Zion Oil & Gas secures petroleum exploration permit in Israel

Tue. June 23, 2009; Posted: 09:38 AM

Jun 23, 2009 (Datamonitor via COMTEX) -- ZN | Quote | Chart | News | PowerRating -- Zion Oil & Gas has been notified by the Israeli Petroleum Commissioner's office that the company has been awarded a preliminary petroleum exploration permit with priority rights on approximately 165,000 acres in Israel.

The permit area is adjacent to and to the east of Zion's Asher-Menashe license area and is in the area that was formerly within Issachar's and Zebulun's ancient biblical tribal areas, consequently Zion has named the area the 'Issachar-Zebulun Permit Area'.

The Issachar-Zebulun Permit extends Zion's petroleum rights from the Mediterranean at Caesarea across the Carmel Mountains to Megiddo and through to the Jordan River immediately south of the Sea of Galilee. It increases Zion's total petroleum exploration rights area to approximately 327,000 acres.

Zion has also been notified by the Israeli Petroleum Commissioner's office that its transfer of a 3% overriding royalty interest from each of the company's Joseph and Asher-Menashe oil and gas licenses in Israel (6% overriding interest in aggregate) to the Abraham Foundation and the Bnei Joseph Amuta Foundation, has been approved by Israel's Petroleum Commissioner.

The Israeli Petroleum Commissioner has granted Zion's request for a six-month extension on its drilling obligation on the Asher-Menashe license from July 1, 2009 to January 1, 2010 to allow Zion adequate time to finish drilling the Ma'anit-Rehoboth 2 well.

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