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Zion Oil
& Gas Newsletter
December
10, 2010
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Dear
Shareholder and/or Friend of Zion
This past
week, the CEO of (international financial conglomerate) Citigroup, Vikram Pandit,
visited Israel and met with Prime Minister Benjamin Netanyahu.
Pandit
commented: "We feel that
Israel has huge growth opportunities, and we are here to be a part of
this."
He also
expressed great enthusiasm for the oil and gas industry in Israel and
said:
"The oil and gas wells being drilled
in Israel are a great story, because they offer the possibility that Israel will
generate exactly the right kind of growth, and enable Israel to be an even
bigger exporter."
He said
that Citigroup hoped to finance some of the investment in oil and gas and
declared:
"We want to be part of the growth in
Israel. There's nothing we would like better than to be part of fascinating
projects of this kind."
We
certainly agree with Mr. Pandit and were happy to see him visit Israel and
comment on the oil and gas opportunity here.
With
regard to financing the drilling of oil and gas operations, Zion's Rights
Offering will, almost certainly, terminate on Wednesday, December
15, 2010, so if you wish to
participate in the offering, please do so without
delay.
.........................................................................
Here is
this week's operational update:
Drilling Operations at the
Ma'anit-Joseph #3 Wellsite
The
drilling rig at dawn at the Ma'anit-Joseph #3 wellsite
On August
26, 2010, drilling operations began on the Ma'anit-Joseph #3 well, in our Joseph
License area, onshore Northern Israel.
During
the past several weeks, we have been steadily drilling an 8-1/2"
hole. Aside from routine bit changes due to normal wear and testing
of the blow out prevention (BOP) equipment, drilling has been proceeding without
interruption.
As of
Friday, December 10, we have achieved a depth of approximately 3,782 meters
(12,408 feet). We will continue to drill an 8-1/2" hole to an
approximate depth of 4,380 meters (14,370 feet) at which point we will obtain
the next set of open-hole logs and set the next casing string.
Rights
Offering
Our
stockholders have already subscribed to purchase approximately 3,400,000 Units
of Zion's securities from the approximately 3,800,000 Units available under the
offering. In other words, our stockholders have already subscribed to purchase
approximately 90% of the Units available in the rights offering.
As I
noted in our press release of November 19th, in order to be fair to all and
allow every qualifying stockholder, whatever the size of their holding, the
chance to exercise their rights, we decided to extend the rights offering to
5:00 p.m. Eastern Standard time on December 15, 2010. For many reasons, it is
highly unlikely that we will extend beyond December 15th.
You may
wish to review the Frequently Asked Questions (FAQs) relating to the rights
offering on our website at: www.zionoil.com/investor-center
If you
have a query, please call Zion's office (toll free): 1-888-TX1-ZION or
1-888-891-9466
"In
your good pleasure, make Zion prosper..."
Psalm
51:18
Thank you
for your support of Zion and Shalom from Israel
Richard
Rinberg
CEO of
Zion Oil & Gas, Inc.
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 being drilled, the presence or recoverability of
hydrocarbons, the sufficiency of cash reserves, ability to raise additional
capital, 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.
NOTICE:
Zion Oil
& Gas, Inc. has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other
documents the issuer has filed with the SEC for more complete information about
Zion Oil & Gas and its offering. You may get these documents for free by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil &
Gas will send you the prospectus if you request it by calling toll free
1-888-TX1-ZION or 1-888-891-9466.
Contact
Information
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
More
information about Zion is available at www.zionoil.com
or by
contacting Mike Williams at:
Zion Oil
& Gas, Inc. 6510 Abrams Rd., Suite 300, Dallas, TX 75231
telephone
1-214-221-4610; email: dallas@zionoil.com
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