News Update: Zion Oil & Gas Hits Total Depth in Israel Well
Update: Target Depth in Israel Well Reached
We are pleased to announce that we have successfully reached our total depth of 5,026 meters (~16,500 feet) as of today. It has been a long and challenging journey for us all so far, and we are very pleased to have arrived at this highly anticipated step towards the completion of our MJ #1 well.
While we still have much to do, we want to take this opportunity to thank our shareholders and supporters for your continued prayer and financial support throughout our exploration efforts to date. Zion is your company, and we are so very grateful to you and deeply appreciate your commitment.
We plan to run an extended suite of open hole logs and case the well next week, after which we will evaluate the logs in our final determination of our testing program. We look forward to sharing continued news with you all.
Zion’s Unit Program continues on and will last until the Company raises $5 million in funding or February 28, 2018, whichever occurs sooner. The new Unit Option program allows investors to purchase Units of our securities where each Unit (priced at $250.00) is comprised of:
- 50 shares of ZN common stock, and
- 50 common stock purchase warrants. Each warrant (symbol “ZNWAH”) affords participants the opportunity to purchase one share of ZN common stock at a warrant exercise price of $5.00.
The warrants will first become exercisable on the first trading day after the 31st day following the Unit Program Termination Date (i.e., on the earlier of February 28, 2018 or when this Unit Program receives $5 million in Unit purchases) and continue to be exercisable for one year after the exercise date at a per share exercise price of $5.00.
Zion is a company built on faith and dedicated to the mission of blessing Israel through exploration and production of hydrocarbons with the desire for Israel to, one day, be energy independent. We will continue to move forward towards completion of this arduous journey and dedicated efforts in order to provide this resource back to the support of the country, looking to further success for all supporters, believers, and shareholders in kind.
“If you come with us, we will share with you whatever good things the LORD gives us.” Numbers 10:32