TomCo Energy reports near doubling of oil-in-place in Heletz Field

November 24, 2008 by · Leave a Comment 

Tomco Energy announced the results of a revised TRACS (independent reporting agency) report nearly doubling the estimated Heletz Field oil reserves in southern Israel. In addition to the estimated 94.4 million barrels estimated by TRACS (whose report only included the shallow Cretaceous section), Tomco estimates an additional 100 million barrels of reserves at the lower Jurassic level.

Here is Tomco’s announcement as reported by the UK’s Proactive Investors (http://www.proactiveinvestors.co.uk/companies/news/3549):

Tomco PipesTomCo Energy plc (AIM: TOM), the AIM listed oil and gas exploration and production company with investments in the United States and Israel, released an updated independent Reserves and Resource evaluation and audit of the Heletz Field, Israel.

The study, undertaken by TRACS International, (‘TRACS’) reported an mid-case (P50) estimate original oil-in-place for the Heletz Field of 94.4 million barrels, with a range from 52.7 million barrels (P90) to 164.4 million barrels (P10).

Tomco said the revised estimate represented a “significant increase” over the previously quoted figure of 50 million barrels. The additional resource largely emanated from the inclusion of “substantial additional volumes of oil in lower quality carbonate reservoirs” in the Cretaceous reservoir section of the field.

Around 17 million barrels have been produced from the field to date, mainly from the “better quality sandstone reservoirs” in the middle of the Cretaceous reservoir section.

TRACS International additionally calculated a 2P (Proved plus Probable) reserve of 974,000 barrels, of which 720,000 barrels are Undeveloped Reserves.  Tomco and joint venture partner Avenue Energy  will be targeting the undeveloped reserves in their 2009 work over and infill drilling campaign. The 3P (Proved plus Probable plus Possible) upside reserves are 1.87 million barrels. Tomco’s net interest in these reserves is around 35%.

TRACS further identified 3.5 million barrels of 2C Contingent Resources and 8.5 million barrels of 3C Contingent Resources. Approximately 63% are in the Kokhav Dolomite.

Howard Crosby, the Company’s CEO, said: ‘We are very pleased with the TRACS Report with original Oil-in-Place (P50) estimates almost double the figure previously released. It is also our belief that the planned work program for 2009 can significantly increase the proven and probable reserves and the Report also confirms the huge up-side potential that further exploitation can unlock at the Heletz Field.’

Zion Oil Announces Revised Drilling Schedule

November 7, 2008 by · Leave a Comment 

Zion Oil announced today (read the full press release below) that the delivery of the AME drilling rig to Israel will be delayed until January of 2009 due to Israeli government delays in processing AME’s work permits.

According to AME, other than the delay in processing work permits, machinery updating and refurbishment is complete and the drilling rig is sitting in Ankara, ready to ship.

On Zion’s side, completion of the site preparation and final government permissions are underway.

Anyone who has ever built a house knows about delays, like the building inspector not showing up when he’s scheduled. The inspector finally arrives and the house get completed. I don’t think the process changes much as the project’s grow in size.

The bottom line is that the rig is now scheduled to be in Israel in January rather than November, as previously expected. On the positive side, it looks like AME and their drilling equipment is ready to roll and Zion’s site preparations should be complete by the time the rig arrives in January. Pray for progress without further delays. And news of a bit turning in Northern Israel!

Here is Zion’s press release:

 

Zion Oil Updates Drilling Schedule

 Dallas, Texas and Caesarea, Israel- November 7, 2008 – Zion Oil & Gas, Inc. (NYSE Alternext US: ZN) announced today updated information regarding the status and importation into Israel of the drilling rig and crews contracted for (on September 12, 2008) with Aladdin Middle East Ltd (AME). Under the terms of the contract, AME committed to provide a completely refurbished and updated 2,000 horsepower rig and crews to drill Zion’s planned Ma’anit-Rehoboth #2 well ‘directionally’ to below 18,000 feet.

