DALLAS and CAESAREA, Israel, May
17, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that it expects to commence
perforation, stimulation and flow back operations on its
Megiddo-Jezreel #1 (MJ #1) well as early as next week in
Israel.
Zion's President and Chief Operations Officer, Dustin Guinn, stated, "After extensive well
preparation, rig up and endurance testing of our service provider's
imported well testing equipment, which includes additional well
control equipment, flare stacks, separation units, slick line unit,
stimulation and storage equipment, we are ready to begin the highly
anticipated testing and flow back of the MJ #1 well. We
recognize that this has taken longer than expected, but the fact
remains that Zion has just surpassed one year without a recordable
incident, a great achievement, and we will not increase our risk
profile to save a few days. While we do not have a definite
timeline for the testing of each zone, especially if we need to
perform extended flow back testing, we expect basic testing to
require approximately 7-10 days per zone to perforate, run tubing,
monitor flow, stimulate and resume monitoring flow. Extended
testing will require more time."
Zion's CEO, Victor G. Carrillo,
added, "Having recently returned from Israel, we remain very excited about and
anxiously await results from our upcoming well testing
operations. In addition, we celebrate the State of Israel's 70th anniversary
as a nation and I heartily applaud and commend the President's
decision to move the US Embassy to Jerusalem – Israel's eternal capital. Mazal Tov to Israel!"
The current Rights Offering expires at 5:00pm Eastern Standard Time, on May 31, 2018 and will not be extended. All
shareholders that held ten or more shares on April 13, 2018, are eligible to participate until
then.
Zion's 2018 Annual Shareholders Meeting will be held on
June 5 at 2:00
pm at the Westin Park Central Hotel in Dallas, Texas. If you are a shareholder
planning to attend, please register through our website
(www.zionoil.com/2018-annual-meeting-of-shareholders/).
Shareholders are also encouraged to obtain Proxy information and
voting instructions online from AST Financial
(www.astproxyportal.com/ast/Zionoil/) and cast your vote via
proxy.
"And by the Almighty who will bless you with
blessings of heaven above,
Blessings of the deep that
lies beneath …" Genesis 49:25
"In His hand are the deep places of the earth
…" Psalm 95:1-7
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 or tested, 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 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.