Unassociated Document
Filed
pursuant to Rule 433
Registration
Statement No. 333-148982
This
press release will be used with Zion’s company information packages
ZION
OIL ANNOUNCES INITIAL CLOSING OF FOLLOW-ON OFFERING AND EXTENDS TERMINATION
DATE
SUBSCRIPTIONS
STILL BEING ACCEPTED
---------------
Dallas,
Texas and Caesarea, Israel - October 16, 2008
- Zion
Oil & Gas, Inc. (Amex: ZN),
announced today that it received subscriptions on or before October 11, 2008
in
excess of the minimum number of units required to conduct an initial closing.
An
initial closing is scheduled to take place on October 21, 2008. As the minimum
subscriptions in order to close were received by October 11, 2008, Zion has
withdrawn the recently filed post effective amendment which was filed to extend
the minimum raise date and the final termination date.
Pursuant
to the original terms of the offering, Zion is also extending the offering
termination date. The offering will remain open until the earlier of: (i)
January 9, 2009, (ii) the date on which a total of 2,500,000 Units have been
subscribed and accepted, or (iii) such date as announced by the Company on
no
less than two trading days' prior notice.
As
detailed in its registration statement, Zion is raising funds in order to pursue
its planned multi-well drilling program. Depending on actual amounts raised,
Zion intends to carry out the following work program: drill Zion's second well,
on Zion's Joseph License, to the Triassic Formation (down to a depth of 15,400
feet) and / or to the Permian Formation (down to a depth of 18,040 feet), drill
a test well on Zion's Asher-Menashe License to the Triassic Formation and,
if
appropriate, the Permian Formation and prepare for the drilling of an additional
well on either its Joseph or Asher-Menashe License.
Zion's
common stock trades on the American Stock Exchange under the symbol ZN.
Before
you invest, Zion’s registration statement (including a prospectus) to which this
communication relates should be read along with the other documents it 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 or its underwriter
will arrange to send you the prospectus if you request it by calling toll free
1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the
documents in PDF, may be found on the home page of Zion Oil & Gas, at
www.zionoil.com.
Zion
Oil
& Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in
areas located onshore between Tel-Aviv and Haifa. It currently holds two
petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between
Netanya on the south and Haifa on the north, covering a total of approximately
162,000 acres.
FORWARD
LOOKING STATEMENTS: Statements in this press release that are not historical
fact, including statements regarding the future effectiveness of Zion’s
registration statement, matters regarding the offering and closings thereof,
Zion's planned operations, potential results thereof and plans contingent
thereon, including selection of potential drilling targets and locations, 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.
Zion’s
homepage may be found at: www.zionoil.com
Contact:
Brittany
Russell
Zion
Oil
& Gas, Inc.
6510
Abrams Rd., Suite 300
Dallas,
TX 75231
(1)
214-221-4610
Email:
dallas@zionoil.com