CAESAREA, ISRAEL, September 17 /CNW/ - Zion Oil & Gas, Inc. (AMEX: ZN) of
Dallas, Texas and Caesarea, Israel, announced today that the company signed an
agreement with the Geophysical Institute of Israel to conduct one of the
largest and most comprehensive geophysical surveys on-shore in Israel of the
past two decades. The survey, including seismics, gravimetrics and magnetics,
is to be conducted in Zion's Asher-Menashe License area.
The purpose of the designed 60 kilometer survey is to acquire new
geological and geophysical data to assist Zion in selecting the optimal
drilling site for a test well on its Ramot Menashe (Menashe Heights) prospect
and to upgrade the company's Nahal Me'arot lead (nearby the Asher-Atlit No. 1
well) into a drillable prospect.
The estimated cost of the survey, including processing and
interpretation, if completed to its full 60 kilometer designed length, is
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in
Israel, onshore between Tel-Aviv and Haifa. It currently holds a 78,000 acre
exploration license, known as the Asher-Menashe License, located between
Caesarea and Haifa. Its application for the issuance of an 85,000 acre
exploration license, tentatively named the Joseph License, located between
Caesarea and Netanya, on which the company drilled a 15,842 foot well in 2005,
is currently pending before the Israel Petroleum Commission. A decision on the
application is expected during September or October 2007.
FORWARD-LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding the effect of Zion's actions
on future operations and the potential results of future operations 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 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.
Zion's homepage may be found at: www.zionoil.com
For further information:
For further information: Zion Oil & Gas, Inc., Dallas Ashley Chatman,
214-221-4610 Email: email@example.com