Israel Petroleum Company Announces Mira and Sarah Licenses Resource Evaluation and Project Update

DENVER, September 4, 2010 – Israel Petroleum Company (IPC) is pleased to announce today the results
of the Prospective Resource Evaluation Report (the "Report") prepared by
Chapman Petroleum Engineering Ltd. ("Chapman") on the two prospects located
on the Mira and Sarah Drilling Licenses, offshore Israel, in which IPC owns a
13.609% working interest. The report was prepared at [...]