HERE IS ANOTHER OIL COMPANY DRILLING IN ISRAEL
Ness Energy Announces Domestic Divestiture Plan and Israel Operations Update
Monday October 2, 3:51 pm ET
WILLOW PARK, Texas and NETANYA, Israel, Oct. 2 /PRNewswire-FirstCall/ -- Ness Energy (OTC Bulletin Board: NESS - News), today, announced that it plans to divest its Texas assets and also report that field activity has resumed on the Gurim # 4 well near Arad, in the Southwest Dead Sea area in Israel.
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Domestic Divestiture
As Ness continues to vigorously pursue The Vision in Israel, the pursuit of investment capital continues, as well. In an effort to raise additional capital for expansion in Israel, Ness intends to offer for sale its producing and non-producing properties in both North-Central and South Texas. This includes approximately 10,150 acres and 16 producing wells in Parker, Palo Pinto, Erath and Jack Counties in North Texas, and 1,360 acres and 3 producing wells in Dewitt, Karnes and Lavaca Counties in South Texas. This divestiture is intended to supply a substantial portion of the resources for the continued work in Israel.
Ness President and CEO, Sha Stephens, said, "After my Dad, the founder of Ness -- Hayseed Stephens, died in 2003 and I agreed to take the leadership role at Ness I announced my plans for the future of the company and referred to those plans as 'The New Outlook.' My plan involved accumulating and eventually leveraging domestic oil and gas production and assets in pursuit of The Vision. This sale of those accumulated assets does exactly that -- it leverages the base that we have accumulated, allowing us to continue on our mission. Once the sale is complete, Ness should be in the best financial position it has ever been. With the proceeds of the sale Ness will continue to press forward to see The Vision of Ness Energy come to pass. This is the boldest step to date that we have undertaken to accomplish what my Dad set out to achieve over 20 years ago. I feel it is time for such a step and with the help of God and the faith of our shareholders, we will see our efforts successful."
Mr. Stephens commented, "This sale should be viewed only for what it is ... following the plan, or New Outlook that we undertook a little over three years ago which is to leverage our assets in a manner that makes sense to further The Vision of the company." The Vision and Mission of Ness Energy International, Inc. has been, and always will be, to locate, through drilling and exploration, a vast, yet untapped source of hydrocarbons in and for the Nation of Israel. It is intended that this discovery result in energy self- sufficiency for the Israeli people.
Israel Activity
In July this year Ness Energy announced that it was suspending Israeli field operations due to the fighting that was escalating in Lebanon and Gaza. The fighting has since subsided and we have recently resumed field operations with the purchase of crude oil storage tanks that will soon be moved onto the Gurim # 4 location, just East of Arad and a few miles North of the Southwest End of the Dead Sea. These recently renewed operations primarily consist of purchasing and setting the surface equipment, such as storage tanks and a pumping unit, which are necessary for the commencement of production on the recently re-completed Gurim # 4. The bulk of this equipment has been purchased and has either arrived, or will soon arrive, in Israel. Once everything has arrived, it will be installed at the well site and production may begin. Ness personnel in Israel are continuing to work with two potential purchasers of the produced oil and expect a contract in the near future.
Sha Stephens remarks, "The relationships that my Dad forged during his many years in Israel are key to our future success there. We are continually working to strengthen and expand those relationships. Bringing the Gurim # 4 online in the next couple of months is only the first step in what we plan to be many producing wells in Israel. Each well we bring online and each new license we evaluate takes us closer to our goal. By establishing ourselves as oil and gas producers in Israel we are taking a huge leap on the path toward the ultimate discovery my Dad spoke so often about. This is an ongoing process, and The Vision is one that is not likely to be realized overnight. However, we are closer now than we have ever been. Once the Gurim # 4 is online, we will be closer still. We appreciate the continued patience of our shareholders, and all of those that are working toward realization of The Vision."
About Ness -- The Vision
Ness Energy is an aggressive, emerging oil and gas company building on deals that make sense. Ness Energy operates interests in the Ft. Worth Basin and the Coastal Plains regions of Texas. Ness is also a very active player in the energy industry in Israel, carrying out The Vision of The Company. 'The Vision': that Israel, in particular the southwest end of the Dead Sea is a place where "Science and The Bible shake hands" and that Ness will achieve The Vision of the location and recovery of an abundant supernatural source of oil and gas in Israel for The Nation of Israel and the Christian communities". Ness Energy is building at a high-speed pace through Merger, Acquisitions, Drilling, Re-Work and Re-Entry.
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