OIL IN THEM THERE HILLS UPDATE:

Zion Oil & Gas: We may have a discovery

By LEAH KRAUSS
UPI Correspondent

BINYAMINA, Israel, March 23 (UPI) -- Zion Oil & Gas, a company on a "Biblical Treasure Hunt" for oil in Israel, may have proven wrong everyone who scoffed at the idea of black gold in the Holy Land.

"We have what appears to be a discovery of both oil and gas in a number of different zones," Zion said on its updated Web site.

There are a number of indicators that point to a discovery, Zion said. These include: "Increased penetration rates while drilling ... with natural gas shows on the gas chromatograph, which measures natural gas components; microscopic oil and gas stains on sample rock cuttings during drilling; asphaltic rock cuttings that burn when lit with a match; gas bubbles and oil stains on the mud pit while drilling; pockets of gas that ignited and flared for several minutes at different times when the well was being swabbed; and a skim of oil in sample jars taken from fluids being swabbed," according to the company Web site.

The company has filed with the U.S. Securities and Exchange Commission for an initial public offering, and its application for listing on the American Stock Exchange is being reviewed.

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I have commented earlier on the project and its basis in biblical mis-exegesis here. I would be very happy if they find oil anyway, but I'll believe it when I see the gusher. Meanwhile, I'm not buying any stock in the company.