EQT Corporation press release
Zion Oil & Gas Awarded Joseph Exploration License
NYSE - New York Stock Exchange · Natural Gas · Natural Gas Liquids · Oil · United States
CAESAREA, ISRAEL, October 15 /CNW/ - Zion Oil & Gas, Inc. (AMEX: ZN) of Dallas, Texas and Caesarea, Israel, announced that the company was awarded effective October 11, 2007 Petroleum Exploration License No. 339/ "Joseph."
The Joseph License covers approximately 83,000 acres on the Israeli coastal plain between Netanya and Caesarea immediately south of Zion's 79,000 acre Asher-Menashe License. The acreage comprises approximately 85% of the lands previously held by Zion under the Ma'anit-Joseph License and includes both the Ma'anit structure, on which the company drilled the Ma'anit (number sign)1 well to a total depth of 15,842 feet and plans to drill the Ma'anit-Rehoboth (number sign)2 well to Triassic and Permian targets, and the Joseph lead located south of Ma'anit. The primary term of the Joseph License runs through October 10, 2010 and is extendable to a maximum of seven years.
In the event of a discovery on the Joseph License, Zion will be entitled to convert the relevant portions of the license to a 30-year production lease, extendable to 50 years.
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 between Netanya on the south and Haifa on the north covering a total of approximately 162,000 acres.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's operations and planned operations, potential results thereof and plans contingent thereon, 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.