AME has advised Zion that the drilling rig refurbishment has been successfully completed and that the rig stands ready in Ankara, Turkey. AME have started the process of obtaining Israeli work permits for their crews; however due to the relevant government office in Israel having been closed for most of October, the workers’ permitting process was delayed. It is now anticipated that the rig will be shipped out of Turkey in January 2009.  

Zion has recently received positive notifications on almost all of the required Israeli permits (other than crew work permits) related to the Ma’anit-Rehoboth #2 well and is now working on the location site to prepare it for the arrival of the rig.  

As detailed in its registration statement, Zion is raising funds in order to pursue its planned multi-well drilling program. Depending on actual amounts raised, Zion intends to carry out the following work program: drill Zion’s second well, on Zion’s Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and / or to the Permian Formation (down to a depth of 18,040 feet), drill a test well on Zion’s Asher-Menashe License to the Triassic Formation and, if appropriate, the Permian Formation and prepare for the drilling of an additional well on either its Joseph or Asher-Menashe License. 

Zion’s common stock trades on the NYSE Alternext US under the symbol ZN

Before you invest, for more complete information about Zion Oil & Gas and its offering, you should read Zion’s registration statement (including a prospectus) together with the other documents Zion has filed with the SEC. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter, Brockington Securities, Inc, will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, at www.zionoil.com

Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres. 

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion’s planned operations, potential results thereof and plans contingent thereon, including the importation of a drilling rig into Israel, the granting of various required permits, the selection of potential drilling targets and locations, 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. 

Zion Oil & Gas, Inc. has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about Zion Oil & Gas and its offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas. Inc., at www.zionoil.com

Contact:

Brittany Russell

Zion Oil & Gas, Inc.

6510 Abrams Rd., Suite 300

Dallas, TX 75231

(1) 214-221-4610

Email: dallas@zionoil.com

October 24, 2008 Letter From Zion CEO Richard Rinberg

October 25, 2008 by · 1 Comment 

Zion CEO Richard Richard RinbergDear Zion Shareholder and/or Friend of Zion,
 
On Friday, October 24, 2008, we held an ‘initial closing’ of our current ‘$10 unit’ public offering. (The Press Release is below this letter).
 
We issued 350,994 units, where:
 
One Unit = One Share of Zion stock + One Warrant
 
(The warrant gives a purchaser the right, but not an obligation, to purchase one share of common stock at $7 per share through January 31, 2012).
 
The initial closing was for subscriptions amounting to US$ 3,509,940, and if you subscribed for units before October 11, 2008, and your subscription documents passed review, then your certificate of units purchased will soon be delivered to you, or deposited into your brokerage account, depending on your instructions when you completed your Subscription Agreement. The units will trade on the New York Stock Exchange Alternext (NYSE Alternext US) under the symbol ZN.U.
 
For those who have not yet subscribed,
you still have the opportunity available to you,
as our public offer is still open.
 
At the annual shareholders’ meeting in June 2008, I noted that two of the most talked about subjects in the world are Israel and oil and Zion Oil brings both subjects together.
 
In January 1999, about 15 months before Zion was founded, the price of a barrel of oil hit a low of just $8 per barrel. In January 2002 oil was trading at $20, in July 2008 the price was over $145 and, as I write the price is approximately $65 per barrel. Watching the oil price fluctuations is rather like being in an elevator with a lunatic at the control panel.
 
Thankfully, independent of world markets suffering a nervous breakdown or cardiac arrest, Zion’s exceptional team is steadily making progress with our business plan in a calm rational manner.
 
We continue to raise funds in order to pursue our planned multi-well drilling program in Israel and, depending on the actual amounts raised, we intend to carry out the following work program:
 
(1)   drill our second well, on the Joseph License,
 
(2)   drill a test well on our Asher-Menashe License, and
 
(3)   prepare for the drilling of an additional well on either license.
 
 
Recently, the world’s most successful investor, Warren Buffett, wrote an opinion piece in the New York Times.  He commented that the time to invest in the stock market was now, when everyone is ‘fearful’ of the future and that: ‘If you wait for the robins, spring will be over’.
 
But those who trust in the Lord need not be fearful of the future. Warren Buffet’s advice regarding the forward-thinking philosophy of ice hockey great Wayne Gretzky is accurate. Wayne Gretzky said: ‘I skate to where the puck is going to be, not to where it has been.’
 
In the event of success with our drilling plans, it may seem that the $10 unit price of our offering was a real ‘don’t miss’ opportunity.
 
If you have already subscribed, thank you for your support. If you have not yet subscribed, please don’t you miss this opportunity.
 
It is better to take refuge in the LORD than to trust in man. (Psalm 118:8)

Shalom from Israel
 
Richard Rinberg
 
CEO of Zion Oil & Gas, Inc.
 
 
P.S. Full details of the offer are set out in the Prospectus which is available for download and review on our website www.zionoil.com under “Investor Center” If you would prefer a hard copy of the Prospectus, please call: 1-888-TX1-ZION (1-888-891-9466) or email: dallas@zionoil.com

ZION OIL ISSUES UNITS IN INITIAL CLOSING

October 25, 2008 by · Leave a Comment 

Subscriptions Still Being Accepted

Dallas, Texas and Caesarea, Israel – October 24, 2008 – Zion Oil & Gas, Inc. (NYSE Alternext US: ZN) announced that, today, the company issued 350,994 units in the initial closing of Zion’s follow-on offering. Each unit consists of one share of Zion stock and one warrant to purchase one share of Zion stock. The units were issued at $10 per unit and the amount raised in this initial closing was $3,509,940.
 
Zion continues to accept subscriptions at $10 per unit and the offering will remain open until the earlier of: (i) January 9, 2009, (ii) the date on which a total of 2,500,000 units have been subscribed and accepted, or (iii) such date as announced by the Company on no less than two trading days’ prior notice.
 
Zion has scheduled November 17, 2008 as the cut-off date for the receipt of documents to be included in the next interim closing.
 
As detailed in its registration statement, Zion is raising funds in order to pursue its planned multi-well drilling program.  Depending on actual amounts raised, Zion intends to carry out the following work program: drill Zion’s second well, on Zion’s Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and / or to the Permian Formation (down to a depth of 18,040 feet), drill a test well on Zion’s Asher-Menashe License to the Triassic Formation and, if appropriate, the Permian Formation and prepare for the drilling of an additional well on either its Joseph or Asher-Menashe License.
 
Zion’s common stock trades on the NYSE Alternext US under the symbol ZN and Zion’s units will trade under the symbol ZN.U
 
Before you invest, for more complete information about Zion Oil & Gas and its offering, you should read Zion’s registration statement (including a prospectus) together with the other documents Zion has filed with the SEC. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter, Brockington Securities, Inc, will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, at www.zionoil.com.
   
Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres.
 
FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding the future effectiveness of Zion’s registration statement, matters regarding the offering and closings thereof, Zion’s planned operations, potential results thereof and plans contingent thereon, including selection of potential drilling targets and locations, 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.
 
Zion’s homepage may be found at: www.zionoil.com

Zion Oil & Gas Newsletter October 2008

October 17, 2008 by · 2 Comments 

I received the Zion Oil & Gas Newsletter and the latest press release today. In the middle of a global economic crisis, investors continue to stand behind Zion’s mission of discovering oil in Israel.  Zion is moving ahead as scheduled with plans for drilling their second well in November. Pay attention to the lines I put in underline and bold type. Something greater than ‘business as usual’ is going on at Zion Oil.

Here’s the Zion Newsletter and press release from CEO Richard Rinberg:

Zion CEO Richard RinbergDear Zion Shareholder and/or Friend of Zion…

 It is difficult to put into words the experience of the last few weeks. We are all living through such a remarkable and dramatic (even traumatic) period in world history. The economy looks and feels ‘broken’ and the healing may prove painful for all of us.  However, our trust is only in the Lord and not the stock market!  (Jer. 17:7)

 In Dallas, we received a phone call from a shareholder who was reviewing their stock portfolio and just had to call us and tell us that all of their retirement stocks were pretty much devastated in value, except one… there was only one steadfast rock in their portfolio – the stock of Zion Oil & Gas had maintained its value.

 Shortly after that phone call, a lawyer friend sent me a humorous email, as follows:

 ‘The Best Investment Plan:

 If you purchased $1,000 of shares in Delta Airlines one year ago, you have $49 today.

 If you purchased $1,000 of shares in AIG one year ago, you have $33 today.

 If you purchased $1,000 of shares in Lehman Brothers one year ago, you have $0 today.

 But, if you purchased $1,000 worth of beer one year ago, drank all the beer, then turned in the aluminum cans forthe recycling refund, you will have received $214.00.

Based on the above, the best current investment plan is to drink heavily & recycle.’

 I sent my friend the following reply:

 …and if you had purchased $1,000 of Zion Oil & Gas, Inc. on October 3rd 2007, you would have today $995. So, I disagree with the beer plan… better to go with the Lord’s plan…

During one of the severest stock market collapses in recent decades, our follow-on $10 unit offering was successfully able to reach the minimum subscription by the due date of October 11, 2008. Every day, I watched the tally of subscriptions received. One week before the due date, I commented that if we were able to reach the minimum subscription, it would be a clear miracle from heaven.

On the very last day, we received substantial and completely unexpected subscriptions… and exceeded our required minimum subscription amount.

 I was a witness to what happened. I saw the miracle unfold. It was a deeply moving experience.

 Although we have announced (see the October 16 Press Release below) a scheduled initial closing on October 21, 2008, our $10 unit offering is still accepting subscriptions. So, it is not too late for you to subscribe and support our work in Israel. We still need both your prayer and financial support.

(I Chron. 29:10-14)

AME RigThe 2,000 horsepower drilling rig is scheduled to arrive in Israel in November 2008 and we hope that you will want to subscribe for some Zion $10 units, in order to be part of the exploration effort for oil and gas in Israel.

I cannot promise, but I for one will not be surprised if we all see a further miracle in the coming months…

Psalm 51:18 – In your good pleasure, make Zion prosper…

Shalom from Israel

Richard Rinberg

CEO of Zion Oil & Gas, Inc.

P.S. Full details of the offer are set out in the Prospectus which is available for download and review on our website www.zionoil.com under “Investor Center” If you would prefer a hard copy of the Prospectus, please call: 1-888-TX1-ZION (1-888-891-9466) or email: dallas@zionoil.com

 

 

 

 

 

Zion Oil Announces Initial Closing of Follow-on Offering and Extends Termination Date

Subscriptions Still Being Accepted

Press Release  Thursday October 16, 2008

 DALLAS, Texas & CAESAREA, Israel–(BUSINESS WIRE)–Zion Oil & Gas, Inc. (AMEX: ZN) announced today that it received subscriptions on or before October 11, 2008 in excess of the minimum number of units required to conduct an initial closing. An initial closing is scheduled to take place on October 21, 2008. As the minimum subscriptions in order to close were received by October 11, 2008, Zion has withdrawn the recently filed post effective amendment which was filed to extend the minimum raise date and the final termination date.

Pursuant to the original terms of the offering, Zion is also extending the offering termination date. The offering will remain open until the earlier of: (i) January 9, 2009, (ii) the date on which a total of 2,500,000 Units have been subscribed and accepted, or (iii) such date as announced by the Company on no less than two trading days’ prior notice.

As detailed in its registration statement, Zion is raising funds in order to pursue its planned multi-well drilling program. Depending on actual amounts raised, Zion intends to carry out the following work program: drill Zion’s second well, on Zion’s Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and / or to the Permian Formation (down to a depth of 18,040 feet), drill a test well on Zion’s Asher-Menashe License to the Triassic Formation and, if appropriate, the Permian Formation and prepare for the drilling of an additional well on either its Joseph or Asher-Menashe License.

Zion’s common stock trades on the American Stock Exchange under the symbol ZN.

Before you invest, Zion’s registration statement (including a prospectus) to which this communication relates should be read along with the other documents it has filed with the SEC, for more complete information about Zion Oil & Gas and its offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, at www.zionoil.com.

Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres.

