Another Texas company, Dallas-based Zion Oil & Gas, is also trying to add to Israel's energy wealth by exploring for oil there. The faith-based company, which takes its lead from the Bible, said this month it found "free-flowing hydrocarbons" in its drilling mud.
The company's CEO Victor Carrillo warned in a written statement that "we cannot comment on the commerciality or ability to successfully produce the well."
Zion officials have pointed to Noble successes — as well as scripture — as causes for hope.
Zion Oil and Gas in Cooperation with the Nation of Israel Announces the Oil of Israel.
- MJ#1 has discovered 5 different productive zones. - The deepest zone is immediately producible through MJ#1 - Zion's test results estimate at least 50Bbbls in the oil field. - Zion estimates a $50 NetBack per barrel. - The MJ#1 will move to production while Zion begins drilling MJ#2,3,4,5, ETC. to gain access to the other 4 zones of production. - Zion will be required to raise another $50M to complete these tasks. - All financing will be provided by the Nation of Israel under favorable but undisclosed terms. - As a condition of this financing, Zion Oil and Gas is happy to announce that the Israeli Petroleum Commissioner has accepted a seat on the Board of Directors for Zion Oil and Gas.