Ness Energy International, Inc. announces Modi'in Energy Limited
Partnership has Raised $1,557,870
WILLOW PARK, TEXAS,
U.S.A./NETANYA, ISRAEL,
August 30, 2005 /PRNewswire-FirstCall/ — Ness Energy
International, Inc. (OTC BB: NESS), today, announced that
Modi’in Energy Limited Partnership (“Modi’in Energy”)
successfully raised $1,557,870 in a rights offering (units and
options) (the “Offering”) for the purpose of investment in Oil
exploration and production in the State of Israel.
Ness Energy is indirectly holding, through other corporations,
90% of the General Partner of Modi’in Energy. In addition, the
General Partner also exercised its right to purchase all of the
additional units offered in the Offering and now owns 3.51% of
the units and 4,243,118 options.
Ness Energy of Israel Inc., a fully owned subsidiary of Ness
Energy purchased 14,244,267 units offered in the Offering, and
after, and now owns 11.77% of the Units and 5,888,534 options.
Ness Energy, on a consolidated basis, presently owns 14.93% of
Modi’in Energy.
Modi’in Energy intends to jointly work with Ness Energy, both
directly and indirectly, on the development of oil and gas
licenses in the State of Israel. Most of the intended
development work will take place on licenses owned separately or
jointly by Ness Energy or Modi’in. The two companies reported
that they have plans to acquire additional licenses and jointly
acquire additional 2-D seismic surveys over key acreage
positions within the State of Israel. These plans will be
communicated in greater detail over the coming weeks and months.
Mr. Sha
Stephens, President and CEO of Ness Energy remarked, “Oil and
gas exploration in the State of Israel has always been The
Vision of the company and at the very heart of our efforts.
Ness Energy now has a natural partner on the ground in Israel
that is amply funded to conduct this activity. Modi’in Energy
is now fully supporting itself without need for material
assistance from Ness Energy. We intend to move forward in a
decisive manner to exploit those reserves we now own and move
forward toward the fulfillment 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. Ness
Energy is building at a high-speed pace through Merger,
Acquisitions, Drilling, Re-Work and Re-Entry.
Forward-Looking Statements
This news release includes forward-looking statements. Actual
results could differ materially from those contemplated by such
forward-looking statements as a result of any number of factors
and uncertainties, many of which are beyond the control of the
company. Important factors that could cause actual results to
differ materially from those in such forward-looking statements
are enumerated in the company's registration statement filed
with the Securities and Exchange Commission. Undue reliance
should not be placed upon any forward-looking statements, and
the company undertakes no obligation to update those statements.
CONTACT:
Ness Energy International,
Inc.
Tina Sbriglia – Investor
Relations
(817) 341-1477 or info@nessenergy.com
Visit us on the web at
www.nessenergy.com