Zion Oil & Gas Signs Drilling Contract

October 10, 2008 by · 2 Comments 

Caesarea, Israel – September 15, 2008 – Zion Oil & Gas, Inc. (Amex: ZN) of Dallas, Texas and Caesarea, Israel announced today that it and Aladdin Middle East (“AME”) have signed a drilling contract. Last week, Zion’s Chief Executive Officer, Richard Rinberg, and the President and Chief Operating Officer of Zion, Glen Perry, visited AME’s offices in Ankara, Turkey, in order to inspect AME’s rig and equipment yard, meet with key AME personnel and finalize the terms of the drilling contract.

The contract was executed by both parties on September 12, 2008. Under the terms of the contract AME has committed to provide a completely refurbished and updated 2,000 horsepower rig and crews (anticipated to arrive in Israel in November 2008) and to drill Zion’s planned Ma’anit-Rehoboth #2 well ‘directionally’ to below 18,000 feet. The well is planned to appraise the strong shows seen in the Triassic (during the drilling of the Ma’anit #1 well) and to drill deeper into the Permian formation.  It will be the first well drilled to the Permian in Northern Israel. The commencement of the drilling program is subject to receipt of various government permits and raising additional capital, whether through Zion’s current public offering or otherwise.

Richard Rinberg, Zion’s Chief Executive Officer, said today, “This is an important milestone for Zion, one which we have been working towards for a long time.  We are very impressed by the quality of AME’s rig and the professionalism of their people.  We appreciate the hospitality shown to us by AME during our visit and are excited about working with AME and drilling our next wells, just as soon as we can.Zion CEO Richard Rinberg at AME Rig in Turkey

Additional information relating to the drilling contract and related matters will be included in Zion’s Current Report on Form 8-K, that Zion will be filing soon with the Securities and Exchange Commission.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north covering a total of approximately 162,000 acres.

Zion COO Glen Perry at AME Rig in TurkeyAME is an independent oil and gas exploration and production company, incorporated in Delaware in 1962, with its head office in Wichita, Kansas. AME has drilled more than 130 exploration and development wells in Turkey for major oil companies, including Exxon, Mobil, Wintershall AG, MOL, Placid Oil, Neste Oy, Terralliance (USA), JKX (UK) and TETHYS (Sweden). Its rig inventory includes 11 drilling and workover rigs and AME’s personnel have enormous work experience in many countries, including Turkey, Bulgaria, Azerbaijan, Kazakhstan, Turkmenistan and Georgia.

Zion CEO Richard Rinberg at AME in Turkey

“Energy Independence” by Nathan Jones

September 30, 2008 by · Leave a Comment 

The following article by Nathan Jones appeared in The Christ in Prophecy Journal. You can read the original article at: http://www.lamblion.us/2008/09/energy-independence.html.

Other than the economic downturn most of the world is grappling with due to the Sub-Prime Mortgage Crisis, no other topic has been more center stage lately than the energy crisis. Painful fill-ups at the pumps emptying wallets, food shortages ravaging the third world as corn is converted into ethanol, inflation rising as transportation costs are passed onto consumers, and the devaluation of the dollar as the U.S. government mass-prints money to keep up in competitive buying of fuel — all these and many more troubles have befallen the world over the amount of available oil.

“Black Gold,” “Texas Tea,” “Liquid Dinosaur” — the readiness of this substance is the source of troubles in modern world politics. It will also be a huge motivator in the prophetic scenes of Israel overcoming their Arab neighbors (Psalm 83), Russia and Iran trying and failing to seize the Middle East oil fields (Ezekiel 38,39), and the Antichrist’s struggle against Israel to control the Middle East to establish his Revived Roman Empire (Daniel 2,7).

While the world goes ga-ga over oil, Israel instead has been leading the way in becoming energy independent. With no known oil of their own, Israel knows that currently they are totally dependent on the millions of hostile Arabs intent on destroying them. If it wasn’t for God and the greed of OPEC being greater than their Islamic conviction to utterly remove Israel from the face of the earth, Israel would have been reduced to an agrarian society and destroyed by now.

