Zion Oil & Gas debuted it’s 2012 Corporate video, “The Joseph Project”, during last week’s National Religious Broadcasters Convention in Nashville, Tennessee. In the video Zion Founder John Brown reviews the company’s mission and vision for Israel. Zion CEO Richard Rinberg and COO Victor Carrillo share their thoughts on the recent and future exploration activities.
Zion Oil & Gas is dedicated to finding and producing oil and gas in Israel.
February 21, 2012, Nashville, TN
Zion President and COO, Victor Carrillo, during a press conference at the 2012 National Religious Broadcasters Convention in Nashville, announced yesterday that Zion plans to re-enter the Elijah 3 well in the Asher-Menashe Exploration territory. Carrillo stated that Zion Oil & Gas plans to re-enter the well bore late this Spring in order to evaluate the well’s production potential and to determine if the well should be completed.
Zion began drilling operations at the Elijah 3 well in October 2009. Their target depth was toward the Triassic geological formation, which was estimated below approximately 10,000 feet (3,048 meters). Zion reached a depth of 10,938 feet (3,334 meters) but temporarily suspended drilling operations in the well following unsuccessful efforts to retrieve a stuck pipe.
Carrillo also announced in yesterday’s press conference, that later this year, Zion plans to begin drilling its first well in the company’s Jordan Valley license.
Zion Oil & Gas hold the largest on-shore oil and gas exploration license area in Israel.
Dallas, Texas and Caesarea, Israel – October 18, 2011 – Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that Mr. Victor G. Carrillo has been appointed as President and Chief Operating Officer of the Company, replacing Mr. William L. Ottaviani who, by mutual agreement with the Company, left to pursue other opportunities on October 14, 2011. Mr. Ottaviani resigned from the Company’s Board of Directors, as provided for in his employment agreement with the Company.
Mr. Carrillo, age 46, has been serving as the Company’s Executive Vice President since January 2011 and as a director since September 2010. Mr. Carrillo will continue to serve on the Company’s Board of Directors.
Mr. Carrillo is a petroleum geologist and geophysicist, attorney, former city councilman, former county judge and former statewide elected official in Texas. For almost eight years, ending in January 2011, Mr. Carrillo served as a commissioner of the Railroad Commission of Texas (the State of Texas Board with regulatory jurisdiction over oil and gas exploration and production) having served as chairman of the three-member statewide elected board twice. Mr. Carrillo holds a law degree from the University of Houston Law Center, a Master of Science degree in geology from Baylor University, and a Bachelor of Science degree in geology from Hardin-Simmons University. Mr. Carrillo also received an honorary doctorate degree from Hardin-Simmons University in May 2006. Mr. Carrillo’s background in petroleum geology and geophysics and regulatory experience as Chairman of the Railroad Commission of Texas furnishes to our board access to a greater understanding of both petroleum science and regulatory issues. Mr. Carrillo currently also serves as a director of Magnum Hunter Resources Corporation; an oil and gas company engaged in the acquisition, development and production of unconventional oil and gas resource plays in the United States and Canada. He also serves on the advisory board of the Maguire Energy Institute at Southern Methodist University in Dallas, Texas.
Zion’s Chief Executive Officer, Richard Rinberg, said today that, “I want to thank Bill Ottaviani for his contribution to Zion and wish him well in his future endeavours.
I am very pleased to announce Mr. Carrillo’s appointment as our President and Chief Operating Officer. Victor Carrillo has a wealth of experience in the petroleum industry and is an experienced petroleum industry professional. His skills as a petroleum geologist and geophysicist will serve our Company well as we strive to identify drilling prospect opportunities in our license areas, confirm our next drilling locations and implement our multi-well strategy, as we continue our pursuit to recover hydrocarbons in Israel.”
In his October 7 Newsletter, Zion Oil & Gas CEO Richard Rinberg wrote. “Our schedules may change, but today, we believe that it is most likely that Zion’s next well will be drilled in our Jordan Valley License in 2012.”
Earlier this month Zion signed a seismic acquisition agreement with the Geophysical Institute of Israel (GII) to conduct a 2D field seismic survey in its Jordan Valley License area that is scheduled to commence in late 2011 or early in 2012.
DALLAS and CAESAREA, Israel, July 11, 2011 (GLOBE NEWSWIRE) — Zion Oil & Gas, Inc. (Nasdaq:ZN) reported today that the Israeli Petroleum Commissioner has awarded the company a one-year extension on its Asher-Menashe petroleum exploration license in Northern Israel.
Zion’s Asher-Menashe license covers an area of approximately 78,824 acres located on the Israeli coastal plain and the Mount Carmel range between Caesarea in the south and Haifa in the north. The Asher-Menashe License had an initial three-year term, from June 10, 2007 to June 9, 2010 and, in May 2010, the License term was extended by one year, until June 9, 2011. On July 11, 2011, Zion received notification from the Israeli Petroleum Commissioner extending the term of the Asher-Menashe License by a further year, until June 9, 2012.
Richard Rinberg, Zion’s Chief Executive Officer, commented that, “In recent months, we submitted applications to the Israeli Petroleum Commissioner for three further exploration areas: the Dead Sea License Application (covering an area of approximately 74,925 acres), the Asher-Joseph Permit Application (covering an area of approximately 80,000 acres) and the Zebulun Permit Application (covering an area of approximately 157,480 acres). If all of our applications are granted, the total petroleum exploration area under Zion’s control would be approximately 530,346 acres.
The Asher-Menashe License extension carries a commitment to acquire additional seismic data and to begin drilling a well in the License Area no later than June 1, 2012.
The Jordan Valley License carries a commitment to acquire additional seismic data and to drill a well in the License Area no later than April 13, 2013.
We remain excited about the possibility of recovering hydrocarbons on our license and permit areas, onshore Israel, especially due to the U.S. Geological Survey report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable undiscovered oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion’s exploration rights fall within the area of the Levant Basin.”
Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN” and Zion’s warrants trade under the symbol “ZNWAW and ZNWAZ”.
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 three petroleum exploration licenses, the Joseph License (on approximately 83,272 acres) and the Asher-Menashe License (on approximately 78,824 acres) between Netanya, in the south, and Haifa, in the north and the Jordan Valley License (on approximately 55,845 acres), just south of the Sea of Galilee. The total license area amounts to approximately 217,941 acres.
July 5, 2011 by admin · Comments Off on Zion Oil Annual Meeting Highlights
Zion Oil & Gas held its Annual General Meeting (AGM) in Dallas on June 21. Zion CEO Richard Rinberg’s report included the year’s exploration highlights:
- In July 2010, we completed a rights offering, raising over $12 Million.
- Late in August 2010, we began drilling operations on the Ma’anit-Joseph #3 well, within the Joseph License.
- In December 2010, we completed a rights offering, raising over $18 Million.
- In April 2011, we were awarded a new petroleum exploration license on land within Zion’s previous (and now expired) Issachar-Zebulun Permit area. We named the new license the Jordan Valley License.
- The difference between a Permit and a License is that with a Permit you can investigate the hydrocarbon potential (including shooting field seismic), but you cannot drill a well; with a License you may drill one or more wells.
- Just last week, we requested the grant of a new petroleum exploration permit area, adjacent to Zion’s Joseph License area – named by us the Asher-Joseph Permit.
- So, in addition to the exploration areas we currently hold, 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.
- Last week also saw the milestone of us reaching our target depth of approximately 19,357 feet (5,900 meters) in drilling the Ma’anit-Joseph #3 well into the Permian geologic layer in Northern Israel. After reaching the target depth, we logged the well.
Company President and COO, Bill Ottaviani shared in his Operations Report on Zion’s exploration territory: “During the past 12 months, we have increased our potential exclusive exploratory acreage position by about 60% to around 530,000 acres. This increase assumes that Zion will be granted all the permits and licenses already submitted to Israel’s Petroleum Commissioner’s Office but not yet decided upon. While there is no guarantee that we will receive any or all of the new areas requested, based on our track record of being a responsible operator, we are optimistic that the Commissioner’s Office will look favorably upon our applications.
Victor Carrillo, Zion’s Executive VP, Presented a history of Israel’s search for (and discovery of) oil and gas, and Zion’s role in the country’s exploration efforts.
All of these presentations can be viewed or downloaded from Zion’s website ‘Investor Center’.
Zion Oil Founder and Chairman John Brown closed the annual meeting by reading a passage from the New Testament letter to the Hebrews: “So don’t throw away your confidence, it will be richly rewarded. You need to persevere so that when you have done the will of God, You will receive what he has promised.” (Hebrews 10: 35, 36)
In his July 1 letter to shareholders, Zion Oil & Gas CEO Richard Rinberg wrote that Zion was planning to test the Ma’anit-Joseph #3 well in spite of disappointing wire-log reports. Based on the wire log data, Rinberg reported, “there is little chance that the Ma’anit-Joseph #3 well contains hydrocarbons in commercial quantities.”
