Starting today, November 1, 2016, and ending January 31, 2017 (unless extended at the company's sole discretion), Zion is offering this new Unit Option to purchase Units of our securities where each Unit (priced at $10.00) is comprised of seven (7) shares of Common Stock and seven (7) Common Stock purchase warrants. Each warrant (symbol "ZNWAE") affords participants the opportunity to purchase one share of Common Stock at a warrant exercise price of $1.00.The warrants will first become exercisable on March 3, 2017, the 31 st day following the Unit Option Termination Date (unless extended), and continue to be exercisable through March 3, 2020 (3 years) at a per share exercise price of $1.00. If the Company's Common Stock closing price trades above $5.00 per share for 15 consecutive trading days at any time prior to the warrant expiration date, Zion may provide a notice to warrant holders of an early warrant termination within 60 days of the notice. The Unit is priced at $10.00 per Unit and no change will be made to the warrant exercise price of $1.00 per share. Zion is dedicated to exploring for oil and gas onshore Israel and is 100% focused on its Megiddo-Jezreel License, a large area south and west of the Sea of Galilee that includes the Jezreel and Megiddo valleys. This license gives Zion the exclusive right to explore in an area of approximately 99,000 acres that appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential. Zion plans to begin drill site construction in November which should take approximately 45-60 days to complete. Upon drill site completion, Zion intends to mobilize the rig to the location to begin rig-up and acceptance testing. They plan to start drilling their next deep exploratory well, the Megiddo-Jezreel #1, as soon as possible thereafter, assuming sufficient capital is raised.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/94f0289a-c5d7-4773-a2ed-ffb080d34aaaZion Oil & Gas, Inc. has filed with the SEC a registration statement (including a prospectus) for the unit program under the DSPP to which this communication relates. That prospectus and other documents the Company has filed with the SEC may be obtained at no charge (free) by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company will send you the prospectus upon request by calling toll free 888-891-9466. Direct links to the SEC location, or to the documents in PDF, may be found on Zion's home page at www.zionoil.com.
Contact:Zion Oil & Gas, Inc.12655 North Central Expressway, Suite 1000Dallas, TX 75243Andrew Summey:Telephone: 214-221-4610 Email: email@example.com