DALLAS and CAESAREA, Israel, Dec.
3, 2020 /PRNewswire/ -- Zion Oil & Gas,
Inc. (OTCQX: ZNOG) announces a new license agreement – "New
Megiddo 428" – granted over the previous Megiddo-Jezreel license
area in northern Israel.
"We are thankful for Israel's
unwavering support during these unprecedented times," stated Zion
Oil & Gas CEO, Robert Dunn.
"Receiving a new license will allow Zion's operations to continue
drilling into 2021."
NEW LICENSE AGREEMENT – "NEW MEGGIDO 428"
As of December 3, 2020,
Israel's Petroleum Commissioner
granted Zion Oil & Gas a new license agreement from the
State of Israel over the previous
99,000-acre license area.
The term of the new license agreement has been granted for six
months.
Similar to previous Zion license agreements Israel's Petroleum Commissioner has the
authority to grant the New Megiddo 428 license.
The New Megiddo 428 license may be extended for an additional
six months for a total license period of twelve months.
OPERATIONAL HIGHLIGHTS
"Operationally, everything is coming together as planned,"
Zion's VP of Operations, Monty
Kness, expressed. "The crew morale is high and we're all
looking forward to spudding soon."
All necessary drilling equipment and supplies have either
arrived at the rig site or are in port going through final
clearance procedures.
The drilling crew is working diligently to assemble the rig in
time for Israeli governmental inspections which are scheduled for
next week.
Zion Oil & Gas, a public company, traded on OTCQX Best
Market, explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel
license area.
"The Lord Himself goes before you and will be
with you; He will never leave you nor forsake you. Do not be
afraid; do not be discouraged."
Deuteronomy 31:8
"Sing to the Lord, for he has done glorious
things; let this be known to all the world. Shout aloud and sing
for joy, people of Zion, for great is the Holy One of Israel among you."
Isaiah
12:5-6
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including, but not limited to,
statements regarding Zion's operations; Zion's ability to continue
as a going concern; operational risks in ongoing exploration
efforts; the timing and completion of the processing,
interpretation of the results and plans contingent thereon off the
3-D seismic survey; regulatory approvals needed for the rig's
erection, start-up, and operation; the effect, if any, of the
coronavirus pandemic on the timing of the delivery, start-up and
operation of the well, and liquidity for shareholders on OTCQX 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. These risks and uncertainties include, but are not
limited to, those described in Item 1A in Zion's Annual Report on
Form 10-K, which is expressly incorporated herein by reference, and
other factors as may periodically be described in Zion's filings
with the SEC. 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.
Contact Info:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (OTCQX: ZNOG)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.