DALLAS and CAESAREA, Israel, Nov.
27, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) is pleased to announce that on November 20th, 2017 Zion received a
two-year extension on its Megiddo-Jezreel License No. 401,
extending its validity to December 2,
2019. Zion's CEO, Victor
Carrillo, expresses his optimism, "During this season of
thanksgiving, we are especially
grateful that Israel's Petroleum
Commissioner has granted Zion a multi-year extension that
validates the years of work and accomplishments on the license.
This multi-year extension should assure investors that our current
well will continue unabated, without the risk that the Energy
Ministry would 'pull our license.' Since I joined the company in
2011, I've seen no multi-year license extensions, as any extension
is typically only one year at a time. Zion's proven track
record of continued exploration in Israel, and our history of fulfilling our
obligations to the State of
Israel, give confidence to the current Petroleum
Commissioner to grant us this multi-year license extension."
Zion's President, Dustin Guinn,
says, "We have received on location most of the equipment that was
ordered to allow us to prepare to resume drilling operations
soon. While it has been a patience-testing delay, I would
like to reiterate that it was one that was necessary to maintain
the integrity of the wellbore which will allow Zion to safely
continue drilling deeper. I am very excited about resuming
drilling operations. We have begun rigging up the equipment
that has arrived on location and once all are inspected and tested
we will run back in the hole and resume drilling. As we
approach what I believe is the most exciting section of the well,
we ask that you continue to pray for safe operations throughout the
drilling and testing of the well."
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FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
planned operations, geophysical and geological data and
interpretation, anticipated attributes of geological strata being
drilled, the presence or recoverability of hydrocarbons,
operational risks in testing and well completion, the sufficiency
of cash reserves, ability to raise additional capital, 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 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.