Ness Energy Acquires Management Of An Israeli Public Company, Expanding Operations In Israel

Source: www.gulfoilandgas.com 10/11/2004, Location: Middle East

WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: October 11, 2004 - Ness Energy International, Inc. announced, as Part 1 of a two part company release, the completion of the pending acquisition of the Israeli management company of the Israeli oil and gas public company Modi’in Energy, with assets and relationships in Israel, complementing both Ness plans for Israeli exploration and the need for an expanded Israeli presence.

The acquisition supplies management control of the Israeli public company, which may permit additional Israeli acquisitions, exploration and transactions, utilizing the Israeli company as the workhorse.

Significant Goal Reached

Ness President and C.E.O., Sha Stephens, who became President following the death of his father, founder Hayseed Stephens, marked two goals this past year. One to increase Texas operations, which has been on a steady track with additional leaseholds, well operations and transactions with independents, and two, improving and expanding Ness in Israel, something Management believes will occur now that Ness has acquired an Israeli company with assets and relationships in the oil and gas business.

According to President and C.E.O. Sha Stephens, “While it seems we have been somewhat quiet in recent weeks, now the market will know why. We have been working on this acquisition, and I believe it will take us to a new level in Israel. While various oil and gas deals exist here in Texas, Wall Street recognizes our company has an added plus, and that is the international aspect of offshore pursuits in Israel.”

Acquisition Information

Ness will release the final agreements and additional acquisition details within a few days and will supply further news as the result of this acquisition and the planned Israeli meetings.

Preliminary details include, in summary, Ness Energy of Israel, Inc., now controls management of the public trading Israeli partnership Modi’in Energy. Modi’in has certain rights in offshore oil and other pursuits with large oil companies such as ISRAMCO and NAPHTA, and has, subject to legal conditions, rights to finance opportunities in Israel relating to shareholders and investors living there.



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