DALLAS and CAESAREA, Israel, March
19, 2020 /PRNewswire/ -- Zion Oil & Gas, Inc.
(Nasdaq: ZN) announces the Nasdaq Hearing Panel granted the
request of Zion Oil & Gas, Inc. for continued listing on The
Nasdaq Stock Market LLC.
The Nasdaq Hearing Panel communicated this by letter dated
March 13, 2020. The continued listing
is subject to Zion Oil & Gas demonstrating compliance with the
minimum $1.00 bid price requirement
set forth in Nasdaq Listing Rule 5550(a)(2), on or before
June 26, 2020.
In order for Zion to comply with the requirement by Nasdaq, Zion
must have a closing bid price of at least $1.00 per share for a minimum of ten consecutive
business days, on or before June 26,
Zion is diligently working to comply with the Nasdaq Listing
Rule 5550(a)(2); however, there can be no assurance that it will be
able to do so.
Zion has completed the purchase of a drilling rig and related
equipment (see Press Release dated March 18,
2020). Also, Zion has incorporated two wholly owned
subsidiaries, Zion Drilling, Inc.
and Zion Drilling Services, Inc., for the operation of the rig in
Zion Oil & Gas, a public company traded on NASDAQ (ZN),
explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel
"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."
"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."
FORWARD-LOOKING STATEMENTS: This press release
contains 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, import the rig it purchased into Israel in a timely manner and Zion's ability
to successfully raise the funds needed to undertake all of its
planned exploration efforts; Zion's ability to continue as a going
concern; Zion's ability to have its common stock continue to be
listed on the Nasdaq Capital Market; the timing and completion of
the processing, interpretation of the results and plans
contingent thereon of the 3 D seismic survey, the timing of the
importation onto the well site of the purchased drilling rig,
approvals needed for the rig's erection and startup, the effect, if
any, of the coronavirus pandemic on the timing of the delivery and
start-up of the well, and operational risks in ongoing
exploration efforts, are forward-looking statements which are
made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. 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.
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
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SOURCE Zion Oil & Gas, Inc.