Attached files
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| 8-K - ZION OIL & GAS INC | v207088_8k.htm |
ZION
OIL REDUCES THE EXERCISE PRICE OF WARRANTS TRADED UNDER THE SYMBOL
"ZNWAW"
Dallas,
Texas and Caesarea, Israel – January 3, 2011: Zion Oil & Gas, Inc. (NASDAQ
GM: ZN, ZNWAW) today
announced that it has temporarily reduced the exercise price of its outstanding
publicly traded warrants under the symbol ZNWAW (the "Warrants") to
$4.00 (from the $7.00 exercise price provided by the original terms of the
Warrants) until 5:00 p.m. eastern time on March 7, 2011 (the "Expiration Time").
Any and all Warrants properly exercised in accordance with the terms of the
Warrants prior to the Expiration Time will be accepted by Zion at the reduced
exercise price and one share of registered common stock per Warrant will be
issued to the exercising Warrant holder. After the Expiration Time, the $7.00
exercise price included in the original terms of the Warrants will be
reinstituted. Except for the reduced exercise price of the Warrants prior to the
Expiration Time, the terms of the Warrants remain unchanged. The reduced
exercise price applies to all of Zion's currently outstanding Warrants that
publicly trade under the symbol ZNWAW. Holders of Warrants
that desire to exercise their Warrants should contact their brokers and instruct
them to exercise the Warrants prior to the Expiration Time.
As of
today's date, approximately 606,000 ZNWAW Warrants are outstanding. Zion's
common stock is listed on the NASDAQ GLOBAL Market under the symbol ZN and Zion's Warrants being
reduced are listed on the NASDAQ GLOBAL Market under the symbol ZNWAW. Zion recommends that
Warrant holders obtain current market quotations for Zion's securities before
deciding whether or not to exercise their Warrants.
Richard
Rinberg, CEO of Zion, stated, "We are pleased to offer our ZNWAW warrant holders the
opportunity to exercise their warrants at a reduced exercise price of $4.00 and
hope that a substantial number of these warrants will be exercised. We want to
be fair to all of Zion's investors and in addition to potentially raising a
significant amount of capital for Zion, we believe that a reduction in the
number of our outstanding warrants will simplify our capital structure and
reduce the overhang of those warrants on the Company's common
stock".
ZION'S
BOARD OF DIRECTORS HAS APPROVED THE WARRANT EXERCISE PRICE REDUCTION. HOWEVER,
NEITHER ZION NOR ANY OF ITS DIRECTORS, OFFICERS OR EMPLOYEES MAKES ANY
RECOMMENDATION AS TO WHETHER TO EXERCISE WARRANTS. EACH HOLDER OF A WARRANT MUST
MAKE ITS OWN DECISION AS TO WHETHER TO EXERCISE A WARRANT.
The
information above does not constitute an offer to buy or exchange securities or
constitute the solicitation of an offer to sell or exchange any securities in
Zion.
Zion Oil
& Gas, a Delaware corporation, explores for oil and gas in Israel in areas
located on-shore between Haifa and Tel Aviv. It currently holds two petroleum
exploration licenses, the Joseph and the Asher-Menashe Licenses, between
Netanya, in the south, and Haifa, in the north, covering a total of
approximately 162,000 acres and the Issachar-Zebulun Permit Area, adjacent to
and to the east of Zion’s Asher-Menashe license area, covering approximately
165,000 acres. Zion’s total petroleum exploration rights area is approximately
327,000 acres.
FORWARD
LOOKING STATEMENTS: Statements in this press release that are not historical
fact, including statements regarding Zion’s operations, are forward-looking
statements as defined in the “Safe Harbor” provision 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.
Zion’s
homepage may be found at: www.zionoil.com
Contact:
Zion Oil
& Gas, Inc.
6510
Abrams Rd., Suite 300
Dallas,
TX 75231
Mike
Williams:
Telephone:
214-221-4610
Email:
dallas@zionoil.com