Companies like Zion Oil and Gas, Inc., via The Joseph Project have been vigorously drilling for that questionable Israeli oil, believing the Bible supports that Israel is sitting on trillions of dollars underground. They base their search on Genesis 49:25-26; Deuteronomy 32:24; Deuteronomy 33:24; and Job 29:6. These verses speak of “blessings of the deep that lies below” and “oil from the flinty crag” and “let him bathe his feet in oil” and “the rock poured out for me streams of olive oil.”

Whether oil is under Israel or not, where Israel’s true search for energy independence lies is in its brilliant innovations in alternative energy sources like solar and battery power. Israeli scientists have released revolutionary second generation solar cells that are light years ahead of current installs. Israel is also looking to be the first country by 2020 to have eliminated all gas-powered cars with battery-powered cars. Because of Israel’s small size, driving distances are well within the current 124 mile battery limit. Israel is motivated to be totally energy independent because it knows it is in a race to survive.

The United States and EU, instead of selling out Israel to appease oil-rich Arab countries to keep the supply of oil running, should instead be partnering with Israel in their breakthrough advancements in energy. The United States could indeed be not just energy independent by following Israel’s lead and partnering with them, but also become major suppliers of energy to the world and eliminate the woefully unbalanced trade deficit.

Unfortunately, as end-time players are nearly ready to fulfill their prophetic roles and fall all over themselves to get Middle East oil, the day the world is free of oil tyranny with energy independence may well have to wait till Jesus is on the throne during His Millennial Kingdom. Pity our short-sightedness and greed.

Zion Oil & Gas Appoints New Board Member

September 22, 2008 by · Leave a Comment 

Dear Shareholder and/or Friend of Zion,

We have recently appointed our Chief Financial Officer and Executive Vice President, Martin Van Brauman, to our Board of Directors.   As you can read in the Press Release below, Martin has impressive qualifications and experience.   Zion is lucky to have such a high caliber individual.

Sincerely yours

John Brown Chairman of the Board and Founder

Zion Oil & Gas Appoints New Board Member

Wednesday August 13, 11:53 am ET

Martin VanBraumanDALLAS–Zion Oil & Gas, Inc. (Amex: ZN – News), of Dallas, Texas and Caesarea, Israel, announced today that Mr. Martin Van Brauman has been elected as a Director of Zion Oil & Gas, Inc. Mr. Van Brauman is currently Senior Vice-President and Chief Financial Officer of Zion.

Mr. Van Brauman holds a B.E. degree from Vanderbilt University, a Doctor of Jurisprudence degree from St. Mary’s University and an M.B.A. and LL.M. (Tax Law), from Southern Methodist University. Mr. Van Brauman has over 22 years of experience in corporate tax and accounting analysis and is Board Certified in Tax Law by the Texas Board of Legal Specialization. In addition to working as a tax partner in several private law firms, Mr. Van Brauman spent 12 years as a Senior Attorney (International Specialist and Petroleum Industry Specialist) with the Office of Chief Counsel, IRS, following which he spent three years as a tax consultant with the global accounting firms of Deloitte & Touche and Grant Thornton.

Mr. John Brown, Chairman of the Board and Founder, said that the appointment of Mr. Van Brauman as a Director of the Company strengthens Zion’s Board and that he looks forward to Mr. Van Brauman’s future contribution to the company.

Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north covering a total of approximately 162,000 acres.

Zion Oil & Gas Public Offering Update

September 22, 2008 by · Leave a Comment 

“With faith there are no questions.
Without faith, there are no answers.”
 
Dear Zion Shareholder and/or Friend of Zion
 
We are extending the initial 90 day period for our public offering of $10 units. The extension gives us an additional 60 days (until October 11th, 2008) to sell the minimum subscriptions required of 325,000 units at $10 each (= $3,250,000). If we don’t reach the minimum by October 11th, then we will have to close our offering and return to every subscriber the subscription amounts that we will then have in the escrow account.
 
We have almost everything we need to drill our next two wells in Israel, but we need money to pay for importing the drilling rig from Turkey and the daily drilling costs. Since we began planning our next well, the US dollar has fallen 25% in value against international currencies, while associated oil industry costs have risen by 50% to 100%.
 
