Dallas, Texas and Caesarea, Israel – October 16, 2008 – Zion Oil & Gas, Inc.
(Amex: ZN), announced today that it received subscriptions on or before October 11,
2008 in excess of the minimum number of units required to conduct an initial closing.
An initial closing is scheduled to take place on October 21, 2008. As the minimum
subscriptions in order to close were received by October 11, 2008, Zion has
withdrawn the recently filed post effective amendment which was filed to extend the
minimum raise date and the final termination date.
Pursuant to the original terms of the offering, Zion is also extending the offering
termination date. The offering will remain open until the earlier of: (i) January 9,
2009, (ii) the date on which a total of 2,500,000 Units have been subscribed and
accepted, or (iii) such date as announced by the Company on no less than two trading
days’ prior notice.
As detailed in its registration statement, Zion is raising funds in order to pursue its
planned multi-well drilling program. Depending on actual amounts raised, Zion
intends to carry out the following work program: drill Zion’s second well, on Zion’s
Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and / or to
the Permian Formation (down to a depth of 18,040 feet), drill a test well on Zion’s
Asher-Menashe License to the Triassic Formation and, if appropriate, the Permian
Formation and prepare for the drilling of an additional well on either its Joseph or
Asher-Menashe License.
Zion’s common stock trades on the American Stock Exchange under the symbol ZN.
Before you invest, Zion’s registration statement (including a prospectus) to which this
communication relates should be read along with the other documents it has filed
with the SEC, for more complete information about Zion Oil & Gas and its offering.
You may get these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter will arrange to send
you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-
9466). Direct links to the SEC location, or to the documents in PDF, may be found on
the home page of Zion Oil & Gas, at www.zionoil.com.
Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in
areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum
exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on
the south and Haifa on the north, covering a total of approximately 162,000 acres.
FORWARD LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding the future effectiveness of Zion’s
registration statement, matters regarding the offering and closings thereof, Zion’s
planned operations, potential results thereof and plans contingent thereon, including
selection of potential drilling targets and locations, 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.
Zion’s homepage may be found at: www.zionoil.com
Contact:
Brittany Russell
Zion Oil & Gas, Inc.
6510 Abrams Rd., Suite 300
Dallas, TX 75231
(1) 214-221-4610
Email: moc.l1328831598ionoi1328831598z@sal1328831598lad1328831598
