Zion Oil & Gas Applies for Asher-Joseph Permit

DALLAS and CAESAREA, Israel, June 14, 2011 (GLOBE NEWSWIRE) — Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that on June 13, 2011, the Company submitted an application to the Israeli Petroleum Commissioner’s Office, requesting the grant of a new petroleum exploration permit area adjacent to Zion’s Joseph License area. The new permit application has been named by Zion, the “Asher-Joseph Permit Application”.

The Asher-Joseph Permit Application area covers approximately 80,000 acres of land and is to the west and south of Zion’s Joseph License area. It is onshore Israel and traverses a section of land, adjacent to the coastline, between Haifa and Tel Aviv. The grant of a permit would allow us to conduct, on an exclusive basis through a specified period, preliminary investigations to ascertain the prospects for discovering petroleum in the area covered by the permit.  Unlike a license area, where test drilling may take place, no test drilling is allowed on a permit area.

Zion’s Chief Executive Officer, Richard Rinberg, said today, “We have three applications for new exploration areas pending before the Israeli Petroleum Commissioner’s Office: the Asher-Joseph Permit, the Zebulun Permit and the Dead Sea License.

“We continue to implement our exploration and drilling program and build on our progress to date. If granted the new exploration areas, we intend to acquire additional seismic and other geological and geophysical data, as we work towards refining potential drilling prospects.

“Currently, drilling operations at our Ma’anit-Joseph #3 well continue. We have reached our target depth of approximately 19,357 feet (5,900 meters), in the Permian geologic layer in Northern Israel, and are now preparing for open-hole wireline logging operations, planned to commence this week. Depending on the outcome of our wireline logging and subsequent interpretation, we may determine to drill this well deeper.”

Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN“.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Haifa and Tel Aviv. It currently holds two petroleum exploration licenses, the Joseph License (on approximately 83,000 acres), between Netanya, in the south, and Haifa, in the north and the Jordan Valley License (on approximately 56,000 acres), just south of the Sea of Galilee. The Asher-Menashe License (on approximately 79,000 acres), which Zion has held continuously since June 2007, expired on June 9, 2011 (its scheduled expiration date); however, prior to that date, Zion submitted an extension application to Israel’s Petroleum Commissioner.

Offshore Gas Field is a ‘Monster’

Noble Energy chairman and CEO Charles Davidson expressed optimism that there will be more gas fields discovered at a press conference in Tel Aviv today.

He said, “We conducted a 3D seismic survey, which will provide very sophisticated information enabling us to know whether there are more reservoirs. We believe that there are other reserves adjacent to the Tamar and Dalit reservoirs. We’re now analyzing the results of the seismic survey. I hope that we’ll continue to find natural gas in this country. I’m optimistic about more reservoirs, whether at Leviathan or elsewhere.”

Davidson added, “Israel was the land of milk and honey in Biblical times, but in the modern era, its milk and honey and natural gas. In Israel’s deep waters, in virgin territory, a monster natural gas discovery has been made.”

Noble Energy Inc. (NYSE: NBL) is a partner in the Tamar and Dalit offshore gas fields, together with Delek Group Ltd. (TASE: DLEKG) subsidiaries Delek Drilling LP (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L), Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L), and Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) subsidiary Dor Alon Energy Exploration Ltd. It is also a partner with Delek Group in the Yam Tethys partnership, which owns a natural gas field offshore from Ashkelon, and in the Leviathan prospect, west of Tamar, with Delek Group Ratio Oil Exploration (1992) LP (TASE:RATI.L).

Noble Energy convened the press conference at the Tel Aviv Hilton not only to wax poetic about biblical Israel, but to outline its program to develop its natural gas reserves in Israel. Investors are eager for any scrap of information about the Leviathan lease, where 3D seismic survey is underway, whose results are due later this month. If gas is found, the prospect’s partners will begin drilling toward the end of the year, at an estimated cost of $100 million.

Davidson said, “The company expects to drill into another large structure during the second half of the year, and to drill in the two discoveries already made during 2011.”

