Zion Oil & Gas Enters into Binding Agreements in Israel

DALLAS and CAESAREA, Israel, July 17, 2019 /PRNewswire/ -- Zion Oil & Gas, Inc. (NASDAQ: ZN) announces it has entered into binding agreements for 3-D seismic landowner permitting services and for consulting services in connection with the required approvals from the Israel Ministries of Transportation and Communication  for  importation of the seismic equipment.

"The biblically inspired vision of Zion Oil & Gas remains to discover oil and gas onshore in Israel," Zion's CEO, John Brown said. "Our planned 3-D seismic program demonstrates Zion's long-term commitment to our dedicated shareholders and to the citizens of Israel."

"We are enthusiastic about the progress we have made to date with the 3-D program permitting process and other required approvals," stated Zion's COO, Robert Dunn.

AGREEMENTS AND UPDATE ON 3-D SEISMIC PROJECT

Although Zion's permitting contractor began preliminary work on the 3-D landowner permitting process several weeks ago, Zion has now formalized the scope and performance of that work with a signed agreement with Zion's contractor as of July 1, 2019.

The contractor has begun obtaining necessary infrastructure permits, acquiring accurate landowner identification for the seismic area and meeting with landowners and authorities. Zion reports this typically is a time-intensive but very important stage of the project because it creates a survey of the program area, which is a prerequisite for mobilization of the seismic acquisition contractor.

In parallel with the permitting process in the license area, Zion is utilizing the services of consultants to work with the Ministries of Transportation and Communication to obtain the necessary permits for importation of the seismic source vehicles and equipment from Europe.

"The Zion Israel team is pleased with the progress made so far on our 3D program permitting process," reiterated Zion's managing director and VP in Israel, Jeff Moskowitz. "This is a vital step as we move forward with our exploration plans."

LEGAL UPDATE

In both the shareholder class action litigation in federal district court in Dallas, Texas, and in the consolidated derivative litigation in federal district court in Delaware, Zion, through its attorneys, has filed Motions to Dismiss all litigation, which Motions are now under consideration by the respective courts.

Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel currently 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 statements regarding Zion's planned operations, anticipated attributes of geological strata that may be drilled or tested in the future, Zion's ability to successfully raise the funds needed to undertake these exploration efforts; Zion's ability to continue as a going concern; Zion's ability to comply with the continued listing requirements of the Nasdaq Capital Market; Zion's ability to import into Israel or otherwise obtain the necessary 3-D imaging and related equipment and appropriate staff at commercially reasonable rates, Zion's success in obtaining the necessary licenses and permits needed to undertake the seismic shoot, the timing of the 3-D seismic survey and the interpretation of the results, operational risks in ongoing exploration efforts, 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 Info:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: [email protected]  
www.zionoil.com

SOURCE Zion Oil & Gas, Inc.