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Subsidiary of Pan-israel Oil Co. Acquires Concessions in Australia

Santiago Petroleum Corporation, wholly-owned subsidiary of Pan-Israel Oil Company, Inc. and Israel-Mediterranean Petroleum, Inc. , announced today the acquisition of approximately 3,200, 000 acres of petroleum concessions in Queensland Province, Australia. According to Benjamin W. Heath, president of Santiago, the new concessions are located 700 miles northwest of Brisbane. Santiago’s interest in the properties is 75 percent, a 25 percent interest being held by Central Queensland Petroleum, Ltd., an Australian company.

Mr. Heath also announced that Pan-Israel and Israel-Mediterranean recently abandoned a test well in the southern coastal plain of Israel at a depth of 7,400 feet. Although a trace of oil was encountered in the top of the Jurassic section at 7, 200 feet, tests of the section were negative, he said.

With the acquisition of the Australian concessions, Pan-Israel and Israel-Mediterranean, through their subsidiary Santiago, now hold interests in petroleum concessions on more than 5, 000, 000 acres in Guatemala, Canada, Sicily and Australia plus royalty interests in approximately 1, 500, 000 acres in Ecuador. Pan-Israel and Israel-Mediterranean jointly hold licenses covering approximately 330, 000 acres in Israel.