Ness Energy – Various
Updates
WILLOW
PARK, TEXAS, U.S.A./NETANYA, ISRAEL,
December 5, 2006/PRNewswire-FirstCall/ -- Ness Energy International,
Inc. announced today that it is making further fundamental
shifts in the scope and nature of its domestic operations, in an
attempt to more efficiently pursue its work in Israel.
Domestic Asset Divestiture
As previously announced, Ness
Energy has endeavored to divest itself of its domestic oil and
gas properties in Texas. This process continues as we examine
offers from various entities. Once completed, it is planned that
the capital realized from the sale be leveraged to advance our
operations in Israel.
As well as oil and gas
property divestiture, Ness management has decided that it will
also sell the property on which its current offices are located,
in Willow Park, Texas. This move is intended to further
streamline our domestic operations and continue the process of
leveraging the accumulated assets in support of our operations
in Israel. Ness President and CEO Sha Stephens remarks, “The
sale of our offices and property in Willow Park are a logical
progression of our streamlining efforts. Once we have sold our
oil and gas properties, we will not require the home office
acreage, or the staffing levels, that we once did. Therefore, we
are positioning ourselves for this eventuality. We will be
moving our offices to nearby Weatherford, Texas as this is where
our families and friends are. ” Once the relocation is complete
our website will be updated with the new address.
Trading Activity
On November 24, 2006 the
Securities Exchange Commission ordered that the trading symbol
for Ness Energy International, Inc. be changed from (NESS) to (NESSE).
This action is simply a result of our not having filed our Form
10QSB by the required date of November 20, 2006. We anticipate
having this form filed shortly, which should result in the
symbol being changed back to (NESS). Trading may continue during
this temporary change. This is not an indication that we have
closed our doors or are no longer viable as a company. It is
merely a delay.
Other News
Earlier in 2006 Ness Energy
entered into a partnership agreement with EP Energy Ventures,
LLP. Under the terms of this agreement Ness was to contribute
significant amounts of oil and gas development acreage in South
Texas and EP Energy was to contribute the working capital
necessary for exploration and development activities in an
effort to exploit the sizeable oil and gas reserves believed to
be in place on the acreage. To date, EP Energy has not honored
the terms of the agreement and has not provided the capital
necessary for this exploration and development activity. In
fact, EP Energy has taken action in an attempt to wrongfully
seize these assets from Ness. Ness Energy is currently pursuing
legal action against EP Energy and feels confident that we will
prevail in such action. However, this lack of performance on the
part of EP Energy has created a significant burden on Ness
Energy and continues to cost us, both in terms of legal expenses
and delays in our divestiture. Sha Stephens comments, “It is
indeed unfortunate that this unscrupulous group has been able to
create such grief for Ness Energy and its shareholders. We dealt
in good faith and brought tangible assets to the table only to
have the financial benefit of those assets tied up by people who
did not honor their commitment. However, we believe we are right
and that we will succeed in our legal challenge and will
ultimately be able to protect these assets and, therefore, the
shareholders of Ness Energy.” More information regarding this
issue will be released when available.
The Future
“I want all of our
shareholders to know, and be comfortable with the fact, that we
are continuing on the path to realizing my Dad’s vision. While
we are, indeed, changing some of the specifics of our path the
ultimate destination remains unchanged. We have encountered our
share of obstacles along the way. However, to date, we have
overcome them all and are still pressing forward,
ever-diligently, toward realizing The Vision. We are here to do
GOD’S work. Nothing can stop that…
About Ness-The Vision
Ness Energy operates oil and gas interests in the Ft. Worth
Basin and the Coastal Plains regions of Texas. Ness is also an
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 realization of
The Vision through the location and recovery of an abundant
supernatural source of oil and gas in Israel for The Nation of
Israel and the Christian communities”.
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.
Investor
Relations
(817)
341-1477 or pr@nessenergy.com
Visit us
on the web at
www.nessenergy.com