The reason Zion decided to move forward with physically testing the well is that during drilling they experienced “significant natural gas shows.” The gas, according to Rinberg, pushed past the heavy drilling mud, indicating that it,”appears to be under relatively high pressure at depth.” Testing the well will determine exactly where the natural gas is coming from and whether there’s enough of it to make the Ma-anit-Joseph #3 a commercial well. Testing the well will also give Zion greater insight into the geology of their surrounding license area and may help them determine where to drill next.
When I first read Rinberg’s letter I was tempted to be a bit dis-heartened by the phrase describing the wire-log interpretation, “there is little chance” of a commercial discovery. But then I remembered another letter, one written to the Hebrew people about 2,000 years ago; it listed the heroes of old and the faith that allowed them to persevere in spite of the current technology telling them. “there is little chance.”
- There was ‘little chance’ that a worldwide flood would destroy every living thing that wasn’t packed in Noah’s boat.
- There was ‘little chance’ that Abraham, at 100 years old, and Sarah, at 90, would have a child.
- There was ‘little chance’ that Isaac’s life would be spared by an angel and a ram caught by his horns in a thicket.
- There was ‘little chance’ that a slave child with a death warrant on his head would be spared, raised in Pharaoh’s household, and exiled to the desert 40 years would lead his people out of slavery and into a Promised Land.
- There was ‘little chance’ that a rag-tag group of pilgrims marching around Jericho could make the city’s walls fall down.
- There was little chance that Gideon’s 300 men could rout an army of hundreds of thousand Midianites.
- There was little chance a skinny 17 year-old kid could kill a fully armored Philistine warrior giant with a sling shot.
I could go on … Hebrew history is full of heroes who were given ‘little chance’. What was the one thing they had in common that far outweighed ‘little chance’ of success? Faith.
“Now faith is being sure of what we hope for and certain of what we do not see. This is what the ancients were commended for.” (Hebrews 11:1)
Faith doesn’t come from wire-log data; it comes from the One Who does what He promises. I’m looking forward to test results.
DALLAS and CAESAREA, Israel, June 6, 2011 (GLOBE NEWSWIRE) — Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that it intends to launch a rights offering. Under the rights offering, Zion will distribute non-transferable subscription rights to holders of Zion’s common stock on the record date of June 15, 2011, to purchase their pro-rata portion of approximately 6.25 million Units of Zion’s securities. Each Unit will consist of one (1) share of Zion’s common stock and warrants to purchase two (2) additional shares of Zion’s common stock at an exercise price of $3.50 per share.
Under the rights offering, stockholders of record on the record date will therefore have the right to subscribe for one (1) Unit for every four (4) shares of common stock owned on the record date, equivalent to 0.25 subscription rights for each share of common stock owned on the record date.
Each whole subscription right will entitle the stockholders of record on the record date to subscribe for one Unit at the per Unit purchase price of $5.00. The warrant will be exercisable for a one-year period beginning on the closing date after the rights offering expires.
The rights offering is planned to commence as soon as practicable after the record date and to continue through 5:00 p.m. Eastern Standard time on July 25, 2011, subject to Zion’s right to extend the offering in its sole discretion. The rights offering will also include an over-subscription privilege, entitling a stockholder who exercises all of their basic subscription privilege the right to purchase additional Units that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro-rata allocation of securities among stockholders exercising their over-subscription right.
If the rights offering is fully subscribed, then the gross proceeds of the offering will be approximately $31.25 million, before offering related expenses which the Company estimates should not exceed $150,000. This figure does not include proceeds, if any, from any future exercises of the warrants. The proceeds of the rights offering will be used to further Zion’s oil and gas exploration program in Israel.
As soon as possible after the Record Date, Zion plans to mail to holders of its common stock (as of the close of business on the Record Date) a prospectus and other items necessary for exercising the rights. Shareholders who hold their shares in a bank or broker name will receive the rights offering material from their bank or broker. The prospectus will contain a description of the rights offering and other information. (read full Press Release)
Editor’s note: Zion stock rose to a high of $7.87 today before closing at $6.28.
Everybody know the joke; “Moses should have turned left instead of right, he picked the only place in the Middle East with no oil”.
Zion Oil & Gas CEO Richard Rinberg proves naysayers wrong in this video – showing viewers the oil Zion has already discovered in Israel. This video was shot at Zion’s office in Caesarea, Israel.
A new video ‘short’ was released today – Zion Oil & Gas Founder speaking about his 30 years faith journey, lessons learned, and what he intends to do when Zion discovers oil in Israel. This video was shot on location in Caesarea Israel. Feel free to share it with your friends and anyone who wants to understand ‘true biblical faith’.