Zion Oil & Gas to aid in supply of Israel's energy needs

DALLAS, Texas, and CAESAREA, Israel -- Zion Oil & Gas' vision is to help ensure Israel's political and economic independence by finding and producing oil or natural gas onshore in Israel.

"Our excitement continues to build regarding our upcoming deep (~15,000 ft) well. We are currently completing construction of our drill site in northeast Israel, and will be moving the rig to the site in a few weeks in anticipation of spudding the well this spring," said Victor G. Carrillo, Zion's CEO.

Buoying the company's optimism further is an independent study by the international consulting company Beicip-Franlab, as recently reported by Israel's Energy Ministry, finding that up to 6.6 Bbbl of oil remain to be found in the offshore portion of Israel's Levant basin. Zion's license lies in the onshore portion of the Levant basin.

The Company's Megiddo-Jezreel License grants it the exclusive right to explore in an area of approximately 99,000 acres that appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential.