Zion Oil Reduces Warrant Price

January 5, 2011 by  

Zion's Ma'anit-Joseph #3 Well

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”.


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.


6 Responses to “Zion Oil Reduces Warrant Price”

  1. Craig Brown on January 5th, 2011 5:18 pm

    I just want to say………….. I wait patiently for the day that Steve Spillman sends an e-mail saying “We struck oil”! I just feel it is going to happen soon.Maybe it will be a gas pocket who knows, that would be fine also. Lets all pray for it to happen this year, the lord knows how long Zion has been in the hunt! Thanks, Craig Brown

  2. Rainman19 on January 6th, 2011 6:38 pm

    A brilliant move indeed. Actually I was wondering how it would all be handled. Of course one hoped the shares would zip to 10 negating any need for a reduction; then again those of us that have ever been part of anything like this know that finding the precise location of oil is a bit like finding a needle in a hay stack. jmho

  3. bobby on January 16th, 2011 7:29 pm

    I agree with the 1st comment,but i wait,unpatiently.It’s my understanding that the Givot Olam meged field is only 30 miles south of Zions drilling area.Lord knows i pray for oil,gas and Zions success and the help it will afford Israel!Recent finds seem to have ruffled Russia and Turkeys feathers!I hope Moses gets the last laugh from the joke he turned the wrong way!also i’d like to see more updates as other discoveries have been found at the current depth that MJ-#3 has already reached and passed.

  4. Lynn Reed on February 2nd, 2011 12:40 pm

    I am a author/artist and have three books published and now writting the forth about new archaeological digs in Israel. I would like to write in your drillings and oil finds as it is the Bible truth and Bible scripture to the Histroic find. This book will target the teens toward reading God word and not books like Harry Potter books. You can see then on my website or at Amazon books. Gods Blessings for a brake through and total overflow. I would also like to invest in your oil project. Lynn Reed

  5. Rodney Zaedow on February 7th, 2011 9:47 pm

    Do we have to go thru a stock broker to buy/sell Zion or Noble stock?

  6. sspillman on February 9th, 2011 12:37 pm

    Rodney (and everyone else with the same question),
    Thank you for reading to the Oil in Israel newsletter and visiting http://www.oilinisrael.net/.
    OilinIsrael.net and the Oil in Israel newsletter are independent news sources, not owned or controlled by Zion Oil & Gas or any other exploration company. We offer news and insight into Israel’s search for oil.
    For investment advice see your stockbroker or investment counselor.
    Zion Oil is a publicly traded company (NASDAQ, ticker symbol ‘ZN’) you can buy Zion shares on the open market through your brokerage account. If you don’t have a brokerage account, they’re pretty easy to set up through your financial counselor or online at websites such as http://www.etrade.com.
    As far as investing in Israeli companies on the Tel Aviv exchange, please see the article at: http://www.ehow.com/how_4728238_invest-israeli-stocks.html
    Thanks again for reading, and remember to visit the http://www.oiliniisrael.net/ website often for the most in depth and up to date news on Israel’s discovery of oil and gas.
    Sincerely, Steve Spillman

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