DALLAS and CAESAREA, Israel, July 9, 2013 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) reported today that the Israeli Petroleum Commissioner has awarded the company a one-year extension on its Asher-Menashe petroleum exploration license in Northern Israel.
Zion's Asher-Menashe License covers an area of approximately 78,824 acres located on the Israeli coastal plain and the Mount Carmel range between Caesarea in the south and Haifa in the north. Zion received notification from the Israeli Petroleum Commissioner extending the term of the Asher-Menashe License one final year, until June 9, 2014.
The Asher-Menashe License extension carries a commitment to re-enter Zion's Elijah #3 well to perforate, stimulate, and production test a Jurassic zone of interest.
On June 12, 2013, Zion's Board of Directors authorized spending up to $1.63 million toward upcoming operations in our Joseph and Asher-Menashe License areas. This dollar figure includes authorization to re-enter our Elijah #3 well to conduct in-well testing operations in hopes of finding commercially productive hydrocarbons.
Zion recently entered into a 2013 Workover Contract with Lapidoth Israel Oil Prospectors to use their rig and crew to conduct our upcoming field operations, currently planned for September and October, 2013.
NEW MEGIDDO-JEZREEL LICENSE
Having reviewed our new license application and revised work plan, Israel's Energy Ministry officially published our proposed license area boundaries (approximately 98,000 acres in Israel's Megiddo and Jezreel Valley – see purple area in figure below).
The notice states that other companies have until September 3, 2013 to submit a competing application. After that date and following a second review, the new license can then be granted.
A map accompanying this release is available at http://media.globenewswire.com/cache/11950/file/20785.pdf
NEW ZION BOARD MEMBER
Mr. Glen H. Perry has re-joined the Zion Board of Directors, effective July 1, 2013. Mr. Perry was a founding member of Zion, serving on the Board of Directors and as President and Chief Operating Officer until 2009. He has also been serving as our Israeli Operations Consultant. Mr. Perry resides in Tel Aviv and is a dual US-Israeli citizen. He has a Master of Science degree in Petroleum Engineering from the University of Texas at Austin. He has over 40 years' experience in the domestic and international petroleum energy field, specializing in project evaluation and development, as well as senior management of oil and gas exploration and production companies. Mr. Perry fills the vacancy of departing board member, Mr. Julian Taylor. Mr. Taylor was appointed a director in June 2009. We greatly appreciate Julian's dedicated service on Zion's board for over four years.
ANNUAL SHAREHOLDER MEETING
Zion held its Annual Shareholder Meeting on June 11, 2013 in Dallas, Texas, with a great turnout of shareholders and supporters. Shareholders voted to elect/retain the following members of our Board of Directors: Mr. Robert Render, Mr. Justin Furnace, and Mr. Gene Scammahorn. Shareholders also ratified the appointment of Malone Bailey, LLP, as Zion's independent registered public accounting firm for 2013.
Zion's common stock trades on the NASDAQ Global Market under the symbol "ZN".
Zion Oil & Gas, a Delaware corporation, explores for oil and gas onshore in Israel. It currently holds three petroleum exploration licenses: the Joseph License (on approximately 83,000 acres) and the Asher-Menashe License (on approximately 79,000 acres), both between Netanya in the south and Haifa in the north, and the Jordan Valley License (on approximately 56,000 acres), just south of the Sea of Galilee. Not including the proposed new license area of approximately 98,000 acres, Zion's total license area currently amounts to approximately 218,000 acres.
FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, plans to apply for new exploration licenses and the likelihood of being awarded these licenses, 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 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 homepage may be found at: http://www.zionoil.com
