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Zion Oil and Gas (ZN): Drops Exploration at the Elijah #3 Well

Zion Oil & Gas (ZN) principal assets are petroleum rights issued by the Ministry of National Infrastructures of the State of Israel. Currently, Zion has three onshore exploration licenses covering approximately 218,000 acres (the Asher-Menashe, Joseph, and Jordan Valley Licenses).

On January 9, 2013, ZN’s John Brown (CEO), Victor Carrillo (President & COO), Forrest Garb (Board Director and Technical Committee Co-Chair), Bill Avery (General Counsel), Martin Van Brauman (Secretary/Treasurer), Dr. Lee Russell (Geoscience Consultant), Glen Perry (Engineering Consultant), John Vittitow (Engineering Consultant), and John Byars (NuTech Energy Alliance representative) provided a meeting at the company’s headquarters in Dallas, to discuss the technical results of the re-entry operations.

Upon analysis and interpretation of all of the data, it was decided that while there were oil shows and other indications of hydrocarbon potential observed in the shallower portion of the well, ZN will not pursue additional exploration activities at the Elijah #3 well. Anyhow, ZN is still evaluating the strategic value of continuing to explore other parts of its Asher-Menashe License.

Company does not expect to drill a new exploratory well within the first half of 2013 but hoping to drill our next exploratory well towards the end of 2013 or in 2014.

ZN shares lost over 30% as of 10:30 EST on Friday trading session.

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