Zion Oil & Gas Charitable Foundations Hold Initial Meetings of Founding Members
Posted on July 15, 2008 – 4:32 pm | by oilandgaspress.com
CAESAREA, Israel–(BUSINESS WIRE)–Zion Oil & Gas, Inc. (AMEX: ZN) of Dallas, Texas and Caesarea, Israel announced today that the founding members of the charitable foundations now being established by Zion held their initial organizational meetings in Caesarea, Israel on June 23, 2008. One of the stated goals of Zion Oil & Gas, Inc. has been the establishment of two charitable foundations: one foundation in Israel for the benefit of the State of Israel and its people and one worldwide foundation for the benefit of the rest of the world. It is planned that the foundations will be funded from future income to be derived from the 3 percent overriding royalty interests (6% overriding interest in aggregate) that are to be transferred from the Company’s current oil and gas licenses in Israel. Currently, Zion does not generate any revenues.
Israeli Amuta (i.e. foundation) established in Israel
On June 23, 2008, in Caesarea, Israel, the founding members of the ‘Avraham’ Foundation met to execute and notarize the articles of the foundation, which were filed as an Amuta in Israel. The Avraham Foundation is expected to receive official recognition of Amuta status within three months. Application for tax exempt status of the Amuta is planned to be submitted shortly to the Israeli tax authorities. During the initial meeting, the founding members discussed the organizational structure and the procedures for determining the criteria for charitable donations in Israel.
Worldwide Foundation established in Geneva, Switzerland
On June 20, 2008, the articles of the ‘Abraham’ Foundation were executed and filed in Geneva, Switzerland. The Swiss cantonal authorities in Geneva and federal authorities in Bern have given their approval for the establishment of this international foundation and preliminary tax rulings have been received for the Foundation’s tax exempt status. Final rulings are expected within the coming months. On June 23, 2008, the founding members of the Abraham Foundation met in Caesarea, Israel to discuss the organizational structure and the procedures for determining the criteria for charitable donations.
John Brown, Zion’s Founder and Chairman, commented today, “With the establishment of these two foundations, we are fulfilling a long stated commitment and I look forward to the day, hopefully not too distant now, when both foundations start to receive revenue from oil and gas royalties.” (Proverbs 3:9,10)
Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north covering a total of approximately 162,000 acres.
FORWARD-LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding the approval of the establishment of the Amuta in Israel and the status of the foundations as tax exempt entities in the countries of their establishment and statements regarding Zion’s future revenue stream, are forward-looking statements as defined in the “Safe Harbor” provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion’s periodic reports filed with the SEC and are beyond Zion’s control. These risks could cause Zion’s actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.
Contacts
Zion Oil & Gas, Inc., Dallas
Ashley Chatman, 888-891-9466 (1-888-TX1-ZION)
214-221-4610
Email: dallas@zionoil.com
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Tags: Charitable, Foundations, Founding Members, Zion Oil & Gas
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