DALLAS and CAESAREA, Israel, Sept.
7, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) is pleased to announce the appointment of Dustin Guinn as Chief Executive Officer of Zion
Oil & Gas, effective September 1,
2018.
"I am very excited about the continued opportunity to help Zion
fulfill its vision of helping Israel become energy independent," expressed,
Dustin Guinn. "I have been
intimately involved in the Megiddo Jezreel #1 (MJ #1) Project as
President and COO, and my optimism remains high. I am fully
aware of the investment, both financially and emotionally, that our
shareholders have made in Zion's current MJ #1 Project, and I do
not take that lightly. I also understand the challenges that
we face to fulfill the vision and am accepting the position as CEO,
in part, as a response to those challenges. I view these
challenges as an opportunity to overcome and succeed. I
believe in Zion, the MJ #1 Project and look forward to our best
days ahead."
John Brown, Zion's Founder and
Chairman of the Board, states, "Dustin's background as a former CEO
of an international oil and gas service company in which he oversaw
the growth of a regionally focused company to one that had over
1,500 employees with peak annualized revenues in excess of
$400 million with an asset base of
over $600 million help give Zion the
operational and organizational experience we need at this
time. His alignment with Zion's vision, and his leadership
over the last two years, have proven to me that he is uniquely
gifted to help lead Zion."
Zion's petrophysical analysis, in conjunction with observations
while drilling the MJ #1 well, has identified five additional
primary zones of interest above the Mohilla formation that,
contingent upon adequate financial resources, Zion plans to test.
As has been previously reported, there are naturally
fractured carbonates in the shallower zones that have effective
reservoir potential. That, coupled with internal and
3rd party petrophysical analysis of Zion's open hole
logs, gives Zion optimism and confidence to proceed with further
testing, and Zion believes that it is imperative to test these
zones of interest.
Zion remains committed to observing local customs such as
Shabbat and holidays, and, as a result of 2018's holiday schedule,
it is impractical, inefficient, and cost prohibitive to try to
operate through the holiday season in September. Zion's
service providers have all generously agreed to steeply discount
their standby rates to accommodate Rosh Hashanah (Feast of
Trumpets), Yom Kippur (Day of Atonement), and Sukkot (Feast of the
Tabernacles) holidays.
"We are grateful to our service providers for their willingness
to partner with us in this effort," expressed Dustin Guinn. "We believe this shows good
stewardship, both financially and culturally." Zion plans to
resume operations on October
14th, 2018 and recommence testing of the
identified zones of interest.
NEW UNIT PROGRAM IS SCHEDULED TO END SEPTEMBER 26, 2018
Zion continues Unit Program where each Unit gives the
participant $250 in stock (NASDAQ:
ZN) and 25 $1.00 Warrants.
Zion has provided more information on the Unit Program and its
ongoing Direct Stock purchase program on their website:
https://www.zionoil.com/dspp.
Zion is dedicated to exploring for oil and gas onshore
Israel and is 100% focused on its
Megiddo-Jezreel License, comprising approximately 99,000 acres,
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 this license area that appears to possess the key
geologic ingredients of an active petroleum system with significant
exploration potential. Zion's latest information on ongoing
operations can be found on their website:
https://www.zionoil.com/updates.
Zion Oil & Gas, Inc. has filed with the SEC a registration
statement (including a prospectus) for the unit program under the
DSPP to which this communication relates. That prospectus and other
documents the Company has filed with the SEC may be obtained at no
charge (free) by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, the Company will send you the
prospectus upon request by calling toll free 888-891-9466. Direct
links to the SEC location, or to the documents in PDF, may be found
on Zion's home page at www.zionoil.com.
FORWARD-LOOKING STATEMENTS: Statements in this press release
that are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
being drilled or tested, the presence or recoverability of
hydrocarbons or the commerciality thereof, if any, operational
risks in testing and well completion, timing and potential results
thereof and plans contingent thereon 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. 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:
Zion Oil & Gas, Inc.
12655 North Central Expressway, Suite 1000
Dallas, TX 75243
Andrew Summey:
Telephone: 214-221-4610
Email: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.