CAESAREA, ISRAEL, December 10 /CNW/ - Zion Oil & Gas, Inc. (Amex: ZN) of
Dallas, Texas and Caesarea, Israel, today issued a clarification of certain
statements made in an article published in The Jerusalem Post's weekend
UpFront magazine, on Friday, December 7, 2007.
The UpFront article, titled 'The making of a miracle', reviewed the
history of Zion and its exploration activities in Israel and quoted from an
article, published in July 5, 2004 by the 'Oil & Gas Journal', titled 'Pace
speeds up in exploration for Triassic targets in Israel' written by Stephen
Pierce, currently Zion's Exploration Manager.
The quote used by the Jerusalem Post contained Mr. Pierce's opinion,
detailed in his 2004 article, as to the amount of oil that Zion may be likely
to discover. That opinion was based on his technical analysis of Zion's
project in 2004, prior to the drilling of Zion's first well, the Ma'anit #1.
At the time Mr. Pierce wrote his article, he was not employed by Zion,
but was an independent consulting geologist. In 1980, while working for the
Superior Oil Co. (now part of Exxon Mobil Corp.), he wrote an analysis for the
government of the State of Israel that included areas covered by Zion's
Mr. Pierce was retained by Zion as a consulting geologist for the
drilling of its Ma'anit #1 well in February 2005 and joined the company on a
full time basis in October 2005.
Following the drilling of the Ma'anit #1 well during 2005-2007 and
analysis of the data collected, there has been a significant revision to
Zion's technical analysis of its project. Zion's most recent analysis is
contained in its Permian Report, a summary of which was published in Zion's
Press Release on November 29, 2007.
Zion has never publicly announced any estimates of the size or potential
reserves of any discovery it may make.
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, the Joseph and the Asher-Menashe
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 geological and economic
interpretations and analyses and the possible implications thereof and
statements regarding potential results of planned operations, 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,