The statement reiterates what Noble Energy said in the conference call following the publication of its financial report for 2009 last month, without explicitly mentioning “Leviathan”. “As for Tamar, the immediate challenge is to reach an agreement with the government on how to bring the gas to shore, since seafront real estate in Israel is very expensive. One possibility is to build a new terminal, another is to use Yam Tethys’ existing infrastructure,” Davidson said.

Davidson promised that the company would meet its timetable for the Tamar well. The well’s partners are due to publish their development plan for the reservoir in the second half of the year. The plan will reportedly cost more than $2.6 billion, with gas production beginning in early 2012.

“We’ve been here for over ten years already,” said Davidson. “Noble Energy won’t be here for years, but for decades. I can’t imagine a better place to be than here.”

Noble Energy will invest $140 million in gas exploration in Israel in 2010, almost 10% of its budget.

Shares of Israeli gas and oil exploration partnerships on the Tel Aviv Stock Exchange (TASE) have skyrocketed by hundreds and even thousands of percent in the past year, as investors seek the next Isramco. Davidson, however, sends a clear message to investors: Be careful. “Oil and gas exploration shares were hyped last year, and I urge caution,” he said. “There is no sure thing in the energy industry, and in the end, only a few companies will succeed. There’s an upside potential in the shares of Noble Energy. I’m a long-distance runner, and I don’t comment about the market’s response over the next week or two. We’re managing projects that will last us decades. In this business, you don’t plan for days, but for the long haul.”

Published by Globes [online], Israel business news – www.globes-online.com

A Closer Look at Givot Olam

Just south of Zion Oil’s Joseph license in Northern Israel lies the 60,000 acre Rosh Ha’ayin production lease belonging to Israeli oil company Givot Olam. A production lease, according to Israeli petroleum law, can only be issued after the exploration company has proven existing oil and/or gas reserves in place. In 2004 Givot Olam, through their three exploration wells, the Megeds 2, 3 and 4, proved to the Israeli government that there was oil under their exploration license … to the tune of nearly a billion barrels.

Despite attempts to develop the exploration wells, Givot Olam has yet to get commercial quantities of their oil discovery to the surface. The company began drilling the Meged #5 well last month, hoping to change their luck, take advantage of what they’ve leaned in the last five years and produce a sellable amount of oil.

Here’s something interesting; Givot Olam’s founder, Tovia Luskin, a trained petroleum geologist, began his quest for oil in Israel when he read about the prediction of vast petroleum reserves waiting to be discovered in the Holy Land. Would you like to know where Mr. Luskin first read about this possible discovery? The Bible … more accurately, the Torah.

Sounds familiar doesn’t it? Let’s put aside for a moment the fact that oil was discovered in Israel in 2004, by a company that based their search on scripture. Let’s put aside for a moment what the first fact does to the credibility of every critic and self-rising opinionater that has, over the last five years, trashed the idea that oil could ever be discovered in Israel based on scripture for the sole reason that it was based on scripture. Let’s put aside for a moment the fact that we’re not waiting for someone to discover oil in Israel – it’s already been done; we’re just waiting for someone to bring it up and put it in barrels. Let’s put all that aside and take a quick look at the man who first discovered the oil prophesied by Jacob to his sons nearly 4,000 years ago.

Tovia Luskin

In a story that seems to be dominated by Christian oil explorers, it’s a little ironic that the only oilman, using the same scriptures as the Christian explorers, to actually have a proven oil discovery in Israel, is Jewish.

Tovia Luskin, like his evangelical Christian counterparts, has been searching for oil in Israel for a long time now – more than twenty years. Like his Christian counterparts, Tovia used the Bible as his guide for finding oil in the Holy Land. Unlike his Christian counterparts, Tovia has actually discovered the oil promised to the Children of Israel in Genesis and Deuteronomy!

Luskin, a Russian Jew and a geologist, earned degrees in geophysics at Moscow State University. As a former lead geologist for Shell Oil and advisor to Bridge Oil in Sydney, Australia, his extensive background in the oil industry gave him the professional credence to back up his religious conviction that there was indeed, oil in Israel.

