DALLAS and CAESAREA, Israel, Dec.
30, 2019 /PRNewswire/ -- Zion Oil & Gas, Inc.
(Nasdaq: ZN) announces they are actively sourcing a drilling
rig for 2020 operations.
"We have started our initial phases of sourcing a drilling rig
for our 2020 exploration plans," Zion's COO, Robert Dunn said. "We view this as an opportune
time to move forward with our 2020 plans for further oil and gas
exploration in onshore Israel."
"As we move forward with our exploration efforts, we were
delighted to learn that the consolidated derivative suit filed
against Zion in Delaware has been
dismissed," stated Zion's President, Bill
Avery. "In addition, we filed a Form S-1 registration
statement with the Securities and Exchange Commission ('SEC'),
which was subsequently declared effective."
DRILLING RIG FOR 2020
Zion Oil and Gas is in the initial phases of sourcing a drilling
rig, subject to securing adequate funding. Zion is currently
working with logistics contractors on the importation framework,
along with the identification of rigs within the Eastern
Hemisphere. Zion views this as an opportune time for sourcing a rig
due to the depressed state of the drilling market.
FORM S-1 FILED AND ACCEPTED BY THE SEC
On November 27, 2019, Zion
submitted an application to the SEC to convert its existing S-3
registration statement to a new S-1 registration statement.
The SEC gave Zion a "no comment" letter on December 5, 2019, and Zion's new S-1 registration
statement became effective on December 11,
2019, with the continuation of the DSPP.
DERIVATIVE SUIT DISMISSED
On November 26, 2019, Richard G. Andrews, United States District Judge
for the District of Delaware,
signed an Order dismissing the consolidated derivative suit filed
against certain current and former directors of Zion as well as
Zion as a nominal defendant. The Plaintiffs' deadline to
appeal the Order was on December 26,
2019, and Plaintiffs did not appeal.
Judge Andrews issued an eighteen-page Memorandum Opinion holding
that Plaintiffs had not sufficiently demonstrated the futility of
making demand on Zion's Board of Directors prior to filing suit,
noting "I do not find that the Plaintiffs have pleaded with
particularity any facts that suggest the Director Defendants acted
in bad faith or otherwise consciously disregarded their oversight
responsibilities in regard to Zion's prospects for discovery and
extraction of oil."
The securities-class-action and books-and-records-demand matters
on which Zion has previously reported remain pending.
SEISMIC PROCESSING AND INTERPRETATION CONTINUES
With Agile Seismic (Houston,
Texas, and Belgrade,
Serbia) continually applying state of the art processing techniques
to Zion's seismic data, Zion is beginning to see answers to its
previous questions from the drilling of the MJ-1 well. Zion is
pleased with the current progress and quality of the data to date
and looks forward to the final product.
BRAD DACUS APPOINTED INDEPENDENT DIRECTOR
Effective December 1, 2019,
Brad Dacus (J.D.) has been appointed
Zion's 8th independent director.
Mr. Dacus is the president and founder of the Pacific Justice
Institute ("PJI"), which specializes in defense of religious
freedom and parental rights. Mr. Dacus is licensed to practice law
in both Texas and California. He received his Bachelor's in
Business Administration and Finance at Texas
A&M University in 1986, and he attended Law School at
the University of Texas in Austin,
where he received his Juris Doctorate in 1991.
Zion Oil & Gas, a public company traded on NASDAQ (ZN),
explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel
"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."
"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."
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 source a qualified drilling rig, Zion's ability to
successfully raise the funds needed to undertake its exploration
efforts; Zion's ability to continue as a going concern; Zion's
ability to comply with the continued listing requirements of the
Nasdaq Capital Market; the timing and completion of the 3-D seismic
survey processing, interpretation of the results and plans
contingent thereon, and operational risks in ongoing exploration
efforts, 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
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
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SOURCE Zion Oil & Gas, Inc.