Zion Oil & Gas Public Offering Update

September 22, 2008 by · Leave a Comment 

“With faith there are no questions.
Without faith, there are no answers.”
 
Dear Zion Shareholder and/or Friend of Zion
 
We are extending the initial 90 day period for our public offering of $10 units. The extension gives us an additional 60 days (until October 11th, 2008) to sell the minimum subscriptions required of 325,000 units at $10 each (= $3,250,000). If we don’t reach the minimum by October 11th, then we will have to close our offering and return to every subscriber the subscription amounts that we will then have in the escrow account.
 
We have almost everything we need to drill our next two wells in Israel, but we need money to pay for importing the drilling rig from Turkey and the daily drilling costs. Since we began planning our next well, the US dollar has fallen 25% in value against international currencies, while associated oil industry costs have risen by 50% to 100%.
 
For example, when we drilled our first well, the Ma’anit #1, the contractor’s daily rate was $14,000.  For our next planned well, the Ma’anit-Rehoboth #2, the daily rate will be $28,500 per day (and that is considered to be a very good price in a market that can charge up to $40,000 for a similar drilling rig).
 
The current economic downturn has hurt many and prevented us from reaching the minimum in the initial 90 days of our public offering, but we sincerely believe that the Joseph Project will be a financial blessing to those who have the vision and faith to support it. (Ruth 2:12)
 
If you do not have money to invest then I pray that G-d will send it to you. But if you do have the funds, perhaps this is the intended use for them. (Esther 4:14)
 
Please consider what number of $10 units you want to take. The minimum is 100 units but we hope you will want to take more. 500 units at $10 each is $5,000 and, if we are successful, this may be the best money you ever invested… and you will be blessed… (Genesis 12:1-3)
 
Please give this message your serious consideration; Zion depends on your support and without your prayers and financial support, we may not be able complete our work in Israel. (Numbers 10:32)
  
Shalom
 John Brown
(Hosea 12:10)
  
NOTICE:
This communication shall not constitute an offer to sell or the solicitation of an offer to buy Units of Zion’s securities, which may only be by prospectus, nor shall there be any sale of the Units in any state or country in which such offer, solicitation or sale would be unlawful prior to the registration, qualification or exemption under the securities laws of any such state or country.
 
FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding the closing of the offering, the timing and results thereof, Zion’s planned operations, potential results thereof and potential effects of those results on the market for Zion’s securities and returns on investments in those securities, 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 Prospectus and its 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 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 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. Inc., at www.zionoil.com
 
 Quick Links…
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Our Website: www.zionoil.com
Contact Information
Zion Oil & Gas Inc
Phone: 1-888-891-9466
Fax: 214-221-6510
Email Address: dallas@zionoil.com
Website: www.zionoil.com