Working in Australia in 1988, Tovia, new as a practicing Jew, came upon a passage in the Torah in Deuteronomy.

Tovia is naturally quiet about sharing his religious beliefs concerning the oil with skeptics who would use them to discount his professional and technical efforts on the project. But to those sincerely interested, he happily quotes from memory the passage that began his quest:

About Joseph, he (Moses) said: “May the Lord bless his land with the precious dew from heaven above and the deep waters that lie below; with the best the sun brings forth and the finest the moon can yield; with the choicest gifts of the ancient mountains and the fruitfulness of the everlasting hills…”

(Deut. 33:13 NIV)

This passage in Deuteronomy along with his discovery that the medieval Jewish scholar Rashi interpreted the passage to mean that the “everlasting hills” were much older than the surrounding countryside was proof that he was on to something.

Rashi’s interpretation struck home with Luskin. He knew, as a geologist, that the concept of one geological feature (the hills) being of a different age than the land surrounding it was an accepted fundamental of modern geological science. But this concept was unknown in the time Rashi wrote his interpretation. In Luskin’s view, Rashi had no way of interpreting the passage this way other than by divine guidance.

These two proofs were enough for him to write to Rebbe Menachem Mendel Schneerson, one of the world’s renowned Jewish scholars, for his review and consideration of the interpretations. After reviewing his material, the Rebbe, responded noting, “I had pleasure in reading your discussion …” and “… You will tell me good news ….”

This was enough for Luskin to take action. He traveled to New York for a personal audience with the Rebbe. The Rebbe pronounced over him a Bracha (blessing) regarding his proposed search for oil in the Promised Land, “You have my blessing that you will have good news in the near future.” This innocuous sounding blessing carried tremendous authority for Luskin. He believed the Rebbe to be G_d’s Moshiach (Messiah), the one to bring redemption to the Jews. This was enough for Luskin to sell his home in Sydney, Australia and immigrate to Israel.

By 1993 Tovia Luskin had assembled a team of geologists and oil experts (most of them Russian from his previous acquaintance at Moscow Sate University) to form Givot Olam Oil Exploration, LLC. Givot Olam, Hebrew for “everlasting hills,” secured a 62,500 acre exploration license just north and east of Tel Aviv.

Their first well, the Meged 2, was drilled in 1994 and successfully tested 40° API oil at 17,000 feet. In 1998 the Meged 2 was retested and showed a 400 barrel per day flow rate. The Meged 3 well was drilled two years later a few miles to the west of the Meged 2. This well logged 47 feet of pay (the vertical area of the well from which to extract oil) at 15,000 feet deep, but had to be shut down because of mechanical problems in the hole. The Meged 4, north of the Meged 2 and Meged 3, was drilled in 2003. At 16,000 feet the Meged 4 began flowing oil and gas. The rate of flow was unspecified but Givot Olam reported a commercial discovery of 980 million barrels. With the Meged 4 discovery the Givot Olam eighteen month exploration license became a thirty year production lease.

Today Givot Olam is in the process of developing the Meged Oil Field with plans for 10 wells in a 50 square kilometer project area. With proper development each well is conservatively estimated to produce over 900 barrels per day for the first year, and then decline to a steady 400 barrels per day over each well’s seven year expected lifespan. The ten wells in this field, roughly one-fifth of Givot Olam’s production lease area, in the conservative view is capable of producing over 12 million barrels of oil over the next seven years.

Israel has only produced 20 million barrels in its entire fifty year history of oil production. Personally Luskin estimates the Givot Olam lease area to hold as many as a billion barrels of oil. Twenty percent of those billion barrels, Luskin believes, is recoverable. Two hundred million barrels … not bad for Jewish Russian immigrant using the Torah and his Rebbe’s blessing as a guide!

ZION OIL ISSUES UNITS IN INITIAL CLOSING

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

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:

Dear 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)

The 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

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.

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.

AME 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 Oil & Gas Appoints New Board Member

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

DALLAS–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.