Martin Van Brauman Appointed as Interim Chief Financial Officer
CAESAREA, ISRAEL, June 13 /CNW/ - Zion Oil & Gas, Inc. (Amex: ZN) of
Dallas, Texas and Caesarea, Israel, announced today that its Annual Meeting of
Stockholders, to be held on Tuesday, June 19, 2007 at 2:00 p.m. (Dallas local
time) at The Hotel Palomar, Dallas, 5300 East Mockingbird Lane, Dallas, Texas,
will be webcast live at http://www.odysseyisp.net/zionoil. A replay of the
webcast can be accessed at this site approximately one hour after the
conclusion of the live event and will be available for 30 days after the
meeting at the company's website, www.zionoil.com.
Zion also announced today that Martin Van Brauman has been appointed as
interim Chief Financial Officer of Zion Oil & Gas, Inc. Mr. Van Brauman holds
a Doctor of Jurisprudence degree from St. Mary's University and an M.B.A. and
LL.M. (Tax Law), from Southern Methodist University and has over 21 years of
experience in corporate tax and accounting analysis. Mr. Van Brauman, Board
Certified in Tax Law by the Texas Board of Legal Specialization, is currently
a member in the law firm of Gibson, Wiley, Cho & Van Brauman, PLLC. He spent
12 years as a Senior Attorney (International Specialist and Petroleum Industry
Specialist) with the Office of Chief Counsel, IRS, providing legal support for
complex issues concerning major U.S. oil companies and the preparation of
requests for Technical Advice Memoranda for the Petroleum Industry Group,
following which he spent three years as a tax consultant with the global
accounting firms of Deloitte & Touche and Grant Thornton. Zion and Mr. Van
Brauman are currently negotiating arrangements pursuant to which Mr. Van
Brauman will be appointed a Senior Vice President and CFO of Zion. Upon
completion of these arrangements an appropriate announcement will be made.
Mr. Rinberg, Chief Executive Officer, said that Mr. Van Brauman possesses
broad financial and deep strategic experience that complements the expertise
of Zion's existing team. Mr. Rinberg commented that Mr. Van Brauman will be a
valuable addition to Zion's senior management and said that he looked forward
to his future contribution to the company.
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in
Israel, onshore between Tel Aviv and Haifa. In 2005, Zion drilled an
exploratory well on its 98,100 acre Ma'anit-Joseph License to a total depth of
15,842 feet. It is currently carrying out completion activities on that well
and is preparing to drill an appraisal and deep test well, the
Ma'anit-Rehoboth #2, on that License.
On June 10, 2007 Zion was granted a second petroleum exploration license
designated the Asher-Menashe License, on approximately 78,800 acres north of
its Ma'anit-Joseph License.
In the event of a commercial discovery, following recovery of certain
exploratory costs, Zion intends to donate 6% of its gross revenues from its
Israeli petroleum rights to two charitable trusts to be established by Zion,
one in Israel and one in the U.S.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding Zion's 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 statements.
Zion's home page may be found at: www.zionoil.com
For further information:
For further information: Zion Oil & Gas, Inc. Sandra Green, 214-221-4610