Zion Oil & Gas (ZN) Raises Rights Offering to 3.6M Shares
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Zion Oil & Gas, Inc. (Nasdaq: ZN) announced today that it has filed an amendment, with the Securities and Exchange Commission, to the registration statement that it originally filed on July 30, 2009, with respect to a proposed rights offering to its common stockholders.
In the amendment, Zion increased the number of shares of its common stock that can be purchased in the rights offering from 2.0 million shares to 3.6 million shares. Each whole subscription right will entitle the holder to purchase one share of common stock for $5.00.
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+0.03Comments
Completion of the Mannit Well
Whats happening with the finding of a little bottle of oil? And now the same story. It will take several months still to see if there is a commericially produceable well with the Mannit. Hmmmmmm strange.
Glen Perry Resigns
Now two of the strongest players for Zion have resigned, Glen Perry Zions President and Chief Operating Officer as well as a director and an oil man resigns the day after they move the work over rig onto the Mannit. Does he know something about the truth of the Mannit well already. Their main lawyer and Company’s Executive Vice President and a director resigns Oct 16th, 2009. He is escaping this ship also before the news hits on the Mannit well.
Zions high cost with not oil
Does it seem strange that if Zion had a well on their Mannit well that they would not complete it when they had a rig on it. It would have a taken another week or so and results would have been decisive. It doesn't take months to analyze logs but a week or so. If it had seven zones to complete and was a good well then the stock would be $19-30 a share right now. But if you want to hide the face that you have a non commericial well in order to sell $5 a share private rights then you delay things by waiting till December or later to get an Israeli rig perhaps or perhaps not and say it takes months to analyze logs and samples. NOT SO. WHATS GOING ON.
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Mannit
Wondering Why????? on Dec 19, 2009 01:40 PMWith the Dec 18th 1009 report we see the workover rig released and they did not test the 7 completion zones as they said they would with the workover rig, but instead released and once again saying it will takes month to come to a conclusion. OH REALLY??????? In Texas or Oklahoma it would take but a week or so to come to a conclusion. STRANGE