJ #1 well TD of
up to ~5,100 meters. Zion's management remains optimistically
enthusiastic about what we have seen and still hope to see in the
well. Upon reaching TD, we will run our final suite of wireline
logs and case the lower portion of the well before we finalize our
testing program that will most likely occur in late March or April,
after the testing equipment arrives to our well site in
Israel."
Dustin Guinn, Zion's President
& Chief Operating Officer, says, "It has been a challenging
well and to finally approach total depth is a satisfying
accomplishment of which all of our shareholders should take
pride. The MJ #1 is a very important well for Israel.
We have been anxiously awaiting drilling into Triassic rocks and
more notably the Mohilla Formation, which is a productive formation
in Israel. Zion's geoscience and operations teams believe
that we have, in fact, crossed into and are currently drilling in
the Mohilla Formation. This would not have been possible, if
not for deepening the well, which we referenced in our last
update."
Zion is a company built on faith and dedicated to the mission of
blessing Israel through
exploration and production of hydrocarbons with the desire for
Israel to, one day, be energy
independent.
"Let the people praise thee, O God; let all the people praise
thee. O let the nations be glad and sing for joy: for thou shalt
judge the people righteously, and govern the nations upon earth.
Selah. Let the people praise thee, O God; let all the people
praise thee. Then shall the earth yield her increase; and God, even
our own God, shall bless us. God shall bless us; and all the
ends of the earth shall fear him." Psalm 67:3-7
Zion's Unit Program begins tomorrow, February 1, 2018, and will last until the Company
raises $5 million in funding or
February 28, 2018, whichever occurs
sooner. The new Unit Option program allows investors to
purchase Units of our securities where each Unit (priced at
$250.00) is comprised of:
- 50 shares of ZN common stock, and
- 50 common stock purchase warrants. Each warrant (symbol
"ZNWAH") affords participants the opportunity to purchase one share
of ZN common stock at a warrant exercise price of $5.00.
The warrants will first become exercisable on the first trading
day after the 31st day following the Unit Program
Termination Date (i.e., on the earlier of February 28, 2018 or when this Unit Program
receives $5 million in Unit
purchases) and continue to be exercisable for one year after the
exercise date at a per share exercise price of $5.00.
"If you come with us, we will share with you whatever good
things the Lord gives us." Numbers
10:32
Zion is dedicated to exploring for oil and gas onshore
Israel and is 100% focused on its
Megiddo-Jezreel License, a large area south and west of the Sea of
Galilee that includes the Jezreel and Megiddo valleys. This license
gives Zion the exclusive right to explore in an area of
approximately 99,000 acres that appears to possess the key geologic
ingredients of an active petroleum system with significant
exploration potential.
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. 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, the Company 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.
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
being drilled, the presence or recoverability of hydrocarbons,
operational risks in testing and well completion, timing 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.
12655 North Central Expressway, Suite 1000
Dallas, TX 75243
Andrew Summey:
Telephone: 214-221-4610
Email: info@zionoil.com
www.zionoil.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/zion-oil--gas-nears-total-depth-in-israel-well-300591316.html
SOURCE Zion Oil & Gas, Inc.