Ness Energy Acquisition of Management of Israeli Public
Company, CEO Returns from Israel Confirming Major
Opportunities
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: October 21, 2004
/PR Newswire-FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) announced, as Part 2 of a two part company
release, the acquisition of the Israeli management company of the
Israeli oil and gas public company Modi'in Energy, has been
successfully completed, and meetings in Israel confirm this to be
a major accomplishment in forwarding Ness' Israeli plans.
President and CEO Sha Stephens returns with several new pursuits
based upon acquisition relationships and benefits.
Rights; Substantive Future Cash Flow
NESS anticipates that MODI'IN will experience significant
future cash flow from Israeli pursuits including rights in an
offshore project, which will mean cash flow and benefits to the
management company also. For example, Ness through its fully owned
subsidiary for Israeli pursuits, acquired the Israeli company that
manages the Israeli public entity MODI'IN ENERGY LTD. MODI'IN has
certain rights in an offshore lease in Israel together with
British and Israeli partners.
In 1999, for the first time in the Mediterranean Sea off
southern Israel, a significant discovery was made in the Noa-1
well. It holds reserves of about 330 billion cubic feet (Bcf) of
gas. The well, which was drilled to a depth of 2,200 meters (water
depth about 800 meters), is located about 35 kilometers off the
coast of the city of Ashdod. Similar gas discoveries were made in
two additional wells, drilled towards the end of 1999 (Or-1 with
reserves of 100 Bcf and Or South-1 with reserves of 60 Bcf gas).
In late February, 2000, another significant discovery was made,
with estimated recoverable reserves of 1000 - 1200 Bcf. This
discovery well, Mari B-1 was drilled 25 km west of Ashkelon.
Deepwater exploration is accelerating off the Israeli coast. New
oil rights were recently granted, including a large block to
BRITISH GAS along with the largest Israeli oil companies NAFTA and
DELEK. Plans are, within a few months, to do the next
drilling for the purpose of centering the field. More news will be
released as it develops.
Benefits From Management
Managing the public entity enables Ness to further pursue
Israeli funding or finance opportunities in Israel to carry out
the plans for drilling in Israel, especially in the Gurim field
near the Dead Sea, where Ness has assets and rights to drill. The
Gurim license is owned by LaHava Ltd. an oil company formed in
Israel for the pursuit of oil and gas. Ness' wholly owned
subsidiary, Ness Energy of Israel, acquired LaHava Ltd. complete
with government reserves in the area owned by LaHava. The area is
estimated to contain 4 million barrels of heavy oil with more than
2 million recoverable barrels with a value estimated at
$80,000,000. By acquiring the management of the public entity,
Ness seeks to support long term plans in Israel. Being involved
with the Israeli public company is sparking major interest from
Israeli insiders. According to President and CEO Sha Stephens, "I
am pleased to tell you that even before I left Israel, we were
contacted by major investment sources interested in joining with
us. These Israeli "interests" resulted strictly from the news in
Israel of our acquisition. The stock rise in the US market
was mirrored in the Tel Aviv Exchange and further encourages us.
This confirms the belief in the vision and its importance to our
shareholders. Some new doors of funding are being opened to us in
London, Singapore, and Europe."
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. Ness Energy is
building at a high-speed pace through Merger, Acquisitions,
Drilling, Re-Work and Re-Entry.
Certain Information
Certain statements above are forward-looking based on
Management's expectations or estimates, subject to change. Words
like "anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates" and similar identify them. They are not
guarantees of performance or otherwise and are subject to risks,
uncertainties and other factors, some beyond control and difficult
to predict. Therefore, outcomes may differ materially from these
statements. Do not place undue reliance on them. Unless legally
required, the Company undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise. The Company disclaims
information created or distributed by any outside party and
endorses only its official Press Releases. Figures are estimates
unless otherwise noted and are subject to final figures in
financial filings with the SEC. Comments concerning plans,
filings, reports or other documents are limited in that they may
express opinions or be summaries of less than all of the
information.
CONTACT:
Ness Energy International, Inc.
Tina Sbriglia - Investor
Relations
(817) 341-1477 or info@nessenergy.com
Visit us on the web at http://www.nessenergy.com/