DALLAS and CAESAREA, Israel, Dec.
7, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that it is making available a new unit
offering under its continuing Dividend Reinvestment and Common
Stock Purchase Plan ("DSPP") in its going forward plans as outlined
in the November 29th, 2018
press release.
THE VISION
The vision of Zion Oil & Gas remains to help Israel become energy independent, and in doing
so, use Zion's projects as a platform to share the gospel of
Jesus Christ worldwide.
That vision has not changed, and Zion now believes it is prudent
and consistent with good industry practice to try and answer the
questions that were presented with the drilling and testing of the
Megiddo-Jezreel #1 (MJ#1) well with a focused 3D seismic imaging
shoot of approximately 50 square kilometers surrounding the MJ#1
well.
PLAN FORWARD
As previously noted in the November
29th press release, if undertaken, this will not
be a short-term exploratory project with immediate results. A
realistic timeframe in which Zion can reasonably expect to complete
this project would be six to twelve months following a successful
capital raise.
This includes time to plan the survey design and surface layout
and to obtain the necessary seismic source equipment and wireless
geophones (to record the signal) if possible, which will likely
have to be imported.
Acquiring the necessary government permits will be
time-consuming as will the process of negotiating potential surface
damages to crops, irrigation piping, and other surface features.
Data acquisition and interpretation are the final steps and involve
integration with, and modification of, previous work by Zion
technical staff.
The proceeds of the unit offering are planned to be used as
outlined in the "Zion Going Forward Summary Use of Proceeds"
diagram (image included).
Zion recognizes the financial and time commitment that Zion's
shareholders have made in supporting Zion's vision and its need for
additional funding to undertake these efforts. As
noted, there are a number of questions Zion believes need to be
further explored. While there is no guarantee that these
exploration efforts will lead to commercial success, Zion takes its
responsibility to its shareholders very seriously.
"GOING FORWARD" UNIT PROGRAM
Details:
- The cost of each Unit will be $250.00 for new and existing Direct Stock
Purchase Plan investors.
- Each Unit purchase will provide the investor with 250 shares of
ZN common stock and 250 $0.01
Warrants.
- Warrants are exercisable on the 31st day following
the end of Unit Program and exercisable for one year (February 25, 2019, to February 25, 2020).
- If investors sign up for Zion's automatic monthly investments
in addition to purchasing a Unit during this Unit program, then
they will receive 50 $0.01 Warrants.
Current subscribers are eligible for these additional warrants if
they choose to participate in this unit purchase. (For more details
on the automatic monthly investments, see Zion's Prospectus
Supplement on page 4.)
- Investors may participate starting Monday, December 10, 2018.
- This Unit Program will end on Wednesday,
January 23, 2019, or when $10
million is reached, whichever transpires first.
- This Unit Program is available through Zion's website.
Investors may go to https://www.zionoil.com/dspp to purchase
electronically online or to print and mail their investment.
Zion expresses appreciation for the continued support of their
shareholders and considers it an honor to represent them.
"The Lord Himself goes before you and will be
with you; He will never leave you nor forsake you. Do not be
afraid; do not be discouraged."
Deuteronomy
31:8
"Sing to the Lord, for He has done glorious
things; let this be known to all the world. Shout aloud and
sing for joy, people of Zion, for great is the Holy One of
Israel among you."
Isaiah 12:5-6
Zion Oil & Gas, Inc. has filed a registration statement
(including a prospectus) with the SEC for the unit program under
the DSPP to which this communication relates. The prospectus in
that registration statement and other documents the issuer has
filed with the SEC may be obtained for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, the Company
will arrange to send any inquirer the prospectus, if requested by
calling toll free 888-891-9466. Direct links to the SEC location,
or to the documents in PDF, may be found on the home page of Zion
Oil & Gas. Inc., at www.zionoil.com.
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
that may be drilled or tested in the future, Zion's ability to
successfully raise the funds needed to undertake these exploration
efforts, Zion's ability to import into Israel or otherwise obtain the necessary 3-D
imaging and related equipment and appropriate staff at commercially
reasonable rates, Zion's success in obtaining the necessary
licenses and permits needed to undertake the seismic shoot, the
timing of the 3-D seismic survey and the interpretation of the
results, operational risks in ongoing exploration efforts, timing
and potential results thereof and plans contingent thereon are
forward-looking statements as defined in the "Safe Harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on assumptions that are
subject to significant known and unknown risks, uncertainties and
other unpredictable factors, many of which are described in Zion's
periodic reports filed with the SEC and are beyond Zion's control.
These risks could cause Zion's actual performance to differ
materially from the results predicted by these forward-looking
statements. Zion can give no assurance that the expectations
reflected in these statements will prove to be correct and assumes
no responsibility to update these statements.
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.