Zion Oil and Gas began drilling its onshore well, the Megiddo-Jezreel #1, last Monday, June 5. Zion Oil and Gas, which is a Dallas-based energy company, owns 99,000 acres of land in Israel’s Megiddo and Jezreel Valleys where it conducts its operations. As the land is located on the onshore portion of the Levant Basin, it is estimated that Zion’s property may possess over 6.6 billion barrels of oil yet to be discovered! Late last year, Zion Oil and Gas received a license fro