DALLAS and CAESAREA, Israel, July 9, 2010 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that, effective July 9, 2010, Kent S. Siegel has been appointed as Chief Financial Officer and Senior Vice President. Patti Beals has been appointed Chief Accounting Officer and Ilan Sheena has been appointed Vice President and Managing Director of Zion's offices in Caesarea, Israel. In addition, Mr. Marc Singer is joining the Zion Board.
Mr. Siegel replaces Sandra Green, who has resigned from the Company by mutual and amicable agreement. Mr. Siegel has been a member of the Board of directors of Zion Oil & Gas, Inc. since November 2003 and served, until very recently, as Lead Independent Director, Chair of the Nominating and Corporate Governance Committee and a member of both the Audit Committee and Compensation Committee.
For over twenty five years, Kent S. Siegel has served as president and chief operating officer of Kent S. Siegel, P.C., a firm of certified public accountants and attorneys at law based in West Bloomfield, Michigan, at which Mr. Siegel practices as a tax attorney and CPA.
Mr. Siegel holds a Bachelor of Arts from Michigan State University School of Business, a Juris Doctor from Wayne State University School of Law and a Bachelor of Science in Electrical Engineering from Lawrence Technological University School of Engineering.
Mr. Siegel has been a member of the State Bar of Michigan since 1983 and the American Institute of Certified Public Accountants since 1984. In 1984, he was also admitted to the U.S. District Court and the U.S. Tax Court.
Zion's Chief Executive Officer, Richard Rinberg, said today that "During the past seven years, as a member of Zion's Board of directors, Kent Siegel has consistently demonstrated exceptional business acumen. I am confident that his broad expertise, great depth and experience as a tax attorney and CPA will contribute to Zion's continued growth and stability. The appointments of Ilan Sheena and Patti Beals to new positions are a strategic repositioning of Zion's management team. By redefining the roles within our management team, we continue to improve the total management contribution to Zion. I am also happy to welcome Zion's newest board member, Mr. Marc Singer, who brings a wealth of business experience to Zion."
Zion's common stock trades on the NASDAQ Global Market under the symbol "ZN" and Zion's warrants trade under the symbol "ZNWAW".
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.
Zion's homepage may be found at: www.zionoil.com
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