Zion Oil & Gas Inc (ZNOG)

[Cowboyeeee]

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is on the move northbound after the Company announced it has completed the drilling phase of the megiddo-Jezreel #2 (MJ-02) well. Zion has completed the drilling of the MJ02 well to a total depth of 5,531 meters (18,141 feet) with a six-inch (6?) open hole at that depth. The primary zone of interest contains encouraging shows of hydrocarbons. Management states they are thankful for the successful completion of the drilling phase and are eager to move forward with testing immediately based on encouraging hydrocarbon shows. Based on these logs and analysis, additional zones of interest may be identified and tested. All testing equipment and personnel are in Israel, and Zion is assembling the required equipment at the well site for the comprehensive testing.

There is a lot to get excited about ZNOG at current price levels; an ex-NASDAQ stock that skyrocketed to $1.75 in December of last year is currently trading just over $0.20 per share on heavy volume and a gap to fill. The Company has just completed the drilling phase and is eager to move forward with testing immediately based on encouraging hydrocarbon shows at its Megiddo Jezreel #1 (“MJ #1”) site where the Company previously estimated the reserve potential of the formation at 484 million barrels. ZIon Oil & Gas has a biblically inspired vision to find oil and/or natural gas in Israel. The Golan Heights and Jezreel Valley are emerging as a potential oil hotspot in Israel. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide.