DALLAS and CAESAREA, Israel, Nov. 16, 2009 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) commented today on its recently released results for the quarter ended September 30, 2009. The company reported a net loss of $817,000 or $(0.05) per share for the third quarter of 2009 compared to a net loss of $853,000 or $(0.08) per share for the same quarter a year earlier. The company has no revenues as it is an exploration stage company.
Zion's Chief Executive Officer, Richard Rinberg, commented: "During the third quarter, Zion drilled the Ma'anit-Rehoboth #2 well to a depth of 17,913 feet (5,460 meters), and we intend to carry out completion operations soon, on the seven zones that warrant completion testing, using a suitable workover rig. Having successfully drilled Zion's Ma'anit-Rehoboth #2 well, in early October, we moved the 2,000 horsepower drilling rig to a new location further north in Israel, to begin drilling our Elijah #3 well. Drilling operations on the Elijah #3 well are underway; we have already drilled and cased the Elijah #3 well to approximately 3,461 feet (1,055 meters) and are currently drilling at 3,763 feet (1,147 meters)."
For updates on the drilling activity please visit Zion's website at: www.zionoil.com
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 in the south and Haifa in the north, covering a total of approximately 162,000 acres and the Issachar-Zebulun Permit Area, adjacent to and to the east of Zion's Asher-Menashe license area, covering approximately 165,000 acres. Zion's total petroleum exploration rights area is approximately 327,000 acres.
The Zion Oil & Gas, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6850
The Company's financial statement information is summarized below:
(In thousands, except for per share income)
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STATEMENT OF OPERATIONS Three months ended September 30
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2009 2008
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Revenues -- --
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Total Expenses 817 853
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Net Income (loss) (817) (853)
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Earnings (loss) per common share -
basic and diluted (0.05) (0.08)
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Weighted avg. shares issued and
outstanding - basic and diluted 15,079 11,029
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CASH FLOW DATA Nine months ended September 30
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2009 2008
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Net cash (used in) operating activities (3,204) (3,125)
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Net cash used in investing activities (10,919) (1,014)
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Net cash provided by financing
activities 23,419 --
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BALANCE SHEET DATA September 30, 2009 December 31, 2008
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Current Assets 12,161 2,289
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Total Assets 28,435 7,676
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Total Liabilities 1,632 2,121
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Total Shareholders Equity 26,803 5,555
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FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's operations and 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 statements.