Filed
pursuant to Rule 433
Registration
Statement No. 333-157007
The
Ma'anit-Rehoboth #2 Well - The Drilling Rig at Night
Dear
Shareholder and/or Friend of Zion...
Ma'anit-Rehoboth #2
Well
Here is a
progress report (#1) regarding the drilling operations, for the 30 days ended
Friday, May 15, 2009, from Zion's President and Chief Operating Officer, Glen
Perry:
The
drilling operations of the Ma'anit-Rehoboth #2 well can be divided into eight
distinct steps:
|
(1)
|
Re-entering
the Ma'anit #1 wellbore and cutting and retrieving the 7inch casing from
3,000 meters.
|
|
(2)
|
The
setting of a cement plug to allow the hole to be
deviated.
|
|
(3)
|
'Kicking
off' of the plug and establishing both the angle and direction ofthe
deviation.
|
|
(4)
|
Drilling
directionally into the Triassic formation, a depth ofapproximately 15,400
feet (4,750 meters).
|
|
(5)
|
Appraisal
and evaluation of the Triassic formation using electricalwireline well
logs.
|
|
(6)
|
Setting
and cementing casing at that depth.
|
|
(7)
|
Drilling
deeper to the Permian formation, a depth of approximately18,000 feet
(5,500 meters).
|
|
(8)
|
Appraisal
and evaluation of the Permian formation using electricalwireline well
logs.
|
During
the period covered by this report, we completed steps (1), (2) and
(3).
On
Friday, May 15, 2009, we went into the hole with directional tools, in order to
start the directional drilling operations.
The rig
has been operating on a 24 hour basis, utilizing two drilling crews on 12 hour
shifts. To date, the work has gone well, with few problems encountered. We are
'on schedule'.
The
members of the Turkish rig crew have been pleasantly surprised with the
courteous and helpful attitude that they have received from everyone they have
met in Israel. As a direct consequence, their attitude is very positive and they
want to do a 'first class' job for Zion.
Rights
Offering
Anyone
who was a stockholder on the record date of May 4, 2009, has the right to
purchase some more Zion stock at $5.00 per share of stock.
If you
are a stockholder, I hope you will exercise your rights to purchase Zion stock
at $5.00 and even consider an over-subscription, as I believe we have arrived at
the most exciting stage of Zion's development and that the offer before you may
well never be repeated.
The
rights offering is set to expire on June 10, 2009, although we may, at our
discretion, extend that expiration date.
Psalm
51:18 - In your good pleasure, make Zion prosper...
Thank you
for your continued 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, drilling efforts
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.
Zion Oil
& Gas, Inc. has filed a registration statement (including a prospectus) with
the SEC for the rights 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 (1-888-891-9466).
The
securities are offered by prospectus only, and only within those States and
other jurisdictions in which the securities may be sold, and this announcement
is neither an offer to sell nor a solicitation of any offer to buy in any state
or jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities of any such
state or jurisdiction.
More
information about the offering is available at www.zionoil.com. A copy of the
prospectus can be obtained on request, by calling toll free 1-888-TX1-ZION
(1-888-891-9466) or by contacting Kim Kaylor at Zion Oil & Gas, Inc., 6510
Abrams Rd., Suite 300, Dallas, TX 75231; telephone 1-214-221-4610; email:
dallas@zionoil.com