2015 Annual Shareholder Meeting in Review

Dear Shareholder and/or Supporter,

Zion Oil and Gas, Inc. (“Zion” or “Company” NASDAQ: ZN), is a publicly traded oil and gas exploration company dedicated to finding oil and gas onshore Israel.

We held our Annual Shareholder and Board of Directors Meeting in Dallas on June 10-11, 2015.  Several key corporate issues were decided:

  •       The stockholders elected John M. Brown, Forrest Garb, Kent Siegel, and Glen Perry to continue to serve on the Board of Directors for a three-year term;
  •       The stockholders voted to approve amending the Company’s Certificate of Incorporation to increase the number of shares of common stock that the Company is authorized to issue from 100 million to 200 million shares;
  •       The proposal to approve amending the Company’s Certificate of Incorporation to authorize the Company to issue up to 25 million shares of preferred stock was not approved by the stockholders;
  •       Following our annual shareholder meeting, the Board of Directors named Glen Perry as our new President and Chief Operating Officer and me as Zion’s new CEO. Mr. John Brown, the Company’s founder, will continue to serve as Executive Chairman of our Board of Directors.  He will also continue to provide our Biblical vision, advise me in my new role as CEO, and be involved in key company initiatives such as developing the Good News from Zion project.

I presented a corporate report during the public Annual Shareholder Meeting and discussed our expected timeframe for regulatory approval of our proposed next well.The following graphic shows various steps in the regulatory process at Israel’s Northern District Committee in Nazareth. The process should take at least five more months before we obtain an approved drilling permit. This also presumes that we are not challenged in Israel’s courts, which has happened to other oil & gas companies recently.

This week we delivered our drilling prospect report to Israel’s Energy Ministry in preparation to drill our proposed Megiddo-Jezreel #1 well in the fourth quarter of 2015 or the first quarter of 2016.

Northern District Committee Timetable (estimated)

ZN Timetable 7-9

I wholeheartedly welcome the new challenges and responsibilities as Zion’s CEO and seek your continued prayer and support for God’s guidance and wisdom to help us achieve exploration success.

To see Zion’s latest news, please visit our website at: www.zionoil.com/updates

Your ongoing prayers, support and trust are vital to us and I thank you for them.

Shalom from Texas,

Victor_Carrillo_Signature

Victor G. Carrillo
CEO

And I will bless those who bless thee…
Genesis 12:2-3