DALLAS and CAESAREA, Israel, April
24, 2019 /PRNewswire/ -- Zion Oil & Gas,
Inc. (NASDAQ: ZN) announces that it is making available a
new unit program under its continuing Dividend Reinvestment and
Common Stock Purchase Plan ("DSPP") in its going forward plans as
outlined in the November
29th, 2018 press release.
The vision of Zion Oil & Gas remains to help Israel become energy independent, and in doing
so, use Zion's projects as a platform to share the gospel of
Jesus Christ worldwide. That
vision has not changed.
3D SEISMIC IMAGING SHOOT OF APPROXIMATELY 60 SQUARE
KILOMETERS
As previously noted in its November
29th press release, Zion believes it is prudent and
consistent with good industry practice to answer questions that
arose during the drilling and testing of the Megiddo-Jezreel #1
(MJ#1) well with a focused 3D seismic imaging shoot of
approximately 60 square kilometers surrounding the MJ#1
well.
While Zion cannot estimate the proceeds to the company from the
unit program or from sales of Zion's common stock under the Plan,
the following table sets forth the planned use of the proceeds Zion
receives from sales under the unit program or under the Plan:
Action
Item
|
|
$
Amount
|
|
|
|
|
|
3D seismic plan
design
|
|
$
|
100,000
|
|
Surface use
permits
|
|
$
|
250,000
|
|
Surface use damages
from seismic acquisition
|
|
$
|
250,000
|
|
Seismic equipment
mobilization/demobilization
|
|
$
|
300,000
|
|
Acquisition cost of
Seismic 3D and related equipment
|
|
$
|
2,600,000
|
|
Interpretation of
seismic data
|
|
$
|
500,000
|
|
Ongoing company
operations, general & administrative and working
capital
|
|
$
|
6,000,000
|
|
The foregoing reflects only estimates of the use of the
proceeds and allocation of any proceeds could be materially
different from what is reflected above. In addition, no assurance
can be given that Zion will be able to successfully raise the
needed capital.
ROBERT DUNN AS DIRECTOR OF OPERATIONS
Robert Dunn has been employed as
Zion's Director of Operations to oversee the planned acquisition
and processing of that data, in addition to other operational
matters as they arise. Mr. Dunn's impressive resume includes
over 26 years of senior management and field operations focusing on
technologically driven seismic acquisition across the
globe.
During the past decade of working in the Eastern Hemisphere, Mr.
Dunn has acquired more than 7,800 square kilometers of 3D and
10,000 kilometers of 2D seismic surveys which have helped
exploration and production customers make informed decisions in
their exploration programs. Mr. Dunn's full biological
information can be viewed as an attachment to Zion's Form 8-K filed
on April 17, 2019.
PRELIMINARY SCOUTING AND DESIGN ACCOMPLISHED
Preliminary field scouting has been accomplished, and a
suggested final survey design has been completed. The
permitting process has begun, as well as identifying potential
seismic source equipment and wireless geophones to record the
signal. Contracts with seismic service providers will need to
be negotiated along with potential surface damages to crops,
irrigation piping, and other surface features.
Data acquisition and interpretation are the final steps and
involve integration with, and modification of, previous work by
Zion technical staff. A realistic timeframe in which Zion can
reasonably expect to complete this project would be at least six
months following a successful capital raise.
"GOING FORWARD" UNIT PROGRAM
Details:
- The cost of each Unit will be $250.00 for new and existing Direct Stock
Purchase Plan investors.
- Each Unit purchase will provide the investor with purchase of
stock for that day's high-low average and 50 $2.00 Warrants.
- Warrants are exercisable on the 60th day following
the end of the Unit Program and exercisable for two years
(August 6, 2019, to August 6, 2021).
- If investors sign up for Zion's automatic monthly investments
in addition to purchasing a Unit during this Unit program, then
they will receive a one-time addition of 25 $2.00 Warrants. Current subscribers are eligible
for these extra warrants once if they choose to participate in this
unit purchase during this Unit Program period. (For more details on
the automatic monthly investments, see Zion's Prospectus Supplement
on page 4.)
- Investors may participate starting Wednesday, April 24, 2019.
- This Unit Program will end on Thursday,
June 6, 2019.
- This Unit Program is available through Zion's website.
Investors may go to https://www.zionoil.com/dspp to purchase
electronically online or to print and mail their investment.
Zion expresses appreciation for the continued support of its
shareholders and considers it an honor to represent them.
"The Lord Himself goes before you and will be
with you; He will never leave you nor forsake you. Do not be
afraid; do not be discouraged."
Deuteronomy 31:8
"Sing to the Lord, for he has done glorious
things; let this be known to all the world. Shout aloud and
sing for joy, people of Zion, for great is the Holy One of
Israel among you."
Isaiah 12:5-6
Zion Oil & Gas, Inc. has filed a registration statement
(including a prospectus) with the SEC for the unit program under
the DSPP to which this communication relates. The prospectus in
that registration statement and other documents the issuer has
filed with the SEC may be obtained for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, the Company
will arrange to send you the prospectus, if you request it by
calling toll free 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. Inc., at www.zionoil.com.
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
that may be drilled or tested in the future, Zion's ability to
successfully raise the funds needed to undertake these exploration
efforts, our ability to continue as a going concern; our
ability to comply with the continued listing requirements of the
NASDAQ Global Market; Zion's ability to import into Israel or otherwise obtain the necessary 3-D
imaging and related equipment and appropriate staff at commercially
reasonable rates, Zion's success in obtaining the necessary
licenses and permits needed to undertake the seismic shoot, the
timing of the 3-D seismic survey and the interpretation of the
results, operational risks in ongoing exploration efforts, timing
and potential results thereof and plans contingent thereon 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.
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.