DALLAS and CAESAREA, Israel, Oct. 21, 2009 (GLOBE NEWSWIRE) -- Zion Oil & Gas,
Inc. (Nasdaq:ZN) announced today that drilling operations have begun on its
Elijah #3 well.
Utilizing the 2,000 horsepower drilling rig used to drill Zion's
Ma'anit-Rehoboth #2 well, Zion has commenced drilling its Elijah #3 well toward
the Triassic geological formation, which is expected below approximately 10,000
feet (3,048 meters). Zion then plans to continue drilling to the Permian
geological formation, down to a total depth below 17,000 feet (5,182 meters).
The rig will operate on a 24 hour basis utilizing two drilling crews on 12 hour
shifts. Samples will be collected, continuously analyzed for hydrocarbon content
and stored.
For updates on the drilling activity, please visit Zion's website:
"www.zionoil.com".
Zion's Chief Executive Officer Richard Rinberg said today, "We are excited to
announce the next step in our planned multi-well drilling program. On Sunday
October 18, 2009 we commenced drilling our Elijah #3 well on our Asher-Menashe
license and expect that operations will last approximately six months.
"On October 2, 2009, after fixing a wellhead in place, we temporarily suspended
drilling activities on our Ma'anit-Rehoboth #2 well, drilled by us to a depth of
17,913 feet (5,460 meters), until a smaller rig becomes available for completion
operations on the seven zones that warrant completion testing. We expect that
the completion rig will be available in December 2009."
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.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding Zion's planned operations,
drilling efforts and potential results thereof and plans contingent thereon, 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: www.zionoil.com
-0-
CONTACT: Zion Oil & Gas, Inc.
Brittany Russell
214-221-4610
dallas@zionoil.com
