Zion Oil & Gas, Inc. (Zion) (ZN) announced that, on April 16, 2013, Zion submitted to Israel’s Petroleum Commissioner and other Ministry officials an application seeking a Petroleum Exploration License in the Megiddo-Jezreel Valley area, onshore Israel, covering an area of approximately 98,000 acres. As proposed, the Megiddo-Jezreel Valley license area boundary is adjacent to and westward of Zion’s existing Jordan Valley License No. 393, which covers approximately 56,000 acres. If granted, the new Megiddo-Jezreel License would likely be for an initial three-year term with options to extend the license annually up to seven years total.
In addition, on April 10, 2013, Zion also submitted to Israel’s Petroleum Commissioner an application seeking a one-year extension for its existing Joseph License No. 339, which covers approximately 83,000 acres.
Victor G. Carrillo, Zion’s President and Chief Operating Officer, said “Submitting our Megiddo-Jezreel Valley license application is a very important step for Zion’s future exploration efforts. This is but a first step in a long process before we can initiate our first exploratory well in the new license area but we look forward to getting to that point as expeditiously as possible. We thank all of our dedicated and loyal supporters.”
