DALLAS, Dec. 1, 2016
DALLAS, Dec. 1, 2016 /PRNewswire/ -- Zion's vision is to help ensure Israel's political and economic independence by finding and producing onshore oil or natural gas. The potential reality is not far-fetched. As reported by Israel's Energy Ministry in Houston yesterday, a recent, independent study by the international consulting company Beicip-Franlab found that up to 6.6 billion barrels of oil remain to be found in Israel's Levant Basin. Zion's 99,000-acre license is within the Levant Basin.
While Israel is not able to currently meet their energy needs domestically, few companies are well positioned to take advantage of the demand for energy. One such company is Zion Oil & Gas and Zion is ready to seize the opportunity to help supply the growing need for energy in Israel.
"We are 'all hands on deck' moving toward the goal of preparing the drill site for construction to move the drilling rig in to spud the well," said Victor Carrillo, Zion's CEO. "Yesterday, we met with Petroleum Commissioner Yossi Wurzburger in Houston to personally express our appreciation for his understanding of the unique challenges we face exploring for oil in Israel."
"Our teams in Israel and the United States have remained focused with the purpose of aggressively moving forward with the project," said Dustin Guinn, Zion's President. "Our project team, inclusive of operations, exploration, finance and accounting and administrative have diligently proceeded with the intent that, pending funding, we should easily meet the deadlines outlined by the Israeli Petroleum Commissioner."
Zion, a public company traded on NASDAQ (ticker - ZN) offers a free informational brochure with a 30-minute documentary film to anyone who requests one and provides investors a way to invest directly online through their website - www.zionoil.com.
Zion is dedicated to exploring for oil and gas onshore Israel and is 100% focused on its Megiddo-Jezreel License, a large area south and west of the Sea of Galilee that includes the Jezreel and Megiddo valleys. This license gives Zion 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/zion-oil--gas-gets-go-ahead-to-drill-oil-well-in-israel-300371767.html
SOURCE Zion Oil & Gas