DALLAS and CAESAREA, Israel, July 20,
2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel. As of today, Zion has
reached a depth of approximately 5,345 feet (~1,629 meters) toward a proposed total depth of up to ~15,000 feet.
Zion's CEO, Victor Carrillo, says, "We continue to be very pleased with the operational
drilling progress. We've observed no notable drilling concerns and have experienced no recordable safety incidents
whatsoever. Beginning Sunday after Shabbat, we plan to run a suite of wireline logs from the current depth up to the level of our
prior logging run before we set and cement 13 3/8 inch casing to the surface. After the cement fully sets, and we
ensure the integrity of the casing job, we will proceed to drill deeper toward our next logging and casing point."
Successful Outcome of Recent Unit Program
Zion's recent $250 Unit Program under its Dividend Reinvestment and Common Stock
Purchase Plan (DSPP), ended successfully on July 12, 2017. The company raised sufficient
funds to drill and test the current well to its proposed total depth, with the ability to also pay for unanticipated financial
contingencies.
Carrillo continued, "Management would like to express our tremendous gratitude to our existing and many new shareholders who
participated in the Unit Program. It is only with your ongoing financial and prayer support that we are able to move
forward in our oil exploration program in Israel."
Zion Oil & Gas explores for oil and gas onshore in Israel and its operations are focused
on the Megiddo-Jezreel License (approximately 99,000 acres) south and west of the Sea of Galilee.
To learn more about Zion Oil & Gas, visit our website at www.zionoil.com
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: andrew.summey@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.