DALLAS and CAESAREA, Israel, April
12, 2021 /PRNewswire/ -- Zion Oil & Gas,
Inc. (OTCQX: ZNOG) announces its successful drilling of the
second section of the Megiddo-Jezreel #2 (MJ-02) well and launches
a new Unit Program to help fund Zion's 2021 exploration
program.
"With our 17 ½ inch section drilled to a milestone depth, and
avoiding previous subsurface hazards from MJ01, we are positioned
to achieve more flexibility on our lateral portion of the MJ02
well," expressed Zion Oil & Gas CEO, Robert Dunn. "With all key service providers on
board, we continue to move forward with our ongoing 2021
operational plans."
ZION COMPLETES SECOND OF FOUR DRILLING SECTIONS
"We are happy to announce that we have reached our true vertical
depth for the second stage of drilling," Zion's VP of Operations,
Monty Kness, stated. "Reaching a
depth far deeper than any previous well with such a large wellbore
came with extreme difficulty as the crew fought the natural
pressure of the earth to keep the wellbore trajectory on
target."
Reaching the intermediate target zones with a borehole that can
support the larger casing and production tubing to make a viable
well is of vital importance to the overall objectives of Zion. At
this stage, Zion will finish the logging, casing, and cementing of
this section and then continue drilling toward the ultimate target
zones.
Having reached the halfway point, Zion's operational team will
begin to secure well-testing services and investigate the tendering
and availability of completion services.
NEW LIMITED UNIT PROGRAM
Details:
- Investors may participate starting Monday, April 12, 2021.
- This Unit Program will continue until the earlier to occur of
Wednesday, May 12, 2021, or Zion
raises $2.5million in Unit sales
under this program and will not be extended.
- The cost of each Unit will be $250.00 for new and existing Direct Stock
Purchase Plan investors.
- Each Unit purchase will provide the investor with $250 of ZNOG common stock (at the day's high-low
average) and fifty (50) $0.25
Warrants.
- Warrants are exercisable on the 30th day following
the end of Unit Program and remain exercisable for two years
(June 11, 2021, to June 12, 2023).
- If investors sign up for Zion's automatic monthly investments
(AMI) in addition to purchasing a Unit during this Unit program,
then they will receive 10 $0.25
Warrants. Current subscribers are eligible for these additional
warrants if they choose to participate in this unit purchase. (For
more details on the automatic monthly investments (AMI), see Zion's
Prospectus.)
- This Unit Program is available through Zion's website.
Investors may go to https://www.zionoil.com/dspp to purchase
electronically online.
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 discover
and produce oil in commercial quantities; 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
operation; the effect, if any, of the coronavirus pandemic on the
timing of the 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.