CAESAREA, ISRAEL, October 15 /CNW/ - Zion Oil & Gas, Inc. (AMEX: ZN) of
Dallas, Texas and Caesarea, Israel, announced that the company was awarded
effective October 11, 2007 Petroleum Exploration License No. 339/ "Joseph."
The Joseph License covers approximately 83,000 acres on the Israeli
coastal plain between Netanya and Caesarea immediately south of Zion's 79,000
acre Asher-Menashe License. The acreage comprises approximately 85% of the
lands previously held by Zion under the Ma'anit-Joseph License and includes
both the Ma'anit structure, on which the company drilled the Ma'anit #1 well
to a total depth of 15,842 feet and plans to drill the Ma'anit-Rehoboth #2
well to Triassic and Permian targets, and the Joseph lead located south of
Ma'anit. The primary term of the Joseph License runs through October 10, 2010
and is extendable to a maximum of seven years.
In the event of a discovery on the Joseph License, Zion will be entitled
to convert the relevant portions of the license to a 30-year production lease,
extendable to 50 years.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in
Israel in areas located on-shore between Haifa and Tel Aviv. It currently
holds two petroleum exploration licenses between Netanya on the south and
Haifa on the north covering a total of approximately 162,000 acres.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding Zion's operations and planned
operations, potential results thereof and plans contingent thereon, are
forward-looking statements as defined in the "Safe Harbor" provision 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
For further information:
For further information: Zion Oil & Gas, Inc. Ashley Chatman,