Companies Drilling Oil in Israel Permitted to Sell Shares in U.S.

Mediterranean Petroleum Corporation and Pan-Israel Oil Company, Inc., today announced that registration statements filed with the Securities and Exchange Commission under which each company will make a public offering of voting trust certificates representing 250,000 shares of common stock have become effective.

The total of 500,000 shares, which have been admitted for trading on the American stock exchange, are being offered at $2.125 per share. The appearance of the shares of these companies on the American exchange marks another business milestone in the six-year development of the State of Israel, since they are actually the first shares of corporations devoted exclusively to an Israeli project to be traded on a stock exchange in the United States.

A joint announcement made by representatives of the companies, stated that funds from the sale of these shares will be used to defray partly the cost of exploration work and drilling on the more than 800,000 acres of prospective oil properties which they hold under concession in the State of Israel.

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