CAESAREA, ISRAEL, December 26 /CNW/ - Zion Oil & Gas, Inc. (AMEX: ZN) of
Dallas, Texas and Caesarea, Israel, announced today that, on December 24, it
commenced the field acquisition stage of its previously announced geophysical
survey in its Asher-Menashe License area between Caesarea and Haifa, Israel.
Following the recent completion of the permitting stage, Zion with the
assistance of geophysical consultant, Ernie Ayers, CEO of Radix Inc., Ft.
Davis, Texas, and the Geophysical Institute of Israel, last week finalized the
program design, including both the seismic lines to be acquired and the
acquisition parameters. Zion plans to acquire 7 new seismic lines (4 in the
Ramot Menashe area and 3 in the Nahal Me'arot area) totaling approximately 50
kilometers (30 miles).
Zion expects that field acquisition will be completed by mid-January
2008, following which the data will be processed by Radix Inc. in Texas and
then interpreted by Zion's geological team, in consultation with Radix, in
Texas and Israel.
The survey is intended to assist Zion in selecting the optimal drilling
site for a test well on its Ramot Menashe (Menashe Heights) lead and upgrading
the company's Nahal Me'arot lead (nearby the Asher-Atlit No. 1 well) into a
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in
Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds
two petroleum exploration licenses, the Joseph and 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 the Zion's future operations,
their timing, the 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 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