I have heard about this story before. A Texas oilman and 30,000 investors are looking for oil in Israel. The emphasis is on looking since they haven't found any oil after drilling 4 wells and spending $130 million over the course of at least 13 years.
The name of the company is Zion Oil & Gas. It was formed by its owner John Brown who sold his Michigan tool company after having a religious experience in Israel. He began a new company dedicated to the exploration for oil in Israel. One problem, Brown has no prior experience in the oil business.
Zion's motto is geology confirming theology and have based their investigations on the words of Moses for the tribe of Joseph in Deut 33:13 which talks about blessings from things "lying below the deep."
NPR has run a story on this adventure. It's easy to be sarcastic about this whole situation. I wonder, however, how many well intentioned people, including Brown, have wasted a lot of time and money based on poor hermenuitcs and misplaced zeal. One thing that is striking about the whole story is the level of personal and financial commitment people will sometimes make to projects like this one. I wish the same level was there for other projects like helping those in need.
Listen to the NPR story Texas Oil Man Commanded by Bible Drills in Israel.
Here is a video from Zion's web page.