Zion Oil & Gas Signs Seismic Acquisition Agreement for Asher-Menashe License Area.CAESAREA, Israel -- Zion Oil & Gas, Inc. (AMEX AMEX See: American Stock Exchange :ZN) of Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. and Caesarea, Israel, announced today that the company signed an agreement with the Geophysical Institute The Geophysical Institute of the University of Alaska Fairbanks conducts research into space physics and aeronomy; atmospheric sciences; snow, ice, and permafrost; seismology; volcanology; and tectonics and sedimentation. It was founded in 1946 by the United States Congress. of Israel to conduct one of the largest and most comprehensive geophysical surveys on-shore in Israel of the past two decades. The survey, including seismics, gravimetrics and magnetics, is to be conducted in Zion's Asher-Menashe License area. The purpose of the designed 60 kilometer survey is to acquire new geological and geophysical data to assist Zion in selecting the optimal drilling site for a test well on its Ramot Menashe Ramot Menashe (Hebrew: קיבוץ רמות מנשה) is an Israeli kibbutz situated on the Menashe plateau between the Carmel mountain range and the Jezreel Valley. (Menashe Heights) prospect and to upgrade the company's Nahal Me'arot lead (nearby the Asher-Atlit No. 1 well) into a drillable prospect. The estimated cost of the survey, including processing and interpretation, if completed to its full 60 kilometer designed length, is approximately $650,000. Zion Oil & Gas, a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , explores for oil and gas in Israel, onshore between Tel-Aviv and Haifa. It currently holds a 78,000 acre exploration license, known as the Asher-Menashe License, located between Caesarea and Haifa. Its application for the issuance of an 85,000 acre exploration license, tentatively named the Joseph License, located between Caesarea and Netanya, on which the company drilled a 15,842 foot well in 2005, is currently pending before the Israel Petroleum Commission. A decision on the application is expected during September or October 2007. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements in this press release that are not historical fact, including statements regarding the effect of Zion's actions on future operations and the potential results of future operations and plans contingent thereon, are forward-looking statements as defined in the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion