Ness Energy announces Domestic Divestiture Plan and Israel
Operations Update
WILLOW PARK,
TEXAS, U.S.A./NETANYA, ISRAEL,
October 2, 2006/ PRNewswire-FirstCall/Ness Energy, today,
announced that it plans to divest its Texas assets and also
report that field activity has resumed on the Gurim # 4 well
near Arad, in the Southwest Dead Sea area.
Domestic Divestiture
As Ness continues to vigorously pursue The
Vision in Israel, the pursuit of investment capital continues,
as well. In an effort to raise additional capital for expansion
in Israel, Ness intends to offer for sale its producing and
non-producing properties in both North-Central and South Texas.
This includes approximately 10,150 acres and 16 producing wells
in Parker, Palo Pinto, Erath and Jack Counties in North Texas,
and 1,360 acres and 3 producing wells in Dewitt, Karnes and
Lavaca Counties in South Texas. This divestiture is intended to
supply a substantial portion of the resources for the continued
work in Israel.
Ness President and CEO, Sha Stephens, said,
“After my Dad, the founder of Ness - Hayseed Stephens, died in
2003 and I agreed to take the leadership role at Ness I
announced my plans for the future of the company and referred to
those plans as “The New Outlook.” My plan involved accumulating
and eventually leveraging domestic oil and gas production and
assets in pursuit of The Vision. This sale of those accumulated
assets does exactly that - it leverages the base that we have
accumulated, allowing us to continue on our mission. Once the
sale is complete, Ness should be in the best financial position
it has ever been. With the proceeds of the sale Ness will
continue to press forward to see The Vision of Ness Energy come
to pass. This is the boldest step to date that we have
undertaken to accomplish what my Dad set out to achieve over 20
years ago. I feel it is time for such a step and with the help
of God and the faith of our shareholders, we will see our
efforts successful.”
Mr. Stephens commented, “This sale should
be viewed only for what it is…following the plan, or New Outlook
that we undertook a little over three years ago which is to
leverage our assets in a manner that makes sense to further The
Vision of the company.” The Vision and Mission of Ness Energy
International, Inc. has been, and always will be, to
locate, through drilling and
exploration, a vast, yet untapped source of hydrocarbons in and
for the Nation of Israel. It is intended that this discovery
result in energy self- sufficiency for the Israeli people.
Israel Activity
In July this year Ness Energy announced
that it was suspending Israeli field operations due to the
fighting that was escalating in Lebanon and Gaza. The fighting
has since subsided and we have recently resumed field operations
with the purchase of crude oil storage tanks that will soon be
moved onto the Gurim # 4 location, just East of Arad and a few
miles North of the Southwest End of the Dead Sea. These recently
renewed operations primarily consist of purchasing and setting
the surface equipment, such as storage tanks and a pumping unit,
which are necessary for the commencement of production on the
recently re-completed Gurim # 4. The bulk of this equipment has
been purchased and has either arrived, or will soon arrive, in
Israel. Once everything has arrived, it will be installed at the
well site and production may begin. Ness personnel in Israel are
continuing to work with two potential purchasers of the produced
oil and expect a contract in the near future.
Sha Stephens remarks, “The relationships
that my Dad forged during his many years in Israel are key to
our future success there. We are continually working to
strengthen and expand those relationships. Bringing the Gurim #
4 online in the next couple of months is only the first step in
what we plan to be many producing wells in Israel. Each well we
bring online and each new license we evaluate takes us closer to
our goal. By establishing ourselves as oil and gas producers in
Israel we are taking a huge leap on the path toward the ultimate
discovery my Dad spoke so often about. This is an ongoing
process, and The Vision is one that is not likely to be realized
overnight. However, we are closer now than we have ever been.
Once the Gurim # 4 is online, we will be closer still. We
appreciate the continued patience of our shareholders, and all
of those that are working toward realization 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. ‘The Vision’: that Israel, in
particular the southwest end of the Dead Sea is a place where
“Science and The Bible shake hands” and that Ness will achieve
The Vision of the location and recovery of an abundant
supernatural source of oil and gas in Israel for The Nation of
Israel and the Christian communities”. 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.
Sha Stephens - President
(817) 341-1477 or
pr@nessenergy.com
Visit us on the web at
www.nessenergy.com