For example, when we drilled our first well, the Ma’anit #1, the contractor’s daily rate was $14,000.  For our next planned well, the Ma’anit-Rehoboth #2, the daily rate will be $28,500 per day (and that is considered to be a very good price in a market that can charge up to $40,000 for a similar drilling rig).
 
The current economic downturn has hurt many and prevented us from reaching the minimum in the initial 90 days of our public offering, but we sincerely believe that the Joseph Project will be a financial blessing to those who have the vision and faith to support it. (Ruth 2:12)
 
If you do not have money to invest then I pray that G-d will send it to you. But if you do have the funds, perhaps this is the intended use for them. (Esther 4:14)
 
Please consider what number of $10 units you want to take. The minimum is 100 units but we hope you will want to take more. 500 units at $10 each is $5,000 and, if we are successful, this may be the best money you ever invested… and you will be blessed… (Genesis 12:1-3)
 
Please give this message your serious consideration; Zion depends on your support and without your prayers and financial support, we may not be able complete our work in Israel. (Numbers 10:32)
  
Shalom
 John Brown
(Hosea 12:10)
  
NOTICE:
This communication shall not constitute an offer to sell or the solicitation of an offer to buy Units of Zion’s securities, which may only be by prospectus, nor shall there be any sale of the Units in any state or country in which such offer, solicitation or sale would be unlawful prior to the registration, qualification or exemption under the securities laws of any such state or country.
 
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Does Israel Have Oil? Wrong Question.

September 10, 2008 by · 2 Comments 

Does Israel really have oil? That seems to be the question everyone’s asking. Maybe it’s the wrong question. Turn’s out, Exxon and Shell have known about Israel’s oil for nearly ten years. Here’s a clipping from The Jerusalem Post, March 5, 1999. I’ll copy the text here since the clipping is a little hard to read (click on the clipping for a cleaner version).

ISRAEL IS OIL-RICH, EXPLORATION-POOR

Sir-

As a geologist and managing director of various oil exploration companies in Israel over the past 20 years, I was quoted in several paragraphs of Michael Arnold’s article “Slippery dreams” (January 22). I would like to amend and add certain facts as follows:

The oil potential of Israel was evaluated twice at the request of the Israeli government. In 1962, Lewis Weeks, the former chief geologist at Exxon, determined that “the potential ultimate oil resources of Israel should be of the order of 500 to 2,000 million barrels from primary recovery… The figures do not include gas… which may equal 50% and upwards of that of the oil.”

In 1979, James Wilson, former chief geologist or Shell (US) determined that on-shore Israel (the off-shore and the Dead Sea Rift Valley were not included) has a potential of330 to 2,000 million barrels of recoverable oil.

Both these experts have been president of the American Association of Petroleum Geologists.

Since the Wilson evaluation in 1979, extensive data have been accumulated relating to on-shore and off-shore Israel. From this data, it becomes clear that the total may exceed 2,000 million barrels.

Israel’s per annum consumption amounts to about 70 million barrels.

The 1962 evaluation predicted that “the finding and recovery of this oil and gas may require many decades” -and evidently assumed that such efforts would be made. Unfortunately, this has not been the case.

It is most likely that this failing is one of the main reasons why the forecast potential has not yet been discovered.

YOSSI LANGOTSKY

Herzliya

 2,000 million barrels? That’s 2 billion barrels. That’s Exxon and Shell saying it. So the question isn’t “does Israel have any oil?” The question is, “If the big boys have known about this for so long, why haven’t they done anything about it?” The answer, unfortunately, is pretty easy. They’ve got larger, established assets in the Arab world and the Arab world has told them, “If you do business with Israel, don’t bother doing business here.” That’s what the 1973 oil embargo was all about.

What’s Israel’s answer? Keep supporting those who are exploring for the oil they know is there. What can we do about it? Stop wondering if Israel really has any oil. It does. If you want to see it come to the surface, support the exploration already in country. This piece of history will come about, and it won’t be long until it does. Those involved in that effort are destined to be written in to the story of Israel’s future.

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