Zion Oil & Gas receives approval to drill in Israel


DALLAS --  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 Bbbl of oil remain to be found in Israel's Levant basin. Zion Oil & Gas' 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."

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