Press Release: Zion Oil & Gas Nears Total Depth in Israel Well
Zion Oil & Gas Nears Total Depth in Israel Well
Launches New $5 per share Unit Program
Update 2/13/2018: Zion Oil & Gas Encounters Oil: Company Drills Deeper in Response
DALLAS and CAESAREA, Israel, January 31, 2018 – Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that its Megiddo-Jezreel #1 (MJ #1) well is at a current depth of ~4,850 meters (~15,913 feet) and should reach its final total depth (TD) of up to ~5,100 meters (~16,733 feet) in the next few drilling days. Zion also announces the launch of a new $5 per share Unit Program of limited duration during the month of February under its Dividend Reinvestment and Common Stock Purchase Plan (DSPP).
Zion's CEO, Victor G. Carrillo, states, "We are on final approach to reaching the MJ #1 well TD of up to ~5,100 meters. Zion's management remains optimistically enthusiastic about what we have seen and still hope to see in the well. Upon reaching TD, we will run our final suite of wireline logs and case the lower portion of the well before we finalize our testing program that will most likely occur in late March or April, after the testing equipment arrives to our well site in Israel."
Dustin Guinn, Zion's President & Chief Operating Officer, says, "It has been a challenging well and to finally approach total depth is a satisfying accomplishment of which all of our shareholders should take pride. The MJ #1 is a very important well for Israel. We have been anxiously awaiting drilling into Triassic rocks and more notably the Mohilla Formation, which is a productive formation in Israel. Zion's geoscience and operations teams believe that we have, in fact, crossed into and are currently drilling in the Mohilla Formation. This would not have been possible, if not for deepening the well, which we referenced in our last update."
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.
"Let the people praise thee, O God; let all the people praise thee. O let the nations be glad and sing for joy: for thou shalt judge the people righteously, and govern the nations upon earth. Selah. Let the people praise thee, O God; let all the people praise thee. Then shall the earth yield her increase; and God, even our own God, shall bless us. God shall bless us; and all the ends of the earth shall fear him." Psalm 67:3-7
Zion's Unit Program begins tomorrow, February 1, 2018, 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.
"If you come with us, we will share with you whatever good things the LORD gives us." Numbers 10:32
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 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.
Thank you for answering my question. Hopefully, Zion Oil will put out some good information soon. I know the company and its investors could really use some good news right about now; especially, since it’s been several days since the last update that said we should be reaching total depth soon – “next few drilling days.”
I also want to participate in the above program but have my stocks purchased through RobinHood Investing App where I currently own some ZN stock. Is this possible through the program above?
In order to purchase Units, you will need to through our website – https://www.zionoil.com/dspp/invest-now
You will not be able to take part in the Unit Program through the RobinHood App.
How is $5.00 Warrant price executable within a year justifiable given the stocks history and current drilling status(i.e.- no appreciable finding of significant crude production). Am I missing something?
The executive management team, including our founder, John Brown, believes a premium is more appropriate for Zion at this time. While our previous offering implied a discount to current share price, we believe that now is not the time to be offering our stock at a discount. The premium reflects our enthusiasm.
I am lost. Why would a warrant offering a share of common stock at $5 be attractive when the current shares are worth half that? Can someone explain?
The executive management team, including our founder, John Brown, believes a premium is more appropriate for Zion at this time. While our previous offering implied a discount to current share price, we believe that now is not the time to be offering our stock at a discount. The premium reflects our enthusiasm.
My beneficiaries heirs have already made 5 TIMES my initial investment.
ALL GLORY TO THE G-D OF ABRAHAM, ISAAC, & JACOB… & “Don’t forget the oil & the wine,” in these last days.
I’ve had a thought for a while now and today’s update seems to confirm it. Israel is celebrating it’s 70th birthday this May. Seventy is a very important number in Israel’s history. If we need Feb., March and April to finish drilling and testing the well, then it would seem May would be a reasonable time frame to be able to state a discovery has been made. Instead of viewing this as another delay, we might see the Lord’s hand in choosing the time He wishes to bless His people. Recognizing God doesn’t need our support or our money, we should view this latest offering as a final opportunity to increase our holdings in a God honoring company, and fulfillment of Biblical prophecy.
I want to participate in the above program and buy stock. How do I do that?
Go here – https://www.zionoil.com/dspp