Zion Announces New President/COO

February 5, 2010 by  

Bill Ottaviani Joins Zion Oil as President and Chief Operating Officer

Bill Ottaviani

DALLAS and CAESAREA, Israel, Feb. 1, 2010 (GLOBE NEWSWIRE) — Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that William L. Ottaviani has joined the Company as President and Chief Operating Officer.

William (Bill) Ottaviani, a Petroleum Engineer, has spent 25 years (1982 to 2007) working for Chevron Corporation in various countries, including Angola, Indonesia and the USA, and two years (2007-2009) as Chief Operating Officer of Rex Energy. He earned a Masters in Business Administration from California State University and a Bachelor of Science degree (with High Distinction) in Petroleum and Natural Gas Engineering from Pennsylvania State University.

During his career, Mr. Ottaviani was awarded multiple Chevron and U.S. Department of Energy Recognition Awards for performance achievements. When working for Chevron’s subsidiary, Caltex Pacific Indonesia, Bill was awarded the company’s highest recognition, earning the President’s Award for his work in successfully negotiating a $1.5 Billion gas contract. He is a member of the Society of Petroleum Engineers.

Zion’s Chief Executive Officer, Richard Rinberg, said today that, “Bill Ottaviani joins Zion with a proven industry track record and will greatly strengthen our managerial and operational competence. Bill is a first class oil and gas professional who has the experience, the ability and the specific skill-set to provide Zion with fundamental operational and technical direction, help us to implement our multi-well strategy and achieve success with our operations.”

Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN” and Zion’s warrants trade under the symbol “ZNWAW”.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv. It currently holds two petroleum exploration licenses, the Joseph and the Asher-Menashe Licenses, between Netanya, in the south, and Haifa, in the north, covering a total of approximately 162,000 acres and the Issachar-Zebulun Permit Area, adjacent to and to the east of Zion’s Asher-Menashe license area, covering approximately 165,000 acres. Zion’s total petroleum exploration rights area is approximately 327,000 acres.

Comments

One Response to “Zion Announces New President/COO”

  1. Garry Haralambou on February 18th, 2010 10:33 am

    I have been a stockholder for the longest time and have participated in every new issue, but I can’t understand for the likes of me why it is taking so long to discover oil? I’m frustrated because each new offering dilutes the value of the stock and i have bought it at $13 a share at times, so I’ve seen my investment reduce more than 50%. Why did Zion start drilling a 3rd well? Why not finish #2 and find some oil already. Then have a new offering to have the funds to drill as many well as they want.

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